Red Mountain Mining (ASX:RMX) has received permit approval from the Bureau of Land Management Nevada to kick off a phase two drilling program at the Mustang Lithium Project in Nevada, US.
The company says a reverse circulation (RC) drill rig is currently en route to Mustang, and drilling is anticipated to begin in the coming days.
Nevada-based drilling company Alloy Drilling has been engaged to conduct the drilling program, which will comprise 11 holes for up to 150m depth per hole. The drilling will be targeting lithium-bearing clay horizons.
The drilling program is expected to continue throughout October, with fast-tracked assay results expected towards mid-November this year.
Upon the completion of the phase two program, samples will be sent to Reno-based American Assay Laboratories (AAL).
Red Mountain Mining is an ASX-listed mineral exploration and development company, focused on its critical minerals projects in Australia and the US. The company’s assets are prospective for lithium, rare earths, gold, and base metals.
As of 30 June 2023, the company had $1.03 million cash at hand, according to its latest quarterly report. On 31 July 2023, the company conducted a placement to raise $850,000, followed by a share purchase plan which raised $596,900, as announced on 12 September 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Red Mountain Mining
