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- Red Mountain Mining (RMX) begins the week in a trading halt while it considers, plans and executes a capital raising
- The company will remain in the halt until January 27 or when more details are released, whichever occurs first
- On January 17, Red Mountain confirmed the presence of xenotime and florencite mineralisation at its Mt Mansbridge Project in Western Australia
- The company says these findings present an opportunity to determine whether there is an economically viable concentration of rare earth elements in the area
- Shares in Red Mountain last traded at 1.1 cents on January 21
Red Mountain Mining (RMX) has begun the week in a trading halt while it considers, plans and executes a capital raising.
The company will remain in the halt until January 27 or when more details are released, whichever occurs first.
Red Mountain is yet to disclose how much it intends to raise or what it will use the funds for once received.
On January 17, Red Mountain confirmed the presence of xenotime and florencite mineralisation at its Mt Mansbridge Project in Western Australia.
Xenotime is a rare-earth phosphate mineral with the major component being yttrium orthophosphate.
It is primarily used as a source of yttrium and heavy lanthanide metals such as dysprosium, ytterbium, erbium and gadolinium.
Florencite is a very rare mineral and is often associated with xenotime.
Red Mountain said the confirmation of these minerals at Mt Mansbridge provides an opportunity to determine whether an economically viable concentration of rare earth elements exist in the area.
The company is now planning on resuming the drill program at the end of the Kimberly wet season.
Shares in Red Mountain last traded at 1.1 cents on January 21. The company has a $16.10 million market cap.
