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Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to advise that it has received gold results for 91 rock grab samples collected during September from the Company’s 100%-owned Flicka Lake prospect in Ontario, Canada. The rock chip sampling was carried out in parallel with a soil sampling program. Approximately 400 locations were visited within the Flicka Lake claims and 91 rock grab samples and 283 soil samples were collected and submitted for multielement geochemical analysis, including gold by Flame Assay and a base metal suite by four acid digest with ICP-OES finish. Soil results assay results are expected before the end of November.
HIGHLIGHTS
- Gold results from 91 rock chip samples collected from Flicka Lake received
- Bonanza grade values confirmed for the Flicka Zone:
- Flicka Vein #2 returned values of 24.2ppm (24.2 g/t Au) and 19.4ppm (19.4 g/t Au)
- Flicka Vein #3 returned a peak value of 9.35ppm (9.35 g/t Au)
- Results supported by historical desktop study as announced last week
- 0.514ppm (0.514 g/t Au) returned for a pyritic vein sample 800m WSW of Flicka Zone, along the strike of the main shear, highlighting the potential for strike extension of high grade mineralisation
- Soil assay results are expected to be received before the end of November
As outlined in RMX’s ASX announcement of 30 October 2024, the rock and soil sampling program was designed to test ten target zones defined using available geological and geophysical data for the Flicka Lake tenement. Zones sampled included the Flicka Zone, previously identified and sampled by Troon Ventures in the early 2000s.
High gold grades for the Flicka Zone confirmed by rock chip sample results
The gold values returned for the 91 rock chip samples are shown on Figure 1 and Figure 2 and listed on Table 1. The best results were obtained from Vein #2 and Vein #3 of the Flicka Zone, with peak values of:
- 24.2ppm (24.2 g/t Au) (Sample 1292085) and 19.4ppm (19.4 g/t Au) (Sample 1292094, shown in Figure 3) from Vein #2.
- 9.35ppm (9.35 g/t Au) (Sample1292086) from Vein #3.
The RMX rock chip results are consistent with historical rock chip and channel sampling results reported by Troon Ventures for the Flicka Zone (Figure 2) that range up to 16.88ppm (16.88 g/t Au) for Vein #1, 12.96ppm (12.96 g/t Au) for Vein #2 and 20.067ppm (20.067 g/t Au) for Vein #3 (refer to RMX ASX Announcement 30 October 2024).
The gold results to date from the Flicka Zone veins are comparable to the recorded grade of the Golden Patricia Mine (refer to Figure 4), a steeply dipping narrow quartz vein system averaging only 40cm in width that is located approximately 25km NE of the Flicka Lake project area. Between 1987 and 1997, Golden Patricia produced 0.62Moz of gold from 1.22Mt of ore averaging 14.4ppm (14.4 g/t Au)1.
An additional pyritic vein sample, located ~800m WSW of the Flicka Zone along the strike of and striking approximately parallel to the main Flicka Zone shear (Figure 1) returned a value of 0.514ppm (0.514 g/t Au), which highlights the potential for the high-grade mineralisation sampled at the Flicka Zone to persist along the shear system.
Figure 1: RMX rock chip gold results for the Flicka Lake project. Values of > 0.5ppm (0.5 g/t Au) outside of the Flicka Zone are shown. For detail of sampling at the Flicka Zone refer to Figure 2. The white dashed lines are faults and shear zones mapped by Troon Ventures in 2003. Note the relationship between the Flicka Lake and Fry Lake #9 gold mineral occurrences and the NNE- trending shear zones. Fry Lake #9 lies outside of the RMX mineral claims area.
Figure 2: RMX rock chip and Troon Ventures historical rock chip and channel gold results for the Flicka Zone. Values of > 1ppm (1 g/t Au) are shown. The location of three mineralised quartz veins as mapped by Troon Ventures are also shown. Note that the mapped location of these veins and of some historical samples may have a GPS error of up to 10m – most significantly, the 9.35ppm (9.35 g/t Au) RMX sample is interpreted to be from Vein #3.
