Over the past six months, Red Mountain has taken decisive steps to acquire assets in Tier-1 regions in promising antimony mineral districts in Montana, Utah and Idaho, USA, placing the company in a strong strategic position as the US government moves aggressively to secure the domestic supply of antimony, which has been classified as a critical metal by the governments of the United States and Australia.
HIGHLIGHTS:
- Red Mountain continues to deliver repeated successful project and development programs across its high-quality Critical Minerals portfolio, systematically advancing its U.S. and Australian projects toward development and directly supporting the U.S. government’s commitment to securing the domestic supply of critical metals.
Thompson Falls Antimony Project, High Quality Antimony next to UAMY Antimony Smelter
- The Thompson Falls Antimony Project is located 2.6 miles from the operations of the United States Antimony Corporation (NYSE: UAMY; market cap $A1.5 billion), which has the country’s only active antimony smelter.
- Initial samples from Red Mountain’s Thompson Falls Project returned high-grade values of 36.5% Sb and 0.65 g/ton Au
- Additional test results are now expected to be received by the end of February
- Very promising for silver and on the east side of Idaho’s Coeur d’Alene Mineral District, which accounts for ~18% of total US silver production, of over 1.25 billion ounces of silver, along with 7.8 million tons of lead, 3.0 million tons of zinc, 1.1 moz of gold, 191 kt of copper and 160 kt of antimony
- Expanded surface mapping and sampling program to accelerate the definition of the resource potential of the Thompsons Falls Antimony Project, scheduled for launch next month
- Red Mountain recently strengthened its U.S. engineering team with dedicated drilling permitting expertise, advancing the permitting process for all of the company’s U.S. projects.
Utah Antimony Project, Antimony Mining District
- The Utah Antimony Project is adjacent to American Tungsten and Antimony Ltd’s (ASX: AT4; market capitalization A$200 million) Antimony Canyon Project (ACP), one of the largest and highest grade antimony projects in the US, which has reported assays up to 33% Sb and has a defined conceptual exploration target of 12.8 to 15.6 Mt @ 0.75% to 1.5% Sb, containing between 96,000 to 234,000 tons of antimony metal
- Recent visible stibnite mineralization observed between AT4’s claims and RMX’s project provides evidence that the ACS system may extend to the Utah Antimony Project*
- Mapping analyzes previously conducted by RMX indicate that both the same type of host rocks and extensions of the large epithermal antimony mineralization system targeted by AT4 at Antimony Canyon are present within the Utah Antimony Project**
Exceptionally strong antimony results at Thompson Falls and further testing pending
Red Mountain acquired the Thompson Falls Antimony Project on February 51in addition to the only active antimony smelter in the US, US Antimony Corporation’s (NYSE: UAMY; market cap ~AU$1.5 billion) Thompson Falls Smelter and UAMY’s Stibnite Hill Mine in Montana (Figure 1).
Figure 1: USGS geology of the area encompassing Red Mountain’s Thompson Falls Antimony Project and UAMY’s Thompson Falls Smelter and Stibnite Hill Antimony Mine. Red Mountain’s observed locations of three historic underground mines and one open-pit mine, verified by initial exploration, and highlights from initial crushed stone sampling are also shown.
The initial exploration of the Thompson Falls Antimony Project in Red Mountain by the company’s U.S. field team successfully located three historic underground mines and pits within the project area. Initial sampling of material from Eastern Star returned multiple samples with high antimony and gold results, with peak results of 36.5% Sb and 0.65 g/t Au1 (Figure 1; Figure 2).
Samples collected from Eastern Star are very similar to the quartz-stibnite veins mined at UAMY’s Stibnite Hill deposit, approximately 7 km east of the Thompson Falls Project area in Red Mountain, although these veins are not recorded as producing gold. The Red Mountain field team also collected additional rock samples from the project area, with test results expected this month.
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