Red Mountain Mining's Exciting Discovery: High-Grade Gold and Copper at Flicka Lake
RMX (RMX) Share Update November 2024 Monday 18th
Red Mountain Mining Unveils Promising Gold and Copper Discoveries at Flicka Lake
Red Mountain Mining Ltd (ASX: RMX) has announced significant high-grade gold and copper soil results from its Flicka Lake project in Ontario, Canada, potentially marking the discovery of a new mineral-rich region.
Instant Summary:
- High gold assay results up to 17.8 g/t Au from soil samples.
- Copper anomalies with values reaching 2420 ppm Cu.
- Potential for large concealed high-grade gold mineralization.
- Plans for further exploration to follow up on promising results.
Overview of the Discovery
Red Mountain Mining Ltd has reported exceptional gold and copper soil assay results from its 100%-owned Flicka Lake prospect in Ontario, Canada. The company collected 284 soil samples and 91 rock grab samples, revealing high gold values of up to 17.8 ppm (17.8 g/t Au) north of the project area, and significant copper anomalies with values up to 2420 ppm Cu.
The soil sampling program, conducted in September, was designed to test orogenic gold target zones using geological and geophysical data. The results indicate potential for near-surface high-grade quartz-vein hosted gold mineralization, similar to that found at the Flicka Zone.
Potential for New Gold and Copper Region
The high gold values from the northern and northwestern parts of the Flicka Lake project area suggest the presence of a large concealed high-grade vein-hosted gold deposit. Additionally, the polymetallic copper-rich soil anomalies indicate the potential for volcanic-hosted base metal sulfide mineralization, particularly in the northern part of the tenement.
Red Mountain Mining plans to follow up these promising results with further exploration, including additional surface sampling and potential drill testing to better understand the extent of the mineralization.
Geological Context
The Flicka Lake claims are located in the Archaean Meen-Dempster Greenstone Belt within the Uchi Lake Subprovince of the Superior Province of Canada. This region is known for its potential for synvolcanic base metal and orogenic gold mineralization, with historical production from nearby mines.
The geology of the Flicka Lake property consists of mafic and intermediate metavolcanic units, with local intrusions of gabbroic sills. The area is characterized by sheared greenstones and prominent NNE-trending shears associated with gold mineralization.
This discovery could significantly enhance Red Mountain Mining's exploration prospects and potentially increase the company's valuation if further exploration confirms the presence of economically viable mineral deposits. The high-grade gold and copper results are likely to attract investor interest and could positively impact the company's stock price.
Investor Reaction:
Analysts are likely to view these results positively, given the potential for discovering a new mineral-rich region. The market may react favorably as further exploration could lead to substantial resource development opportunities.
Conclusion:
Investors should keep an eye on Red Mountain Mining's upcoming exploration activities at Flicka Lake. The company's strategic efforts to capitalize on these promising results could offer significant upside potential. Stay informed on further developments to assess the impact on your investment portfolio.