RML doubles drilling at US gold-antimony-tungsten project
Our Investment Resolution Minerals (ASX: RML) just announced it has extended its drill program at Horse Heaven.
While drilling was initially scheduled to finish on September 31st, RML has managed to secure a permit to continue to drill all the way through to the end of October.
This is a very good outcome considering that RML’s project is in a National Forest and permitting can sometimes be a challenge.
This extension will allow the company to complete another 10-12 holes, bringing the total to between 18 and 20 for the drill campaign.
RML is very well funded for this campaign last week raising $25.1M.
This news follows on from earlier in the week when RML announced they are commencing a sediment soil sampling program across its 59km2 project that we covered here.
In addition, RML has pegged more ground around its project area.
RML’s project is next door to $3.1BN Perpetua Resources Stibnite project which has the biggest antimony resource and one of the biggest open-pit gold resources in the USA.
Last week Perpetua had US Government and defence delegates on site as it received development approval to begin construction on site.
RML holds a big land package to the east of Perpetua and so far has identified two main prospective areas in the far north-western corner of its ground:
1. The Golden Gate target (RML IS DRILLING HERE NOW) - Here RML has ~3.5km of known strike where old drillholes have delivered hits as good as ~71.6m at 1.37g/t gold and 36.6m at 1.51g/t gold. None of the old drilling here was ever tested for antimony or tungsten.
RML has already put out visuals from the first few holes from Golden Gate- which we covered here: RML drilling update: So far so good… next door to $3BN Perpetua.
2. Antimony Ridge (Sampling results released last week) - an area with ~1.2km of KNOWN strike. Antimony, gold and silver are all exposed at surface here across old trenches and old rock chip sampling data has picked up gold grades as high as ~5.9g/t gold, 19% antimony and ~367g/t silver.
We covered these sampling results from this area a week ago in our Quick Take: RML samples 49.8% antimony, 1,420 g/t silver and 3.12 g/t gold
RML expects to commence initial groundwork on this area this ‘Fall’ which we interpret to be very soon.
What’s next for RML?
Drilling (underway) 🔄
RML is currently drilling its Golden Gate target, with a now expanded drill program doubling in size.
Assays from the first three holes are in the lab and results are expected in the next four weeks.
RML expecting to go back to back and get a maiden resource out by the second half of 2026:
(Source)
US government funding 🔄
RML’s CEO of US operations, in a recent interview specifically said RML would attempt to get “non dilutive funding from the US defence industry”.
We think that any funding announcement (especially if it's non-dilutive) could be big for RML.
First because it would give the company cash to put into the ground and second because it would bring a new set of eyeballs to the stock (from the US crowd).
Check out the full interview with RML’s CEO of US operations - Craig Lindsay here: WEBINAR: Resolution Minerals (RML.ASX) US Drive on Antimony & Tungsten to Nasdaq?
US NASDAQ Listing 🔄
RML is also progressing with a NASDAQ listing, legal applications have been made. RML wants to list on the NASDAQ next quarter.
RML has engaged Roth Capital Partners to run the NASDAQ listing process. (Source)
Interestingly, Roth was behind the recent capital raises done by Perpetua Resources.
(Source)
We said in a previous RML note that there would likely be a big crowd of investors that have made money on Perpetua now looking for “Perpetua 2.0...”
Roth, having helped just close out that US$425M raise for Perpetua, will likely know how to find those people and introduce them to RML.
(Additionally Roth have had success with bringing ASX companies to the right US investors before, which we covered here)
Soil sampling program 🔄
WIth the project wide sediment soil sampling program underway, results from this could help define high priority targets.
Testing the theory that next door neighbour Perpatua could have part of this mineralisation with more yet to be found on RML’s side.
The company expects that if positive results are found from this, follow up work would likely include mapping, grid soil programs, ground geophysical surveys and drill testing.
