Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to advise that it is making highly encouraging progress via exploration programs at the Flicka Lake Gold and Copper Project, part of the four 100% owned Fry Lake sub-projects, located in Ontario, Canada.
HIGHLIGHTS
- Since acquisition Red Mountain has rapidly advanced the Flicka Lake Project from study phase to delivering highly anomalous gold and copper assay results in a promising new area
- At the Flicka Lake Gold zone, previous channel samples included 9.96 g/t Au and 12.96 g/t Au while grab samples included 17.88 g/t, 7.38 g/t and 20.07 g/t of Au
- Due Diligence sampling at the Flicka Zone reported Vein #2 with values of 24.2 g/t Au and 19.4 g/t Au and Vein #3 returned a peak value of 9.35 g/t Au
- Reconnaissance soil sampling reported exceptionally high gold from two areas:
- 17.8 g/t Au, 6.32 g/t Au and 1.11 g/t Au returned for three soil samples from the north of the project area
- 0.816 g/t Au returned for a single sample sample taken from northwest of existing claims
- Results suggest potential for concealed high grade vein-hosted gold mineralisation similar to that seen at the Flicka Zone
- Polymetallic copper-rich soil anomalies with values of up to 2,420ppm Cu indicate the potential of Flicka Lake for volcanic-hosted base metal sulphide mineralisation, particularly in the northern part of the tenement
- RMX continues to investigate these anomalous gold and base metal results at Flicka Lake as well as investigating the mineralisation potential across the other three sub project areas that make up the Fry Lake Project
- Portfolio has recently expanded in Tier-One Jurisdictions with complementary Gold (WA) and Antimony (NSW) assets secured in a low-cost approach
The Company is now conducting deeper investigations across all four projects into historical exploration, building databases, reinterpreting historical and new results, and designing further work programs to test the multiple, prospective contextualized targets.
The Company’s exploration efforts over the last five months have developed from basic target generation to revealing new areas of mineralization. This has also included efforts to unlock additional areas of mineralisation based on these new and historical results.
In recent months, the Company has achieved a considerable amount, including:
1) In early July RMX identified of key structural targets across the region of underdeveloped Meen- Dempster Greenstone Belt which lies adjacent to the more developed Pickle Lake Greenstone Belt, host to numerous gold deposits. It pegged four clusters of claims covering 37.9km2, namely the Flicka Lake, Relyea Porphyry, Fry Lake Stock and the Fry-McVean Shear. The four projects are based on structural targets, reported alteration, proximity to banded iron, reported gold occurrences and porphyry intrusions, all key elements. (Refer ASX announcement: 2 July 2024)
2) In mid-July, key targets within the Flicka Lake claims were discriminated and a sampling program designed around these key elements. The targeting focused on the mapped faults, shear zones, reported areas of basement alteration and extensions of know zones of interest Identified by past explorers. (Refer ASX announcement: 22 July 2024)
3) In Late July, RMX appointed local geological specialist contractors, Fladgate Exploration Consulting Corporation, to conduct the maiden sampling program which involve a series of 100m spaced traverses along the target areas collecting rock chip and soil samples at regular intervals, with bias to areas of alteration or visible mineralisation. Included in the program was due diligence sampling of the Flick Lake gold bearing quartz veins. (Refer ASX announcement: 31 July 2024)
4) Late August Red Mountain mobilised to site and collected 283 soil and 91 rock samples across the target areas including the due diligence sampling. The samples were analysed by AGAT laboratories in Thunder Bay by Fire assay for gold and Aqua Regia (soils) and four acid digest (rock) base metal suite. (Refer ASX announcement: 28 August 2024)
5) In early November initial results were announced from the 91-rock chip samples. The due diligence rock samples validated the Flicka Zone gold endowed vein system with Vein #2 returning 24.2g/t and 19.4g/t Au while Vein#3 returned a peak value of 9.35g/t Au. These results confirmed the high- grade nature of the gold mineralisation in the area. A rock sample of a pyrite vein 800m WSW of the Flicka Zone and along strike of the main ENE shear produced a 0.514g/t Au highlighted the potential for an extension of the mineralised system. (Refer ASX announcement: 6 November 2024)
6) In Mid-November the soil sample results highlighted two new areas of mineralisation. In the north of the project area three samples with 800m returned 17.8g/t, 6.32g/t and 1.11g/t Au, also locally within the area anomalous copper up to 2,420ppm was identified in the soils. In the northwest of the tenement a soil sample returned 0.816g/t Au, highlighted another area for gold mineralisation. (Refer ASX announcement: 19 November 2024)
Following the considerable success of exploration activities to date, the Company is in the process of designing a follow-up program to target these anomalous soil and rock areas with high density rock and soil samples of sufficient density to define potential drill targets.
Figure 1: Mapped geology of the Meen -Dempster Greenstone Belt and the Fry Lake properties.
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