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Red Mountain Mining (ASX:RMX) has seen its share price jump another +15% in Wednesday’s trades, bringing YTD gains to +305%, as news of gold and antimony rock chips at its Armidale Project excites investors in what is undeniably a local bull market for any company, even nearby critical metal deposits.
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Red Mountain on Wednesday recorded rock chips near and above 20% antimony at the Oaky Creek North prospect, with one reflecting over 36%.
Gold grades came in lower, but with the price of gold currently what it is, low-grade gold has become less of an issue for explorers.
Part of the exploration team’s success has been attributed to the proximity of the Peel Fault, a geological formation that occurs on-site. Before this, the best grade rock chip reflected nearly 10% – so as far as rock chips are concerned, the company is finding better and better samples. Thus, the price jump on Wednesday.
At the same time, RMX has another project prospective for antimony in the U.S. state of Utah, where exploration is likewise about to commence. An upcoming meeting between Kevin Rudd and Donald Trump has seen the former approaching Oz companies exploring in the states, and this relationship is one RMX is hopeful it can translate into government support of some kind of other.
“RMX has also completed initial soil sampling over the East Hills antimony prospect in the southern portion of EL9732,” the company reported on Wednesday.
Red Mountain continued: “Results are anticipated before the end of October for a total of 78 soil samples that were collected on a 50m x 100m spaced grid centred on the historical workings at the prospect.”
RMX last traded at 3.7cps today.
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Disclaimer: HotCopper had a commercial relationship with RMX at the time this article was crafted and published.
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