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Special Report:Red Mountain Mining (ASX:RMX)will expand the size of its highly prospective Mount Maitland gold project in WA by applying for extra exploration ground next door.
Mount Maitland, acquired by the company in early July, is at the boundary of the Yilgarn (Archean) and Capricorn Orogen (Proterozoic) cratons which are highly prospective for gold and copper deposits.
Gold was first discovered at Mount Maitland in 1898, and historic production averaged an eyewatering 19 grams per tonne of gold.
The project area is also within 50km of several major operating mines, including Sandfire Resources’ (ASX:SFR) De Grussa and Monty operations, and Westgold Resources’ (ASX:WGX) Fortnum mine in the Murchison goldfield.
The most recent exploration of Mount Maitland was carried out by Talisman Mines in 2011, when drill intercepts included 13m at 2.53g/t for gold from 9m.
On a recent visit to the site, Red Mountain executives carried out a preliminary assessment of historic working areas at Maitland – Lenanphyl, Maitland and Jacia South prospects.
Rock chip and stockpile samples from the project were collected and sent for laboratory analysis.
The new exploration ground at Maitland covers a fault extension and will bring the total size of Mount Maitland to 78sqkm.
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Area of new tenement application at Mount Maitland gold project.
The new 12 square km of tenure includes a northern continuation of the Mount Maitland magnetic structure and provides an opportunity to explore an untested portion of the structure, the company says.
Red Mountain also sees potential in a second order structure to the west of the Mount Maitland trend, and a semi-circular magnetic feature to the south of the new area.
The processing time for the company’s application for additional tenure at Mount Maitland is expected to take around five months.
The company has been granted exclusivity to carry out due diligence on the project for a period of 21 days from July 6
RMX Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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