Figure 3: Photo of the mineralised sample 1292094 from Vein #2 at the Flicka Zone, which assayed at 19.4ppm (19.4 g/t Au)
Next steps
Following receipt of soil geochemistry and full base metal rock chip sample results, expected during November, RMX will evaluate the full dataset to prioritise targets within the Flicka Lake claims for further surface sampling, where justified and drill testing during the 2025 Canadian field season.
Click here for the full ASX Release
This article includes content from Red Mountain Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High Resolution Ground Magnetics Commences at 100% - Owned Kiabye Gold Project, Western Australia
HIGHLIGHTS
- Survey has launched today in the northern Kiabye area – an area which has previously reported anomalous gold-in-soil
- Kiabye Gold Project covers 23km2 of strike and remains underexplored – providing considerable upside potential for RMX
- The survey will target structures amenable to gold bearing fluids with target areas to be followed up with detailed pXRF assaying
- The program will take approximately 12 days, covering to 10km2 – results of the magnetic survey are anticipated in mid to late March
- Defined anomalous areas will be targeted for wet chemistry sampling with lab results expected in late March.
The program is focused on the most northern section of the Kiabye licence (E59/2893), which is one of the four exploration licenses that make up the project area. This straddles the Kiabye Greenstone Belt in the Yilgarn‘s Murchison Domain, southeast of Mount Magnet. The survey will total 10km2 and will be split into three areas of focus, based on priority (see Figure 1).
The program is expected to take 12 days, with coverage to depend on the rate of surveying, across both magnetics and pXRF assay follow-up. This will assist the Company in defining the three target areas, based on sample results (see Figure 2). A summary of each area is as follows:
- Area 1 covers a number of anomalous gold in soil samples, hosts two NNE (North- North-East) striking faults and is located in an area of unverified alluvial and insitu gold.
- Area 2 contains numerous gold in soil samples with several samples of >20ppb to 47ppb Au. The block is also cut by two faults striking NNE and NS. The area also contains RMX rock sample KPR020 which assayed at 96ppbAu and 2.6ppm Ag.
- Area 3 contains two areas with samples of >20ppb Au. The west is cut by a major NNW to NS faults marking the boundary between the Kiabye Greenstone Belt and Granites to the west. The second fault strikes NNE and is believed to extend north into Area 2.
Significance of Gold-in soils
In consideration of the highly diluting soil profile in the area, any soil sample with ≥20ppB Au is considered anomalous therefore Area 2 and 3 contain several areas with anomalous gold-in-soils.
Ground Magnetic Survey
The Red Mountain Mining team and contractors will conduct the geophysical survey initially at 100m east - west line spacing and 20m reading intervals. The data will be processed and interpreted in the field and where structures of interest are identifying these areas will be infilled to 50m line spacing. The main targets for gold mineralisation include shear zones and faults interpreted in the data. The surveys will collect data from 110 to 213-line kilometers depending on the number of infill lines conducted.
Figure 1: Three priority survey areas in the North of the Kiabye Project.
Figure 2: Planned ground survey areas and thematic soil and lag sample results highlighting anomalous gold-in -soil areas.
Project background:
The Kiabye gold project is located in WA and covers a strike length of 23km² of the greenstone belt (Figure 3) with less than half covered by exploration samples from historical explorers and only around 7% having been covered by prior holders.
Click here for the full ASX Release
This article includes content from Red Mountain Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lahontan Gold Corp.
Investor Insight
Lahontan Gold is on track to become a leading gold developer in Nevada’s Walker Lane district, presenting a compelling investment opportunity by combining a high-quality resource base with a clear path to production in Nevada’s premier mining jurisdiction — all in a rising gold price environment.
Overview
Lahontan Gold (TSXV:LG,OTCQB:LGCXF) is focused on advancing its portfolio of high-quality gold and silver projects in Nevada. The company’s flagship Santa Fe mine was a past producer that operated from 1988 to 1992, yielding 356,000 ounces of gold and 784,000 ounces of silver. Lahontan aims to unlock the mine’s full potential by expanding its resources and pushing forward on permitting.
