PriceSensitive

Red Mountain Mining (ASX:RMX) sets sights on Koonenberry Gold Project

Mining
ASX:RMX      MCAP $2.674M
29 June 2020 14:45 (AEST)

Red Mountain Mining (RMX) has applied for three tenements that, if approved, will result in complete ownership of the Koonenberry Project in New South Wales.

The Koonenberry Gold Project covers around 657 square kilometres. It’s located in a geological setting that is comparable to the Victorian Goldfields located in south-eastern Australia.

The project strategically adjoins fellow ASX-listed Manhattan Corporation’s (MHC) Tibooburra Gold Project. Manhattan recently announced a new high-grade gold discovery. This provides further encouragement for gold discoveries at Koonenberry.

Pleasingly, areas within the application have been described as “highly prospective” by recent studies and are thought to contain a “few large and many small targets” comprising up to 10 million tonnes, grading between one and 40g/t of gold.

At present, Red Mountain’s applications are pending and the process is expected to take roughly 60 to 90 days.

In the meantime, RMX will continue its desktop review of the extensive database that is available as it finalises its strategy for exploration at Koonenberry.

Company shares have soared 22.2 per cent and are trading for 0.6 cents each at 1:16 pm AEST.

Related News