Red Mountain Mining's Exciting Nickel and Cobalt Discovery at Kiabye Project
RMX (RMX) Share Update November 2024 Wednesday 13th
Red Mountain Mining Unveils Promising Nickel Discovery at Kiabye Project
Red Mountain Mining Limited (ASX: RMX), a gold and battery metals explorer, has announced a promising discovery of nickel and cobalt at its Kiabye Project in Australia. This discovery marks a significant milestone for the company, enhancing its exploration portfolio and potential future value.
Instant Summary:
- Discovery of 1.12% Nickel, 0.95% Cobalt, and 0.07% Copper in gossan sample.
- Presence of iron and manganese-rich gossan with detectable platinum and palladium.
- Soil gold assays reveal a 2km North-South magnetic feature with gold leakage points.
- Upcoming soil assay results for Flicka Lake in Canada.
Nickel and Cobalt Discovery
Red Mountain Mining Limited has reported a significant discovery of nickel and cobalt at its Kiabye Project, located in the Yilgarn's Murchison Domain, southeast of Mount Magnet. The discovery was made through an infill soil sampling program that included rock chip sampling. A standout sample, KPR065, revealed high concentrations of nickel and cobalt, with 11,222ppm Ni and 9,565ppm Co, alongside 756ppm Cu, 95.2ppb Pd, 22.6ppb Pt, and 7ppb Au.
The gossan sample is particularly rich in iron and manganese, adding further value to the discovery. This area had not previously been tested for nickel or cobalt mineralization, making the findings even more significant.
Exploration and Sampling Details
The recent exploration involved collecting 520 soil samples at varying intervals over the Kiabye South target, as well as infill and extension sampling at the Northern anomaly and Reef 2 target. The sampling aimed to identify potential mineralized zones and enhance the understanding of the area's geology.
The soil gold assays highlighted a North-South magnetic feature with gold leakage points along a strike length of over 2km. These points are considered potential future drill targets to further test the structure and its mineralization potential.
Future Prospects
Red Mountain Mining plans to continue its exploration efforts, with upcoming soil assay results for Flicka Lake in Canada expected shortly. The company is committed to advancing its exploration programs to unlock further value from its diverse portfolio of projects across Australia, Canada, and the USA.
The discovery of nickel and cobalt at the Kiabye Project is a positive development for Red Mountain Mining. It enhances the company's exploration portfolio and aligns with the growing demand for battery metals. This discovery could potentially increase investor interest and positively impact the company's stock price as further exploration results are released.
Investor Reaction:
Analysts are likely to view this discovery as a positive step for Red Mountain Mining, given the strategic importance of nickel and cobalt in the battery metals market. The presence of additional elements like platinum and palladium further adds to the potential value of the discovery.
Conclusion:
Investors should keep an eye on Red Mountain Mining's future exploration updates and assay results, particularly those from the Flicka Lake project. The company's strategic focus on battery metals positions it well to capitalize on market trends, potentially offering significant returns for investors.