The company recently completed a robust preliminary economic assessment( PEA) outlining a clear pathway to production. Permitting efforts are progressing with the Bureau of Land Management, and Lahontan anticipates being in a position to break ground by 2026.
Additionally, strategic drilling campaigns are planned to further expand the existing resource base.
The company's strategy to unlock shareholder value is to advance the Santa Fe mine toward production by derisking the project through permitting and feasibility studies, while optimizing heap leach processing for maximum recoveries and economic efficiency. Concurrently, it is unlocking value from satellite deposits, including West Santa Fe, which has high-grade oxide potential, and Moho, an early-stage project with promising historic gold and silver intercepts.
Positioned as a low-cost developer in a top-tier jurisdiction, the company maintains strong institutional support with minimal dilution risk, ensuring capital efficiency and sustainable growth.
Company Highlights
- Flagship Santa Fe Project: 100 percent owned, past-producing open-pit heap leach mine with a current MRE of 1.95 Moz gold equivalent at a grade of ~0.9 g/t.
- Strategic Nevada Location: Situated in Walker Lane, one of the world’s best mining jurisdictions, with excellent infrastructure, water access, and a mining-friendly regulatory environment.
- Strong Resource Growth Potential: The Santa Fe Mine and its satellite projects, West Santa Fe and Moho, offer exploration upside, with further drilling planned to expand resources.
- Advancing Toward Production: With a positive Preliminary Economic Assessment (PEA) completed in late 2024, Lahontan is aggressively moving toward permitting and development.
- Experienced Leadership: The company is led by an experienced management team with a proven track record in mine development, permitting, and value creation for investors.
Key Projects
Santa Fe Mine
The Santa Fe mine, located in Mineral County, Nevada, spans 26.4 sq km and represents Lahontan Gold’s flagship development project. With an updated mineral resource estimate of 1.95 Moz gold equivalent, the project hosts multiple oxide and sulfide zones that remain open for expansion.
Historical production from the Santa Fe mine yielded 356,000 oz gold and 784,000 oz silver from an open-pit heap leach operation. Modern exploration and metallurgical testing have identified additional high-grade mineralization that could support an expanded operation.
The recently completed PEA indicates strong economic potential, with favorable heap leach recoveries and low operating costs. Lahontan is actively working with the Bureau of Land Management to advance the permitting process, with the goal of achieving production readiness by 2026.
West Santa Fe
The West Santa Fe project, situated just 13 km from the Santa Fe mine, is a highly prospective satellite project that could serve as an extension of the main operation. Historic drill data suggest the presence of a shallow oxide deposit, with early resource modeling indicating a potential gold equivalent resource of 0.5 to 1 Moz.
West Santa Fe’s excellent resource growth potential
Lahontan is preparing for an extensive drill program in 2025 to validate and expand this resource. Geophysical surveys and geochemical sampling have identified strong structural controls on mineralization, further supporting the potential for economic extraction. Given its proximity to Santa Fe, West Santa Fe offers a compelling low-cost, high-margin opportunity for future production.
Moho Project
The Moho project is another 100 percent owned asset within the Walker Lane district in Nevada, presenting a longer-term growth opportunity for Lahontan. The project is characterized by historic high-grade gold and silver intercepts from past drilling, with reported grades exceeding 20 g/t gold and 300 g/t silver. Initial exploration has confirmed the presence of oxidized tertiary epithermal vein systems, which are ideal for conventional heap leach processing. Core drilling in 2019 further validated the high-grade nature of Moho’s mineralization, with significant intercepts occurring at relatively shallow depths. Lahontan plans to conduct additional exploration drilling to refine resource estimates and assess potential economic viability.
Management Team
Kimberly Ann – CEO, Founder and President
Kimberly Ann is a mining executive who has founded multiple junior mining companies and served in a variety of senior executive positions including CEO, president, CFO and board member. In the past 12 years, she has raised over $210 million in project financing and collaborated on three junior mining M&A projects. While at Prodigy Gold, she was responsible for all aspects of the company’s corporate communication program, facilitating equity financings, generating analyst coverage, and participating in key aspects of corporate M&A leading to the $340 million buyout of Prodigy by Argonaut Gold. Kimberly was CFO and VP corporate development at PPX Mining, successfully bringing the high-grade Callanquitas gold-silver underground mine into production in Northern Peru. In 2017, she founded Latin America Resource Group, building Jasperoide from two small concessions into a 57 sq km strategic project in the heart of Peru’s most prolific copper-gold mineralized belt. In 2020, LARG merged with Carube Copper to create C3 Metals, setting the stage for value creation throughout C3’s project portfolio.
