Mount Ridley Mines Unveils High-Grade Iron Assays and Strategic Board Shift
Mount Ridley Mines reports promising high-grade iron assay results from its Weld Range West Project alongside a key board appointment, setting the stage for expanded exploration activities.
- Iron assays up to 62.03% Fe from Weld Range West rock chip sampling
- 146 surface samples collected targeting key Banded Iron Formation units
- Board change with Pedro Kastellorizos joining, Cameron Clifton resigning
- Cash reserves at $777k with $208,553 spent on exploration in the quarter
- No mining production during the quarter; ongoing review of Rare Earths tenements
Exploration Breakthrough at Weld Range West
Mount Ridley Mines Limited (ASX: MRD) has delivered a compelling update for the March 2025 quarter, revealing high-grade iron assay results from its Weld Range West Project in Western Australia's Mid-West region. The company’s recent rock chip reconnaissance program, which collected 146 surface samples from key Banded Iron Formation (BIF) units including Wilgie Mia, Madoonga, and Lulworth, returned iron grades peaking at 62.03% Fe. Several samples exceeded 60% Fe, highlighting the potential for economically significant hematite mineralisation.
The assay results underscore a geological trend with higher iron concentrations focused in the southern BIF zones, while northern areas showed more chert and siliciclastic units. This spatial variation suggests targeted zones of high-grade mineralisation, although the presence of isolated high-grade samples indicates further work is needed to confirm continuity and resource potential.
Strategic Board Realignment
In a notable corporate development, Mount Ridley announced the resignation of Non-Executive Director Cameron Clifton and welcomed Pedro Kastellorizos to the board. Kastellorizos brings over 26 years of experience in exploration and mining, adding technical depth to the company’s leadership as it advances its iron and rare earth element projects. His geological expertise is expected to play a pivotal role in guiding upcoming exploration phases.
Financial Position and Operational Focus
As of 31 March 2025, Mount Ridley held cash reserves of $777,000, supplemented by listed shares valued at approximately $190,000. The company invested $208,553 in exploration activities during the quarter, predominantly on the Mount Ridley and Weld Range projects. Despite no mining production or development activities reported this period, the company remains focused on advancing its exploration pipeline.
Mount Ridley is also conducting a comprehensive review of its Mount Ridley Rare Earths Project tenements to optimize landholding and maintain strategic flexibility amid fluctuating market conditions for rare earth elements. This measured approach aims to preserve future opportunities while concentrating resources on the most prospective areas.
Looking Ahead
The company plans a follow-up rock chip sampling program, including previously untested tenement E20/986, to better delineate mineralisation trends and expand its understanding of the Weld Range West Project’s potential. This next phase will be critical in assessing the geological continuity of high-grade iron zones and refining exploration targets.
Mount Ridley’s cautious but optimistic stance, combined with its recent assay success and strengthened board expertise, positions it well to navigate the challenges of early-stage exploration. Investors will be watching closely for further assay results and strategic moves that could unlock value in these mineral-rich Western Australian tenements.
Bottom Line?
Mount Ridley’s high-grade iron assays and board renewal mark a promising step, but sustained funding and exploration will be key to unlocking value.
Questions in the middle?
- Will follow-up sampling confirm the continuity of high-grade iron mineralisation across Weld Range West?
- How will the new board member influence the company’s strategic direction and exploration priorities?
- What funding strategies will Mount Ridley pursue to support ongoing exploration given limited cash reserves?
