Red Mountain Mining (ASX:RMX) has begun a detailed grid clay sampling program at its Monjebup Rare Earths Project in Western Australia.
The $6.68 million market capitalisation company says this second phase sampling program is anticipated to generate rare earth element (REE) bearing clay targets around the anomalous orthogneisses with enriched REE.
At each site, a hand auger will be used to access the clays at depths of more than 0.4m and up to 1 kilogram of clay collected. The 4 sites include Stockwell Road, Chillinup Road, Dump Road, and Dump Road extension.
Red Mountain says this program will support generating targets for follow-up aircore drilling. The drill plan will be formulated once the assay results have been received and analysed.
This news comes after Red Mountain completed an initial phase of due diligence and infill sampling which revealed source rocks with more than 1,000 parts per million total rare earth oxide in 4 specific zones, as well as confirmed anomalous REE within soils in 3 locations.
Red Mountain Mining is a mineral explorer and developer focused on its portfolio of critical minerals including lithium, rare earths, and gold in the US and Australia.
As of 31 December 2023, the company had $665,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Red Mountain Mining
