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Red Mountain Mining Ltd (ASX:RMX) is set to commence drilling work at its Kiabye gold project in Western Australia to assess key targets to the north and south, guided by knowledge of anomalies in the area.
The work will entail 1000 metre slim-line reverse circulation (RC) drilling, testing magnetic anomalies at Kiabye North, and also deliving into Kiabye South – with the whole project located on the Kiabye Green stone Belt in WA’s Yilgarn region.
Kiabye South has previously been observed to host several anomalous gold-in-soil anomalies coincident with a magnetic feature measuring more than 2 kilometres long, in addition to a historical RAB end of hole assay at 3.45 grams per tonne (g/t) of gold.
At Kiabye North, the work will focus on strong northeast-striking magnetic linear anomalies which Red Mountain considers to be potential sources for historical alluvial gold reported in the area.
Specifically, the anomalies have been interpreted to correlate with southeasterly dipping magnetite bearing quartz vein systems, a key structural control for gold mineralisation in the region.
The company has been bolstered in its exploration plans by a funding goal announced earlier this month, which put $400,000 in the piggy bank after a successful convertible note issuance which was supported by new and existing investors.
Alongside the work planned at Kiabye, Red Mountain has been progressing sampling at the Oaky Creek historical Stibnite mines in New South Wales. Altogether, 861 individual soil
samples (sites) and 171 rock chip samples were collected, with assay results expected to become available in late May.
Red Mountain shares have been trading at 0.8 cents.
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