Red Mountain Mining Ltd (ASX:RMX) Exploration Partnership Secured for Fry Lake Gold Project
24 July 2025
Price Sensitive Announcement $
Highlights:
- Partnership agreement with highly regarded Canadian exploration team ‘Fladgate’
- The agreement establishes Fladgate as a shareholder in Red Mountain Mining, reflecting strong confidence in the Company’s Fry Lake Gold Project
- Non-dilutive Ontario Junior Exploration Program (OJEP) funding also applied for
- Planned program costs partially paid to Fladgate in shares issued at a ~21% premium to both RMX’s last placement price and RMX’s last closing price
- Assuming successful OJEP funding, no net cash outlay for the exploration
- Follow-up exploration will include channel sampling the historical three gold bearing quartz vein systems at the Flicka Zone where RMX previously reported:
- Vein #2 rock chips returned best values of 24.2 g/t Au and 19.4 g/t Au
- Vein #3 rock chips returned a peak value of 9.35 g/t Au
- At Red Mountain’s Armidale Antimony-Gold Project in NSW, the Company expects to commence follow-up exploration in August
Overview:
Red Mountain Mining Limited announces that following active engagement with potential parties, it has secured a partnership agreement with Fladgate Exploration Consulting Corporation (“Fladgate”) for follow-up exploration at the Company’s Flicka Lake prospect, part of the Fry Lake Gold Project in Ontario, Canada. Red Mountain’s initial program in late 2024, was a highly encouraging campaign with the company’s highest priority target, the Flicka Zone returning:
- Best assay values of 24.2 g/t Au and 19.4 g/t Au for rock chip samples from Vein #2.
- A peak value of 9.35 g/t Au for a rock chip sample from Vein #3.
The partnership agreement with Fladgate introduces the group as a shareholder in RMX Under the partnership agreement, Fladgate has agreed to accept RMX Shares as consideration, in-lieu of its normal contract rate in cash, up to CAD $60,000. In confirming the partnership agreement, Caitlin Jeffs, Vice President of Fladgate Exploration Consulting Corporation stated:
“Fladgate is proud to be partnering with Red Mountain Mining to lead the field campaign at Fry Lake. With over two decades of experience operating in Northwestern Ontario, our team has been instrumental in uncovering and advancing several of the region’s most promising gold systems.
The Fry Lake Gold Project tenure and the Flicka Lake Claim – lies within a structurally rich and underexplored corridor adjacent to the renowned Pickle Lake district, and we believe it holds substantial potential. Our geologists are applying advanced geochemical and structural targeting techniques to fast-track discovery. We look forward to executing a technically rigorous program and supporting RMX as it unlocks value across this highly prospective project.”
OJEP funding sought to support Fry Lake follow-up exploration
RMX has applied to the 2025 Ontario Junior Exploration Program (OJEP) for a grant to support our 2025 exploration program at Flicka Lake. If awarded, the OJEP grant will reimburse 50% of RMX’s on ground exploration costs, up to a maximum of CAD$200,000. The OJEP is targeted at junior explorers and is designed to support early-stage mineral exploration in Ontario and encourage investment in mineral exploration.
RMX’s planned 2025 Fry Lake exploration program will include soil, rock chip and channel sampling to follow up the highly anomalous soil and rock chip sample results reported in late 2024 (RMX ASX: 19/11/2024 and 6/11/2024).
The soil and rock chip sampling will comprise 962 soil samples over four grids at 25m sample spacing, with basement rock chip samples collected where encountered within the gridded area.
The channel sampling will be spaced at 25m intervals along strike and target the three gold bearing quartz veins identified at the Flicka Zone (RMX ASX: 30/10/2024).
Geological Background
The Flicka Lake claims lie in the Archaean Meen-Dempster Greenstone Belt within the Uchi Lake Subprovince of the Superior Province of Canada. Flicka Lake is one of four recently acquired 100% RMX-owned properties within the relatively underexplored southwest portion of the Belt (Figure 3).
The Superior Province is globally recognised as a Tier 1 exploration destination for synvolcanic base metal and structurally controlled Archaean orogenic gold mineralisation. Numerous orogenic gold prospects and mineral occurrences are recorded for the Meen-Dempster Greenstone Belt, including significant historical production from the Golden Patricia, Pickle Crow and Dona Mines (Figure 1). The four 100% RMX owned properties, collectively termed the Fry Lake Projects, have seen only limited previous exploration and are considered to have significant potential for undiscovered orogenic gold and possible base metal mineralisation.
The Archaean geology of the Flicka Lake property primarily comprises mafic and intermediate metavolcanic units that have been intruded locally by a series of gabbroic sills. Metasedimentary units are rare and consist of a few isolated outcrops of conglomerate, greywacke and banded iron formations up to 5m in thickness. Local metamorphism ranges from greenschist facies in the southern part of the property, where chlorite and epidote are more prevalent within mafic and intermediate units, to amphibolite facies further north, where hornblende is more abundant.
The greenstones are variably sheared. Three prominent NNE-trending shears cross the property and are associated with the gold mineralisation at the Flicka Zone and Fry Lake #9. Carbonate-chlorite-pyrite and less-common sericite-pyrite alteration is most strong developed in more sheared rocks.
High-grade gold mineralisation at the Flicka Zone comprises three main gold bearing quartz veins containing minor disseminated pyrite, arsenopyrite and tourmaline hosted in a coarse gabbroic sill. The veins strike approximately north-south over a distance of approximately 100m and dip 55° to 65° to the east. Economic gold values have been reported from the mineralised quartz veins and from the metagabbroic country rock, which hosts narrow iron-stained quartz stringers.
