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Red Mountain Mining (ASX:RMX) has signed a partnership agreement with a “highly regarded” exploration team based in Canada, with the new team to helm gold exploration at the Flicka Lake prospect at Fry Lake.
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The exploration team, Fladgate, will be brought on as a Red Mountain shareholder at the same time; it will pick up shares at a 21% hike from last close.
(When you break down the numbers, it comes out at around CAD$60,000, all up.)
Fladgate’s vice president, Caitlin Jeffs, said the explorers were “proud to be partnering with Red Mountain to lead the campaign at Fry Lake” – and she’s excited to dive into the “substantial potential” at the Ontario dig site.
“With over two decades experience in Ontario, our team’s been instrumental in uncovering and advancing several of the region’s most promising gold systems.”
Fry Lake, and more importantly, the Flick Lake claim’s proximity to the region’s renowned Pickle Lake district and the fact that recent assays came back looking so positive both played a role in Fladgate’s partnership.
Best results included 24.2 grams per tonne gold and 19.4g/t Au from rock chips.
Ongoing gold vein exploration at Fry Lake will cover everything from soil, rock chip, and channel sampling to necessary follow-ups on the highly anomalous soil and rock chip samples reported back in late 2024.
“We look forward to executing a technically rigorous program and supporting RMX as it unlocks value across this highly prospective project,” said Ms Jeffs.
HotCopper understands Fladgate has already started on three gold-bearing veins at Flicka.
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On top of the Fladgate partnership, Red Mountain recently applied for the 2025 Ontario Junior Exploration Program (OJEP) to support Flick Lake’s exploration. Should Red Mountain land the government windfall, the OJEP grant will reimburse as much as 50% of its exploration costs, up to CAD$120K.
RMX heads into Thursday trade at 0.9cps after a +6% bump yesterday.
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