FINFEED | Published on: | by Meagan Evans
Red Mountain Mining Limited (ASX: RMX) announced today that it had designed an exploration programme at the Mukabe-Kasari Cobalt-Copper project in the Dominican Republic of Congo, expected to commence by the end of September.
Preparations are currently underway for the programme, which was developed with assistance from RMX’s technical advisor CSA Global Pty Ltd. The first phase will focus on areas of outcropping mineralisation, with the overall objective to delineate targets for RC and diamond drilling.
The Mukabe-Kasari Cobalt-Copper Project area comprises 12 artisanal licenses covering ~116km2 and is situated approximately 250km northwest of Lubumbashi and 70km north of the giant Tenke-Fungurume Copper-Cobalt mine.
Technical assessments conducted by CSA Global indicate that the Mukabe-Kasari project area is prospective enough to warrant systematic exploration work, which will determine the level of economically-viable copper-cobalt mineralisation. Positive indicators included anomalous sample analyses and the discovery of multiple new areas of outcropping – encouraging results considering the area has never been explored in a systematic fashion before.
In commenting on today’s announcement, RMX Director Jeremy King said: “The Copperbelt in the DRC remains by far the largest supplier of cobalt globally. We are excited to have reached the stage where we can commence a systematic exploration programme at MukabeKasari. Our intention is to follow up on the work carried out during our due diligence review which identified excellent cobalt and copper grades at surface.”
Of course it is still early stages in this play and investors should seek professional financial advice if considering this stock for their portfolio.