Brian Maher – Vice-president Exploration
Brian Maher is an economic geologist with over 45 years of experience in the international mining and exploration industry. Prior to Lahontan, Maher was the president, CEO and director of Prodigy Gold, where he guided the company through a period of expansive growth, exploring and developing the 6.6 Moz Magino gold deposit in northern Ontario, culminating in the $341 million acquisition of Prodigy Gold by Argonaut Gold in 2012. In 1982, he began a 16-year career with ASARCO, exploring for gold and copper deposits in a variety of geologic environments throughout North and South America. From 1998 and 2004, he was project manager for Metallic Ventures Gold, supervising underground and surface exploration, mine development and operations at an underground gold mine in Nevada.
John McNeice – CFO
John McNeice is a chartered professional accountant registered in Ontario, Canada, with over 30 years of experience in public company reporting, financial management, accounting and audit. Currently McNeice is the CFO of Gold79 Mines (TSXV:AUU), C3 Metals (TSXV:CCCM) and Northern Graphite (TSXV:NGC), where he is responsible for financial and regulatory reporting as well as day-to-day financial management. He has held CFO roles in seven public resource companies over the past 17 years and has overseen IPOs, RTOs and many quarterly, annual and periodic public company filings. From 2004 to 2007, McNeice was CFO of Ur-Energy, a uranium exploration and development company now a US-based producer of uranium. During his tenure, Ur-Energy raised an aggregate of $150 million in a series of private placements, the IPO and several significant secondary financings.
Chris Donaldson – Independent Director
Chris Donaldson is an experienced executive with a 25-year track record of raising funds and building out new investment channels for both public and private companies. He is the CEO and director of Valkea Resources (TSXV:OZ), CEO and executive chairman of TinOne Resources (TSXV:TORC), and a non-executive director of Vizsla Copper (TSXV:VCU). From 2013 to 2020, Donaldson held the dual role of director, corporate development with Western Copper and Gold (TSX:WRN,NYSE:WRN) as well as director, corporate development and Community with Casino Mining Corporation. He holds a Bachelor of Arts in Economics from the University of Western Ontario.
Josh Serfass – Independent Director
Josh Serfass is the executive vice-president of corporate development and investor relations at Integra Resources. Previously, he was the manager of corporate communications at Integra Gold. He was a key member of the team at Integra Gold that grew, developed and sold the past producing Lamaque mine in Val-dOr, Québec to Eldorado Gold for C$590 million in 2017. Committed to thinking differently about mining, Serfass worked with the team at Integra Gold to host the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining Challenge, initiatives that encouraged innovation and technology disruption in the mining industry.
Bob McKnight – Independent Director
Currently, executive VP, corporate development and CFO at NevGold, Bob McKnight is a geological engineer and mining executive with over 40 years of experience in copper, gold, base metals, coal and potash. Directly involved in over $1.5 billion in project debt, equity, stream financings and M&A transactions, he was an executive VP and CFO at Nevada Copper arranging over $500 million in debt, equity and metal stream financings to develop the Pumpkin Hollow copper mine. He was also CFO and VP at Expatriate Resources, which spun out Stratagold, Yukon Zinc and Selwyn Resources. In 2004, Stratagold acquired what is now Victoria Gold’s Eagle deposit from a subsidiary of Vedanta for $6 million cash and 5 million Stratagold shares.
Castle Minerals: Advancing Strategic Gold Exploration Assets in Ghana’s Upper West Region
Castle Minerals (ASX:CDT) is dedicated to advancing its Kpali and Kandia gold projects in Ghana’s Upper West region, a significantly under-explored yet highly prospective geological setting within the West African gold belt. The company is committed to identifying, exploring, and developing economically viable gold deposits by leveraging the region’s rich mineral endowment and proven mining history.
