Red Mountain Mining (ASX:RMX) has spotted stibnite, a key ore mineral of antimony, at Oaky Creek North and Oaky Creek South — a major discovery that confirms multiple veins at the explorer’s Armidale antimony-gold dig.
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The inferred antimony system has a strike length of more than a kilometre at the North exploration in particular; further Oaky exploration should soon confirm this.
It’s a big win for the Australian explorer, especially because — as the company said today — antimony is “strategically important in sectors where thermal stability and performance under stress are considered critical.” That can include anything from defence development to more regular household electronics.
As recently as last month, tightening supply and China’s antimony ban have seen the grey metal’s already weighty price surge to more than $60,000 USD a tonne.
Red Mountain identified the coarse-grained stibnite mineralisation within quartz vein-hosted structures, the company confirmed in an ASX release today. Interpretation and mapping indicated multiple parallel systems at the site.
At Oaky Creek North, the hit runs northwest. South’s discovery tracks northeast.
On those directions, Red Mountain explained: “[This] possible change of orientation… is due to movement along the Namoi Fault that cuts through the grid.”
Next for Red Mountain — more than 1,000 individual soil and rock chip samples were collected after the Armidale find; these are still undergoing assay at Interterk’s labs before any further results can be shared to shareholders.
Also on the agenda are key results from the explorer’s Kiabye gold project in WA after work started earlier in May. Red Mountain is looking at “anomalies” there.
RMX shares last sold at 0.9 cents each after jumping more than +28% today.
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