drilling has commenced, buying opp presented

RMX has been sold off heavily today, as per below the co has started the first stage of the drilling program and already had significant hits and it banked $2 mill + today so need for raising capital.
The share price has been slaughter today as the previous rights issue at 1c has been completed and punters know stock will be dumped hence the 40% fall today.
Market cap is now around 6 mill with half that in cash.

There are 2 options that can be bought the rmxo and rmxoa, keep a close eye on these as you may get them cheap over the next week.

Pattersons recently rated this the second cheapest gold explorer on an ev basis.

Immediate news flow from planned drilling of defined, high grade, near
surface, Exploration Targets e.g. Pica, Japanese Tunnel and further
trenching (then drilling) of the high-grade discovery at Ulupong
• Drilling aimed at converting Exploration Targets to high-grade
resources to upgrade the current Indicated and Inferred resource of
5.8 mt @ 2.2 g/t Au for 408,000oz
• All Resources and Exploration Targets are on granted MPSA’s (Mining
Lease equivalent), are near or at surface and amenable to open pit mining
in a low cost environment in the Philippines

Red Mountain Mining has started the first stage of a drilling program to test high grade epithermal gold targets at the Lobo prospect of its Batangas Gold Project in the Philippines.

The first target is Japanese Tunnel, where surface trenching had returned 5 meters at 10.43 grams per tonne gold including 1 meter at 25.14 gram per tonne gold and 2 meters at 18.12 gram per tonne gold including 1 meter at 28.69 gram per tonne gold.

Subsequent drilling is planned to test mapped extensions of the structure to the south west along strike where a broad 8 meter wide zone of intermittently exposed veining about 20 meter southwest of the initial trench indicates continued strong mineralization before the veined zone passes into an area of agglomerate, then under limestone cover. Previous outcrop sampling of this zone had returned 5 meters at 6.63 gram per tonne gold, 9.9 gram per tonne silver and 11.47% copper.

Mr Jon Dugdale MD of Red Mountain said that “It’s exciting to start drilling again and test these high grade, near surface, Exploration Targets at Lobo. Assay results should start flowing from the thirdweek of August, when we can begin to assess the potential to define further high grade gold resources.”