RED MOUNTAIN MINING LIMITED Red Mountain Mining Limited announce the completion of reconnaissance surface sampling at the company's "Mustang" Project, in Nevada, U.S.A. The project is prospective for claystone hosted lithium deposits within the hydrologically closed Monte Cristo Valley. A total of 18 surface samples were collected from the Mustang mineral claim. These samples were collected from areas of claystone outcrop mostly in the southern and central parts of the mineral claim.
The highest assay result of 721ppm Li was from a grab sample of yellow/green clayey tuff sediments located near the center of the Mustang property. A total of 8 samples returned assay results of over 500ppm Li, which are highly anomalous given the small scale sampling program. Typical mineral resource cutoff grade for Claystone Lithium in the Big Smoky Valley and Clayton Valley is around 500ppm Li(a).
The Company intends to conduct additional geological mapping and surface sampling within the Mustang property, and around results of interest. These results will inform the RC drilling program which is expected to comprise wide-spaced drilling of approximately ten drill holes seventy meters deep. The results from this drilling will provide information on the lithium mineralisation to vector further drilling.
Lithium is considered a critical mineral around the globe as a result of a number of factors playing into importance, including: · Macroeconomic Factors Favourable short, medium, and long-term market fundamentals. Environmental Factors Lithium is an indispensable component of electric vehicle batteries and other energy storage solutions required to achieve an electrified and clean energy future. Policy Factors A global policy initiative transitioning to a clean energy future.
The United States, in particular Nevada, is a Tier-1 mining jurisdiction due to the following reasons: · Mining Friendly Nevada was ranked the top jurisdiction for mining according to the Fraser Institute 2020 annual survey. Geological Setting Nevada hosts the world's largest known lithium deposits including: o Defence Production Act The USA has recently invoked the Defence Production Act in an effort to encourage and secure domestic production of battery materials. o Offtake Partners Close proximity to gigafactories and manufacturers with substantial lithium supply requirements.
o Security Nevada enjoys a legal framework characterized by clear laws and reliable enforcement. o Policy In the United States there is bipartisan support and funding for promoting clean energy and fostering clean energy investment. o Minimal Outlays Nevada has no minimum annual expenditure requirements.
