RCM acquires historical silver project in NSW

Our silver and critical minerals Investment Rapid Critical Metals (ASX: RCM) just acquired an 80% interest in the Tooloom Silver Project, in northern New South Wales.

The project covers ~121km² of ground and hosts more than ~80 historic silver workings across 21km of strike.

Most of the activity on the project was between 1887 and 1925. (source)

The project is ~100km northeast of RCM's existing assets - where RCM has a combined 67M ounces of silver equivalent across three projects.

(source)

We Invested in RCM for its growing silver position in NSW that is at 67M ounces of silver equivalent across its three existing projects.

This is at a time when silver is running at multi-year highs, so Tooloom adds a fourth project to the portfolio with multiple drill-ready targets with rock chip samples grading up to 1,660g/t silver:

(source)

None of these results have ever been followed up with drilling.

So with high grade rock chips at surface and mineralisation confirmed from limited drilling at depth, there lies the potential to be explored.

What's next for RCM?

🔄 Webbs drilling - diamond drill program targeted for Q2

RCM confirmed in the prior announcement that it was planning to get a new drilling program underway soon, which will now be a focus with all drill results received..

It had submitted applications for a 15,000m drill program, which is scheduled to get underway this quarter, pending approvals. (source)

RCM's most recent announcement on this said that permitting was being advanced

(source)

🔲 Target generation on newly acquired asset

On the asset RCM acquired today we want to see the company complete LiDAR survey's, surface sampling and geophysics.

Ultimately, we want to see the historic results validated and then a bunch of drill targets ranked from most interesting to least ahead of a drill program on the project.

🔲 Scoping study at Webbs project in NSW

We want to see RCM complete a scoping study for its Webbs deposit.

Webbs is where RCM has an 67M ounce silver equivalent resource and is where RCM drilled earlier in the year.

We covered those drill results here:

🔄 Conrad and Webbs Consol resource upgrades

Drilling and resource upgrade work across the broader NSW project area continues in parallel.

Here is a summary of what RCM is doing across its three projects:

(source)