FINFEED | Published on: | by Meagan Evans
After emerging from a trading halt that it entered on Monday, Red Mountain Mining (ASX: RMX) this morning updated the market on the Mokabe-Kasari Cobalt Copper project in the DRC and detailed its recent capital raising activities.
Encouraged by final due diligence results, RMX advised that it will proceed with earn-in to acquire up to 90% of Mokabe-Kasari Cobalt Copper project in world famous central African Copper belt. The project is located in the Congolese part of the prolific Central African Copper belt, comprising artisanal licenses over approximately 116 square kilometres.
The due diligence included a short reconnaissance site visit by RMX’s technical advisor, CSA Global Pty Ltd, who carried out validation ground-work across the tenure package to ensure there’s opportunity for sufficient scale, assess geologic prospectivity, and scope future exploration work. The below samples were taken, including cobalt grades of up to 0.5%.