Castle’s portfolio is anchored by its flagship Kpali and Kandia gold projects, both demonstrating significant potential for resource expansion and economic development. Castle aims to delineate and grow its resource base, positioning itself as a key player in Ghana’s emerging gold sector. The company’s dedication to sustainable exploration practices and strong community partnerships further strengthens its ability to operate effectively and responsibly in the region.
The Kpali gold project, a key focus of Castle Minerals, is located 30 km west of Sawla in Ghana’s Upper West region. It includes the Kpali and Bundi prospects within the 170 sq km Degbiwu prospecting license (PL 10/26), surrounded by the 1,033 sq km Gbiniyiri retention license (RL 8/27). The licenses’ western boundaries follow the Black Volta River, bordering Burkina Faso.
Company Highlights
- 100 percent ownership of a 2,686 sq km strategic landholding in Ghana’s highly prospective Upper West region.
- Flagship Kpali and Kandia gold projects with high-grade gold mineralization and significant resource expansion potential.
- Strong management team with a proven track record in West African gold discoveries and project development.
- Proximity to the multi-million-ounce Black Volta gold project, enhancing economic potential and development synergies.
- Robust exploration pipeline with systematic drilling programs aimed at resource expansion and near-term development.
- Commitment to sustainable and responsible exploration practices, with strong community and government engagement.
- Positioned to capitalize on the growing global demand for gold through disciplined exploration and strategic partnerships.
This Castle Minerals profile is part of a paid investor education campaign.*
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Castle Minerals
Investor Insight
Castle Minerals is a compelling investment opportunity, underlined by its 100 percent ownership of two high-potential gold projects, a seasoned management team with a track record of success, and a strategic location near multi-million-ounce gold deposits.
Overview
Castle Minerals (ASX:CDT) is an Australia-based exploration company dedicated to advancing high-value gold projects in Ghana, West Africa. The company holds a 100 percent interest in a highly strategic 2,686 sq. km land package within Ghana’s Upper West region, a significantly under-explored yet highly prospective geological setting within the West African gold belt.
Castle Minerals’ core mission is to identify, explore and develop economically viable gold deposits, leveraging the region’s rich mineralization and proven mining history. The company's management team brings extensive experience and a strong track record of successful discoveries, ensuring that exploration efforts are guided by industry-leading expertise and strategic execution.
Castle’s portfolio is centered around its flagship Kpali and Kandia gold projects, both of which exhibit strong potential for resource expansion and economic development. These projects are situated within prolific gold-bearing structures and have demonstrated high-grade mineralization through extensive exploration efforts. With a focus on systematic exploration, the company aims to delineate and expand resources while positioning itself as a leading player in Ghana’s growing gold industry. Castle’s commitment to sustainable exploration practices and strong community engagement further enhances its ability to operate effectively in the region.
Investment Highlights
- 100 percent ownership of a 2,686 sq km strategic landholding in Ghana’s highly prospective Upper West region.
- Flagship Kpali and Kandia gold projects with high-grade gold mineralization and significant resource expansion potential.
- Strong management team with a proven track record in West African gold discoveries and project development.
- Proximity to the multi-million-ounce Black Volta gold project, enhancing economic potential and development synergies.
- Robust exploration pipeline with systematic drilling programs aimed at resource expansion and near-term development.
- Commitment to sustainable and responsible exploration practices, with strong community and government engagement.
- Positioned to capitalize on the growing global demand for gold through disciplined exploration and strategic partnerships.
Key Projects
Kpali Gold Project
The Kpali gold project, a cornerstone of Castle Minerals' exploration efforts, is strategically located approximately 30 kilometers west of the regional town of Sawla in Ghana's Upper West region. Encompassing the Kpali and Bundi prospects, along with several satellite discoveries, the project area lies within the 170 sq km Degbiwu prospecting license (PL 10/26), which is encircled by the 1,033 sq km Gbiniyiri retention license (RL 8/27). Notably, the western boundaries of these licenses are delineated by the Black Volta River, marking the border with Burkina Faso.
