Red Mountain Mining’s (ASX:RMX) acquisition of the Silver Dollar Antimony Project in the US has expanded its ‘footprint’ in the Idaho area, adding 80% to its landholding with the addition of 24 new claims.
Historical production from the 1940s has estimated an average ore grade of 17.7% antimony and the US Geological Survey mineral database records a grade of 14.6% antimony and 6.3 parts per million silver from a stockpile sample from the mine.
The project lies southeast of Red Mountain’s Yellow Pine Antimony Project and features multiple antimony and gold mineral occurrences.
Initial exploration at Silver Dollar will include mapping and sampling to locate evidence of intersecting secondary structures, hydrothermal fluid flow, brecciation, alteration and antimony mineralisation.
Once completed, areas will be targeted for drill testing, where justified.
Red Mountain, which has a market capitalisation of $21.23 million, says identifying and obtaining this project advances its strategy of securing “highly prospective” projects using internal resources.
The company believes achieving scale will be a “significant” long-term competitive advantage in the US critical minerals sector and continues to assess further high-potential opportunities.
Following today’s announcement, the company’s share price has increased 16.66% to $0.035 as of 11am AEDT.
Red Mountain Mining is a mineral explorer and developer focused on its portfolio of projects in Australia, Canada, and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Red Mountain Mining
