Join our daily newsletter At The Bell to receive exclusive market insights
- Over the June quarter, Mount Ridley Mines (MRD) conducted a drilling program at its Weld Range West Iron Project in Western Australia
- Unfortunately for MRD, the results indicated poorly developed haematite mineralisation while silica remained at higher levels
- The miner has shifted its focus on potential rare earth element (REE) mineralisation at its namesake project
- At the end of the period, Mount Ridley Mines had around $1.45 million in cash and just 1.65 quarters left of funding, and raised $981,138 in July
- Company shares closed up 12.5 per cent to trade at 0.5 cents
Over the June quarter, Mount Ridley Mines (MRD) conducted a drilling program at its Weld Range West Iron Project in Western Australia.
The reverse circulation (RC) drilling program included 37 holes for 2638 metres to test a target in the southern Wilgie Mia banded iron formation (BIF) and another target in the central Lulworth BIF.
Unfortunately for the company, assays received in June indicated the BIF had poorly developed haematite mineralisation, however silica remained at high levels.
Mount Ridley didn’t plan any subsequent drilling at these targets but does plan to test gravels from a near-surface channel iron deposit. It also plans to drill a third target and evaluate a gold anomaly through a 730-sample geochemistry program in the September quarter.
The miner is now focused on assessing its namesake project’s potential for rare earth element (REE) mineralisation. It has 1150 samples which are currently being analysed for REEs and results are expected to be announced next month.
Following the June quarter, MRD applied for another six licences which adds 2950 square kilometres to the project area, marking a significant 448 per cent increase in Mount Ridley’s landholding in the region.
To cover the costs of exploration in the June quarter, the materials stock spent $660,276 over the Weld Range West Iron Project and the Mount Ridley Project.
An additional $220,000 went towards staff and admin costs, and the company generated $781,000 from financing activities.
At the end of the period, Mount Ridley Mines had around $1.45 million in cash and just 1.65 quarters left of funding.
Just after the quarter, the company welcomed a $981,138 cash boost from a placement to professional investors.
Company shares closed up 12.5 per cent to trade at 0.5 cents.
