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Red Mountain (ASX:RMX) has revealed it’s extending its window to participate in a placement as its Canadian copper-gold play shores up.
The current SPP will be extended to a closing date of Wednesday December 4 in a bid to raise $1.2M after first being launched in late October.
The company also in late October reported finding three quartz veins of gold on-site the Flicka Lake target of interest – part of a larger multi-asset project called Fry Lake – and it is within these quartz systems geotechs are hopeful to strike an untapped and commercial-scale deposit.
Of course, that remains to be seen – but the presence of good assays coming from trench sampling and rockchip sample grabs have given geotechs early-stage confidence ahead of kicking off exploration into the new year.
Red Mountain flagged “strong momentum” at the project on Monday, highlighting in particular the company’s interest in “anomalous gold and base metal results” (read: copper) at the Flicka Lake target of interest.
Those copper indications sit additional to the three quartz veins of interest which are themselves associated – but not necessarily related to – an underlying shear zone.
The Flicka Zone, as Red Mountain calls it, is itself a somewhat well-known Canadian gold mining district.
The company recently picked up an antimony project in WA.
RMX last traded at 1cps.
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