- Red Mountain Mining (RMX) has provided an update on its Mukabe Kasari copper-cobalt project in the Democratic Republic of the Congo (DRC)
- The company is earning up to a 70 per cent interest in the project through an agreement with the project’s holder, Comiko SARL
- Despite COVID-19’s impacts in the DRC, the company managed to arrange a major reconnaissance soil sampling program to assess a copper soil anomaly
- Pleasingly, the results confirmed the potential for copper mineralisation to continue
- Red Mountain plans to conduct detailed field mapping, an airborne geophysical survey and diamond core drilling to follow up on these findings
- Company shares are trading flat at 0.9 cents
Red Mountain Mining (RMX) has provided an update on its Mukabe Kasari copper-cobalt project in the Democratic Republic of the Congo (DRC).
Red Mountain has been liaising with Johannesburg-based geological consultants, Minrom Consulting in regards to exploration at the project.
The company is earning up to a 70 per cent interest in the project by paying up to US$110,000 (roughly A$150,300) to Comiko SARL who is the registered holder of the project.
In an announcement made to the market in June, Red Mountain said it was officially granted the exclusive rights to conduct exploration at Mukabe Kasiri.
Despite COVID-19 lockdowns affecting the DRC earlier this year, Red Mountain managed to arrange a major reconnaissance soil sampling program at the project which has been managed by Minrom.
The aim of the program was to determine whether the copper soil anomaly extends beyond the 2017 gridded soil sampling area. The soil samples were submitted and analysed and results have indicated what the company hoped for.
The soil anomaly does continue beyond the 2017 soil grinds and therefore confirms the potential for copper mineralisation to continue with the regional lithological strike.
Building on that, the exploration, geological and mineralisation data have proposed a similar mineralisation model to that of the world-class Kamoa-Kakula Copper Project.
Red Mountain plans to conduct further exploration at the project. This will include detailed field mapping, an airborne geophysical survey and scout diamond core drilling.
Company shares are trading flat at 0.9 cents at 1:52 pm AEST.