Red Mountain Mining completes acquisition of Mt Mansbridge Rare Earths Project
2020-02-13 08:27:07 [Print]
On February 11, Australian-based Red Mountain Mining Ltd. announced that it has completed the acquisition of the Mt Mansbridge Rare Earths Project and is planning to kick off drilling in the second quarter of 2020.
The company made the decision to proceed with the acquisition due to current market conditions, which favor growing demand for critical minerals such as heavy rare earths.
Concurrently, Red Mountain Mining announced that it has also decided not to proceed with acquiring the Mt Kokeby kaolin project after careful consideration of project and market conditions.
Mt Mansbridge covers 324sqkm in the Kimberley and hosts over 33km of outcropping rare earths. Notably, it is one of the few Australian projects prospective for xenotime, a rare earth mineral that hosts the heavy rare earths dysprosium and terbium.
Red Mountain has completed the compilation of a comprehensive database including historical geochemistry, geophysics and drilling data for Mt Mansbridge. The company has now started a geological assessment and reprocessing of geophysical data to delineate existing drill targets as well as generate new prospects.
Once the wet season is over, the company will start a heritage survey and a reconnaissance field trip over areas of interest in April. This will be followed by a drill program early in the second quarter of 2020 to fully test the Mt Mansbridge area for rare earth mineralization.
The company made the decision to proceed with the acquisition due to current market conditions, which favor growing demand for critical minerals such as heavy rare earths.
Concurrently, Red Mountain Mining announced that it has also decided not to proceed with acquiring the Mt Kokeby kaolin project after careful consideration of project and market conditions.
Mt Mansbridge covers 324sqkm in the Kimberley and hosts over 33km of outcropping rare earths. Notably, it is one of the few Australian projects prospective for xenotime, a rare earth mineral that hosts the heavy rare earths dysprosium and terbium.
Red Mountain has completed the compilation of a comprehensive database including historical geochemistry, geophysics and drilling data for Mt Mansbridge. The company has now started a geological assessment and reprocessing of geophysical data to delineate existing drill targets as well as generate new prospects.
Once the wet season is over, the company will start a heritage survey and a reconnaissance field trip over areas of interest in April. This will be followed by a drill program early in the second quarter of 2020 to fully test the Mt Mansbridge area for rare earth mineralization.
