SYDNEY, AUSTRALIA: Red Mountain Mining Limited (RMX) has entered right into a buy order agreement with Lithic Lithium LLC, a US subsidiary of Chariot Corporation Limited, to buy the Lithic Lithium Project (Lithic) and the Mustang Lithium Project, consisting of 153 claims covering 1,178 ha potential for claystone hosted lithium in Nevada, the dominant claystone hosted lithium area inside the United States of America (USA).
The Projects are inside the prolific Big Smoky and Monte Cristo Basins of Esmeralda County, Central Nevada. This area currently hosts the one working lithium mine inside the USA (Silver Peak Lithium Mine NYSE: ALB) and is the nexus of claystone hosted lithium exploration and development inside the USA. RMX’s friends in central Nevada have outlined significant Lithium Carbonate Equivalent (LCE) mineral resources to NI 43-101 standards
The Projects are in shut proximity infrastructure, power, mining services and future offtake partners.
Nevada is a top ranked jurisdiction for mining in accordance to the Fraser Institute 2021 annual survey.
Red Mountain Mining intends to undertake additional sampling, geological mapping and reconnaissance of the Lithic property and surrounding areas of interest.
Red Mountain Mining additionally intends to conduct a line of shallow trenches, over a 2,000 m, northeast trending line through the centre of the declare block. Representative samples inside the ditch line will then be collected from the underlying volcaniclastic sediments and claystone and assayed to identify appropriate exploration targets for RC drilling.
The Company intends to conduct additional geological mapping and floor sampling inside the Mustang property. These outcomes will inform the RC drilling program which is anticipated to comprise wide-spaced drilling of roughly ten drill holes seventy metres deep. It is anticipated that the outcomes from this drilling will present information on the lithium mineralization to vector additional drilling.