RML - 3D geological model of FAST-41 US critical minerals project
Our US critical minerals and gold Investment Resolution Minerals (ASX: RML | OTCQB: RLMLF) just released 3D modelling for its Antimony Ridge project in Idaho.
That’s the same project that, 3 days ago, received FAST-41 status from the US government…
After RML said it has “been working closely with the White House”.
FAST-41 is a special accelerated USA permitting and development framework for projects considered “critical” and essential for US national security.
Only ~50 projects have been awarded FAST-41 status by the US government since the program's inception in 2015.
On the ASX we could only find three other companies whose projects received Fast-41 status.
(source)
We covered the Fast-41 news here: RML gets FAST-41 status from US government to fast track nationally strategic project. NASDAQ listing in 45 days
RML’s project has previously mined by the US government during World War I, World War II, and the Korean War, using it as a key source of domestic antimony supply for the US military.
(The area RML’s project sits in was actually responsible for ~90% of US antimony supply - that includes the projects owned by RML’s neighbour $5.3bn Perpetua Resources):
(source)
Today, RML put out the results of 3D geological modelling on the project which starts to show us why the US White House would be willing to give the project Fast-41 status…
RML’s modelling identified ~100 high-grade veins, modelled as 30 individual mineralised vein swarms - spread across a ~ 1,000m x 700m area.
(The grades from all the data are seriously strong - antimony grades above 30%, up to 50%, with silver grades from 250 g/t up to 1,420 g/t)
(source)
We also like that RML’s bulk sasmpling programs completed recently also returned grades consistent with those old grades.
(antimony up to ~49.8% and silver up to ~430g/t)
All we need to see is RML get on the ground, drill out the asset and prove those grades are consistent and extend at depth underground.
Over the next few weeks we are looking out for the following across this project:
- Permitting timeframe established by the Fast-41 status - RML said that this had to happen on or before April 21st.
- Metallurgy results from bulk sampling program - we want to see RML produce an end-product and get product qualification works underway.
- Permitting of a 250-hole drilling program - this will be the big one…
But first, RML has a drill program starting next month
While we wait for RML to progress its Antimony Ridge prospect.
The next round of drilling will be following up RML’s gold discovery from last year.
(source)
RML declared the gold discovery on tha project last year with hits like - 189.2m @ 1.3g/t gold (source).
And then with two follow up holes (hole #2 and #3) coming in at 253.0m @ 1.5 g/t gold and 265.2m @ 0.60 g/t gold. (source)
(source - Our 9th Feb article)
Golden Gate is also where RML’s project has previously produced tungsten before with old records showing: (source)
- 1,814 tons mined and milled at an average tungsten grade of 1.5% in the 1950’s.
- 227 tons mined and processed at an average tungsten grade of 2.03% in 1973.
- 456 tons mined and stockpiled at an average tungsten grade of 1.8% in 1977, and
- Underground mining produced a further 1,905 tons of mill feed in 1979-1980.
Since the end of the seventies, the project has been drilled several times (in 1986/1987 and 1994) targeting gold BUT never drilled for tungsten.
Tungsten is also a critical military metal, used in armour piercing bullets, armouring for vehicles and people plus radiation shielding.
RML has permits for a 45-hole, 13,700m, drilling program starting early next month.
And so within the next few months, we will find out a lot more about the tungsten potential on the project - as well as how big that gold discovery really is.
Fingers crossed RML can extend its big gold discovery AND can also assay high grade tungsten in the holes.
Of course, there is no guarantee that drilling discovers economic gold or tungsten mineralisation. Minerals exploration is inherently risky and results could disappoint.
Check out our deep dives on the gold and tungsten potential at RML’s project here:
- Our take on the gold discovery: RML Gold Discovery: First hole hits 189.2m at 1.3g/t gold... near surface, ending in mineralisation
- Our take on the tungsten potential: RML: Tungsten price running. High grade tungsten sitting in stockpiles. Plus gold drilling in May.
What we want to see next from RML
We think RML is now entering a period where any of the following catalysts could land and be a trigger for a re-rate in RML’s valuation - especially now with all the attention that will come into the stock given the Fast-41 status:
- A NASDAQ listing - RML’s announcement earlier this week said a NASDAQ listing was expected in “approximately 45 days”.
(source)
- Critical minerals processing + US funding engagement - Part of RML’s strategy with its tungsten stockpiles is to process it into an end product to then use for US government and offtaker engagement. The chances of something like this happening just got a lot stronger now that the White House is involved and the project has Fast-41 status.
- Start its second phase of drilling NEXT MONTH - to expand its gold discovery and test the critical minerals (tungsten and antimony) potential of its project. We could see a lot more drilling than the market initially expected with the fast tracked permitting too.
Beyond that, we want to see the following:
🔄 Metallurgy test results from Antimony Ridge
Results from three labs testing pyrometallurgical and hydrometallurgical processing of high-grade stibnite.
Expected soon - this will be key for proving a processing pathway.
🔲 Permitting and drill program at Antimony Ridge
With FAST-41 now secured, RML is targeting up to 250 drill holes and large-scale bulk sampling once the Plan of Operations is approved.
This is the big one — first drilling at Antimony Ridge.
