Red Mountain Mining has completed its maiden 1,776-metre drill program at Oaky Creek, with antimony-gold assays due in November. In Montana, surface sampling confirmed tungsten mineralisation across three Pioneer prospects, while the company ended the quarter with A$1.022 million in cash and an estimated 2.2 quarters of funding.
- 20 RC holes completed at Oaky Creek, with 578 one-metre intervals submitted for assay
- Stibnite visually identified in six of 10 South Main Grid holes, but assays remain pending
- Pioneer sampling returned up to 0.55% WO3 at Greenstone and 0.40% WO3 at Glow Worm
- Pioneer footprint expanded to 478 hectares, with copper, silver and gold anomalies also recorded
- A$1.022 million cash balance plus an unused A$1 million standby facility
Oaky Creek drilling moves to the assay stage
Red Mountain Mining Limited (ASX:RMX; US OTCQB: RMXFF) has completed the first drill test of its Oaky Creek antimony-gold prospect in New South Wales, finishing 20 reverse circulation holes for 1,776 metres during September. The more consequential result is still to come: assays for 578 one-metre intervals have been submitted to Intertek and are expected in November 2026.
The program tested four of five priority targets across the Oaky Creek system, including the South Main Grid, North Workings, South Workings and an antimony-bearing creek exposure. The company says stibnite was visually identified in six of the 10 South Main Grid holes, although it cautions that the soft mineral can be pulverised during RC drilling and may therefore be difficult to recognise in drill chips. Visual logging is not a substitute for laboratory assays.
The campaign follows the Oaky Creek drilling launch, when Red Mountain planned to test a 3km-long orogenic antimony system supported by surface samples of up to 39.3% antimony and 1.09 parts per million gold. One hole at the North Workings was abandoned at 15 metres and was not sampled, leaving the November results to determine how much of the surface geochemical story carries into the subsurface.
Pioneer sampling expands the tungsten case
In Montana, Red Mountain’s Pioneer Tungsten Project produced a broader exploration signal from surface work at Greenstone, Glow Worm and Lost Creek. The company reported tungsten mineralisation associated with mapped garnet skarn at all three sampled prospects, with maximum results of 0.55% WO3 at Greenstone, 0.40% at Glow Worm and 0.32% at Lost Creek.
Greenstone returned 30 samples above 500 parts per million WO3 from 113 collected, including 17 above 1,000ppm. At Glow Worm, 12 of 57 rock, float and spoil samples exceeded 500ppm, while Lost Creek returned eight such samples from 13. These are surface, float and historical-workings results rather than a mineral resource estimate, and the sampling density and terrain vary across the prospects.
The Pioneer ground now covers 478 hectares after Red Mountain added 36 claims and more than doubled the project footprint. The company also reported notable base and precious metal results: copper reached 6.72% and silver 462ppm at Greenstone, while gold peaked at 3.88ppm. At Glow Worm, maximum results were 3.97% copper, 199ppm silver and 0.81ppm gold.
Weather delays the next Pioneer field program
Further mapping and sampling was planned for the second half of October, but heavy snowfall prevented the US exploration team from mobilising. Red Mountain said it remains hopeful of finding a weather window before winter fully arrives. The immediate objective is to extend coverage beyond previously targeted areas and look for additional tungsten and copper mineralisation before any drilling decisions are made.
The company’s portfolio review also trimmed peripheral exposure. Silver Dollar in Idaho was relinquished after local opposition to mineral exploration and mining, while claims were reduced at the Mustang and Lithic lithium projects. No work was completed at the Fry Lake copper-gold project during the quarter, as the North American team focused on Pioneer.
Cash runway leaves limited room for delay
Red Mountain spent A$478,000 on exploration and evaluation during the quarter, while net operating and investing cash outflows totalled A$982,000. Cash fell from A$2.025 million to A$1.022 million, and the company reported an estimated 2.2 quarters of funding based on its A$1 million unused standby equity facility and current expenditure levels.
The funding position matters because the next technical catalyst, Oaky Creek’s assays, is also likely to shape the next round of spending. Red Mountain has not drawn on the standby facility, but the quarter’s cash burn shows that advancing both Australian drilling and US fieldwork will continue to compete for a finite balance before any exploration success can be translated into a stronger funding position.
Bottom Line?
November’s Oaky Creek assays are the clearest near-term test of Red Mountain’s exploration thesis, while Pioneer’s next field season must convert encouraging surface signatures into drill-ready targets without accelerating cash burn.
Questions in the middle?
- Will the Oaky Creek assays confirm economic-looking widths and continuity beneath the high-grade surface antimony results?
- Can Red Mountain resume Pioneer mapping before winter, and will the expanded ground produce targets strong enough to justify drilling?
- How long will the A$1.022 million cash balance and unused A$1 million facility support the company if exploration spending remains at current levels?