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Expanding explorer Red Mountain Mining (ASX:RMX) has added yet another quality asset to its growing United States critical minerals portfolio with the acquisition of the Thompson Falls antimony project in Utah this week.
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The Thompson Falls addition comes after an aggressive six months for Red Mountain in the U.S. space, where it acquired assets in tier-one regions in highly prospective antimony mineral districts in Montana, Utah, and Idaho. The Utah project is strategically located next to the only operating antimony smelter in the U.S.
According to Red Mountain management, the company has built a strong strategic position at a time when the U.S. Government moves aggressively to secure a domestic supply of antimony and the critical metal’s unique properties essential for defence technologies, plastics, and semiconductors.
First-pass exploration at Thompson Falls by the U.S. field team has already spotted three historical underground mines and a pit within the project area. Initial sampling from Thompson Falls has also returned high-grade values of up 36.5% antimony and 0.65 grams per tonne gold.
The Australian company is expecting further assay results by the end of February as it prepares to fast-track a surface mapping and sampling program to help define the resource potential of the Thompsons Falls project.
Elsewhere, antimony mineralisation was recently discovered, further identifying the strong potential of the company’s Utah antimony project.
Located in the Antimony Mining District, Red Mountain’s project directly adjoins American Tungsten and Antimony’s (ASX:AT4) Antimony Canyon Project, one of the largest and highest-grade antimony projects in the U.S.
Red Mountain is cashed up to take advantage of the growing U.S. investment in critical minerals with $2.18 million in cash. The company’s position is expected to be further strengthened by an expected non-dilutive OJEP funding rebate, as well as an Oz government refund of ~$130,000.
RMX is steady at 2.4c today. Mkt cap $22.79M.
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