Join our daily newsletter At The Bell to receive exclusive market insights
Red Mountain Mining Ltd (ASX: RMX) has identified an array of open rare earth element (REE) anomalies through a major clay sampling program at its Monjebup project in the southwest of Western Australia.
From the 1129 clay samples received, 91 were shown to contain 600 parts per million (ppm) total rare earth oxides (TREO), with the richest one containing 2,094ppm TREO.
This indicates a number of open-ended areas holding mineralisation above 600ppm TREO, and more broadly a cluster of zones within Monjebup where anomalous REE-bearing clays are present.
The sampling work targeted areas around four anomalous basement rocks which had TREO results higher than 1000 ppm, as well as associated soil samples with the same grades parameters.
The program involved grid clay sampling of these zones at 50 metre intervals over grids measuring 1 kilometres squared – forming the Stockwell, Chillinup and Dump Road grids.
From this, multiple open REE anomalies were discovered on the Chillinup and Dump
Road grids, including results over 2000ppm TREO.
Red Mountain has been trading at 0.1c.
