Red Mountain Raises $1.5M to Explore Antimony Project Adjacent to 4.8Moz Gold Reserve

Strategic Acquisition in a Historic Mining District

Red Mountain Mining Ltd (ASX – RMX) has expanded its critical minerals portfolio by acquiring the Yellow Pine Antimony Project in Idaho’s Stibnite Mining District, a region with a rich mining heritage dating back to the early 20th century. The acquisition was achieved through staking 29 claims covering over 240 hectares, located less than 2 kilometres southwest of Perpetua Resources’ Stibnite Gold-Antimony Project, which boasts proven and probable reserves of 4.8 million ounces of gold and 148 million pounds of antimony.

This proximity places Red Mountain in a highly prospective geological setting, with the project area featuring key elements conducive to economic gold-antimony mineralisation. These include major northeast-striking faults, tectonic breccias, and evidence of historical mining activity targeting gold and antimony.

Geological Promise and Untapped Potential

The Stibnite Mining District’s mineralisation is structurally controlled, hosted within the Idaho Batholith’s granitic rocks and adjacent sedimentary formations. Red Mountain’s technical team has identified hydrothermal alteration and brecciation along significant fault zones within the Yellow Pine claims, suggesting active mineralising processes. Notably, there has been no modern exploration on these claims, presenting a fresh opportunity for discovery.

Historical workings, including shallow pits targeting brecciated quartz veins, underscore the area’s mineral potential. Red Mountain’s initial exploration program will focus on detailed mapping and sampling of these structures, with the aim of identifying drill targets to test for gold and antimony mineralisation.

Funding and Growth Strategy

To support its expanding US critical minerals portfolio, Red Mountain recently closed a heavily oversubscribed $1.5 million placement at 1.3 cents per share, led by Xcel Capital. The funds will accelerate exploration activities at Yellow Pine and the Utah Antimony Project, as well as support broader corporate growth initiatives. The company is also exploring additional US acquisitions and considering a potential US stock market listing to enhance capital access and investor reach.

This strategic move aligns with recent US government initiatives aimed at securing critical mineral supply chains, including discussions of a potential federal fund of up to US$5 billion to support domestic projects. Red Mountain’s positioning in politically supportive jurisdictions could prove advantageous as these policies evolve.

Looking Ahead

With a well-funded exploration program and a foothold in a district adjacent to a world-class resource, Red Mountain Mining is poised to unlock value from the Yellow Pine Antimony Project. The coming months will be critical as the company advances geological studies and prepares for drilling, potentially setting the stage for significant discoveries in a sector of growing strategic importance.