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Red Mountain Mining Ltd (ASX:RMX) has completed a desktop study of historical exploration at its Flicka Lake project in Canada, revealing three parallel quartz veins which have been validated using channel and grab samples taken from mineralised quartz zones exposed in trenches.
From the grab sampling, grades were shown to be up to 17.88 grams per tonne (g/t) of gold in Vein 1, up to 7.38 g/t in Vein 2, and up to 20.07 g/t in Vein 3 – the best exposed vein.
Channel samples were also impressive, revealing 12.96 g/t of gold in Vein 2, and 9.96 g/t in Vein 3.
While there have been historical reports of gold mineralisation in the region, the last reportable validation sampling was done in 2002 and 2006.
The focus of previous exploration work was guided by the proximity of Flicka Lake to the Golden Patricia Mine, 25 kilometres to the northeast – where mining had included a shear hosted quartz vein averaging less than 40 centimetres in length.
The mineralisation at Flicka Lake – located in Ontario – comprises three gold-bearing structures of limited extent; these being hosted by gabbroic rocks which strike perpendicular to the area’s main shear zones.
RMX has completed a maiden sampling program over the project, which is part of the wider Fry Lake Gold project, with results from 283 soil and 91 rock chip samples to be released soon.
The sampling concentrated both on Flicka Lakes’ gold bearing quartz veins and also the areas structural and geophysical targets. Interestingly, it has also picked out key target zones for anomalous copper towards the project’s northern section.
Lab analysis will also consider a gold and base metals suite, with a view to looking for copper mineralisation at Flicka Lake.
RMX shares have spiked upwards on the news, and by 12:59 AEDT, they were trading at 1.4 cents – a rise of 55.56% since the market opened.
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