- Red Mountain Mining (RMX) acquires 100 per cent of the Nannup project in Western Australia, a tenure it considers prospective for lithium, nickel, gold and base metals
- The Nannup project spans an area of 48 square kilometres south west of the Greenbushes lithium province
- The deal sees Red Mountain acquiring 100 per cent of the shares in Airdrie Exploration for total consideration of $50,000 in cash
- Red Mountain says it is planning an exploration program to further identify Nannup’s lithium, nickel, gold and base metals potential
- RMX shares up 5.56 per cent to one cent
Red Mountain Mining (RMX) has picked up 100 per cent of the Nannup project in Western Australia that it considers prospective for lithium, nickel, gold and base metals.
The Nannup exploration tenement covers 48 square kilometres of ground south west of the Greenbushes lithium province.
The deal to acquire Nannup will see Red Mountain buy 100 per cent of the shares in Airdrie Exploration for a total consideration of $50,000 in cash.
According to the company, there is the potential for a Julimar-style geological system to occur within the project area.
Historical exploration conducted by BHP nine kilometres south of the Nannup project returned multiple lithium anomalies, Red Mountain said.
A recent site visit confirmed the presence of Yilgarn Craton granites, with the same unit located adjacent to pegmatites at Greenbushes.
Red Mountain said it was planning an initial exploration program to further identify the lithium, nickel, gold and base metal mineralisation potential. It was expected to commence once land access agreements were granted.
RMX shares were up 5.56 per cent to one cent 12:14 pm AEDT.