- Red Mountain Mining (RMX) has finally secured access to the Koonenberry Project in NSW
- The company first set its sights on the 657-square-kilometre project back in June last year but ran into trouble tracking down the relevant landowners to gain access to the site
- With the land access agreements now signed and executed, the company is gearing up for its initial exploration program at the site
- The program will begin by sampling in and around the project’s historical mining structures to confirm the presence of gold and investigate the nature of mineralisation
- Following the sampling program, Red Mountain will conduct a geophysical survey to locate the main areas of mineralisation in relation to the adjacent Tibooburra Project
- Red Mountain Mining is trading grey at 1.3 cents per share
Red Mountain Mining (RMX) has finally secured access to the Koonenberry Project in NSW.
The company first set its sights on the 657-square-kilometre project back in June last year but until now has been held back from exploring the project.
According to NSW law, exploration groundwork could not begin at a project until the local landholders have been consulted. This stipulation has proven difficult to meet, however, as the company has been struggling to track down the certain “pastoralists” who have been moving between remote stations and were unavailable via “modern communications.”
With land access agreements now signed and executed, the company is gearing up for its initial exploration program at the site.
The program will begin by sampling in and around the project’s historical mining structures to confirm the presence of gold, examine the nature of the mineralisation and uncover any potential evidence of the structure’s complexity against historical records.
Following the sampling program, Red Mountain will conduct a geophysical survey to locate the project’s main mineralised structures. Red Mountain is particularly interested in any mineralisation related to the adjacent Tibooburra Project, which is owned and operated by fellow ASX-lister Manhattan (MHC).
Early last year, Manhattan uncovered a new high-grade gold lode at the project, giving Red Mountain and its investors hope that the Koonenberry Project could contain as-yet untapped reserves.
While the initial exploration program gets underway, the company will also be prioritising drill targets and investigating possible undercover geochemical testing methods.
Red Mountain Mining is trading grey at 1.3 cents per share at 10:46 am AEDT.