Red Mountain Mining starts preliminary surface sampling at Monjebup rare earths project
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2023-09-05
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Red Mountain Mining (ASX: RMX) has reported the start of preliminary surface sampling activities at the Monjebup rare earths project in Western Australia where it is earning an option to acquire 80% equity.The sampling plan is based on a geological review of the project’s three tenements which make up the 910 square kilometre tenure package.It is expected to be finalised within seven days, at which point appropriate samples will be delivered to Intertek Genalysis in metropolitan Perth for assaying.The Monjebup project is located 80 kilometres north-east of Albany and lies predominantly over private land in the up-and-coming Albany Fraser Orogen rare earths province.The Orogen extends along the southern and south-eastern margin of the Archaen Yilgarn Craton and comprises ortho-gneisses, granites, sedimentary rocks, remnants of mafic dykes and large sheets of metagabbros, as well as mafic granulites.Historical sampling by Windward Resources in 2015 identified anomalous cerium, lanthanum and yttrium levels despite the company targeting nickel-copper-gold.The project’s potential for rare earth elements was not considered at the time.In early 2022, Liontown Resources (ASX: LTR) applied for the Monjebup project tenements with the intention of exploring for ionic clay rare earth elements.The company completed early-stage field reconnaissance and surface sampling along publicly accessible roads.It obtained highly-anomalous results including up to 969 parts per million total rare earths oxide (TREO).In July, Red Mountain entered into a farm-in agreement with Liontown subsidiary LBM (Aust) to acquire an 80% interest in Monjebup.It is planning to follow-up Liontown’s early success with activities including grid sampling and metallurgical testwork to determine the leaching potential of the rare earth content.Under the terms of the farm-in, Red Mountain will outlay $500,000 of exploration expenditure at Monjebup within a 24-month period.A week after announcing the farm-in agreement, Red Mountain confirmed it had received commitments for an $850,000 capital raising to help fund its work at Monjebup.Part of the proceeds will benefit Monjebup exploration while the rest will be used to advance the company’s suite of US lithium projects.Funds raised will also be directed towards a review of potential new ventures and for working capital purposes.
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