Geologically, Kpali is situated at the convergence of two significant greenstone belts — the Bole-Bolgatanga and Wa-Lawra/Boromo belts — and three regional-scale structures. This unique positioning is associated with several major Birimian-hosted gold deposits in the region, enhancing the project's potential for substantial gold mineralization.
Recent exploration activities have yielded promising results. In February 2025, an eight-hole reverse circulation (RC) drilling program intersected shallow, high-grade mineralization in all holes. Notable intercepts include 12 meters at 8.29 grams per ton (g/t) gold from 25 meters, including 6 meters at 11.60 g/t gold from 31 meters, with a peak 1-meter intercept of 20.43 g/t gold at 36 meters. These findings have significantly upgraded the status of the Kpali gold prospect, suggesting the presence of multiple sub-parallel lodes with high-grade gold mineralization.
The broader district encompassing Kpali contains several other high-conviction prospects, reinforcing its potential as an emerging new exploration frontier. Castle Minerals plans to undertake further drilling programs, including step-out drilling, to delineate the extent of mineralization and assess the project's viability for future development.
In summary, the Kpali Gold Project's strategic location, favorable geology, and recent high-grade drilling results position it as a significant asset within Castle Minerals' portfolio, with the potential to evolve into a major gold production site in Ghana.
Kandia Gold Project
The Kandia gold project is situated in Ghana's Upper West Region. Discovered in 2010 during reconnaissance field mapping, the project encompasses a 16-kilometer-long corridor along a significant granite-sediment contact within Birimian greenstone terrain. This geological setting is known for hosting substantial gold mineralization, with the Kandia prospect itself identified through previously unknown artisanal workings spread over approximately 600 meters of strike.
Initial exploration efforts included extensive soil sampling, airborne geophysical surveys and RC drilling, totaling 264 holes over 19,541 meters. These activities led to the identification of two primary mineralized zones: the "4,000 Zone" and the "8,000 Zone."
Strategically, the Kandia project benefits from its proximity to major gold deposits. The 5.1-million-ounce Namdini gold project lies to the northeast on the same Bole-Bolgatanga greenstone belt, while the 2.8-million-ounce Black Volta gold project's Julie deposit is immediately along strike from the Kandia mineralized trend. This favorable location enhances Kandia's economic attractiveness and potential for development synergies.
Future exploration plans for Kandia involve extensional drilling at the "4,000 Zone" and targeted drilling in other areas with historically wide-spaced shallow drilling, such as the "8,000 Zone," where artisanal mining activities are also present. The primary objective is to delineate multiple near-surface, open-pitable deposits along the 16-kilometer prospective contact, advancing the project toward potential development.
Management Team
Stephen Stone - Executive Chairman
Stephen Stone has more than 30 years of experience in mining and exploration. As the former managing director of Azumah Resources, he led the discovery of a 2.5 Moz gold resource and 1.2 Moz ore reserve at the Wa gold project His expertise in West African gold exploration and project development is instrumental in guiding Castle’s strategic direction.
Matthew Horgan - Non-executive Director
Matthew Horgan brings a strong background in engineering, business development, and investor relations. His experience in strategic corporate growth and resource sector financing supports Castle’s development initiatives.
James Guy - Non-executive Director
James Guy is a geologist with extensive expertise in mining and exploration, specializing in gold and base metals projects across Africa and Australia. He has held senior executive positions with several ASX listed junior resources companies and with banking group, NR Rothschild & Sons. He is currently principal of James Guy & Associates
David Renner - Non-executive Director
David Renner has a strong track record in operations and corporate strategy for resource development. He is a key contributor to advancing the Kambale graphite project.
Hector Nyinaku, Non-executive Director
Hecto Nyinaku focuses on administration, finance and logistics within the mining industry. His strong networks in Ghana’s resource sector provide valuable operational support.
George Asomoah Boadu - Manager of Geology
George Asomoah Boadu has extensive field experience in Ghana’s gold and graphite exploration projects. His expertise is integral to defining Castle’s resource base and implementing effective exploration strategies.
