RML hits potential high grade source to gold discovery in the USA
Our US gold and critical minerals Investment Resolution Minerals (ASX: RML | NASDAQ: RML) just released assay results from the three holes at its project in Idaho, USA.
The assays include the highest gold grades recorded to date in drilling at the project.
(the main one being a short, but very high grade - 1m @ 14.8 g/t gold)
Before today, the working theory for RML’s deposit was that it was BIG in terms of size with grades averaging ~0.5-1g/t gold.
RML is now saying that today’s hit could be the high grade “feeder zone” for its discovery:
(source)
Today's holes came from the south of the drilling at Golden Gate South, where all six holes reported so far have hit gold, confirming a mineralised zone roughly 600 metres wide:
(source)
These holes sit on the same section as the 305.7m gold hit from surface which we covered here.
As a reminder, this is the project where RML's first drill program hit gold in every single hole, including a headline 253m @ 1.50 g/t gold:
(source)
Since that discovery, RML has also secured White House FAST-41 status, which helps fast track federal permitting - there are just 27 projects on that list and RML holds two of them.
All of this sits directly next door to $4.0BN Perpetua Resources' Stibnite Gold Project.
Assays are still pending for 36 holes from the recently completed 42-hole program, including the first tungsten assays, with results released as they come in.
RML listed on the NASDAQ last week
Today's news lands just days after RML started trading on the NASDAQ with the same ticker (RML), you can track the trading here: Resolution Minerals Ltd American Depositary Shares (RML)
Here, one NASDAQ-listed share = 200 ASX shares.
So from overnight it closed at US$7.46 which is equivalent to ~US3.73c for an equivalent RML single share (~5.2c per share in AUD terms).
It is trading on decent sized volume also, with over AUD$1M traded overnight.
We know that President Trump has made Critical Minerals an important agenda item and US listed stocks have tended to do well.
They have also have much easier access to both local capital and also the billions in dollars being thrown into this:
(source)(source)(source)(source)
Compared to the ASX (which has a heavy mining and exploration focus compared to other markets globally), the US is a much smaller pond relatively (to this).
So the issue in the US is there isn't a big ecosystem of critical minerals stocks to allocate capital, resources and focus toward - like there is on the ASX.
Enter the ASX to offer a smorgasbord of choice to US investors… Which RML has just made the leap to do.
Now all of the capital generated by the US tech boom has domestic options if it wants to allocate some portion of that capital into critical minerals.
FAST-41 received - On 2 Projects
Over the last five months, RML received FAST-41 status for TWO of its projects.
(not just one like Perpetua did).
(source)
"FAST-41 status" basically means the US government considered a project as "critical" and essential for US national security.
It's the US government's way of trying to fast track the build of nationally strategic, USA-based critical minerals projects.
The equivalent of the US federal government saying "this project matters - everyone get out of its way so they can build it quickly".
These FAST-41 awards are aimed at fulfilling the US President's Executive Order 14241 on Immediate Measures to Increase American Mineral Production. (source)
Right now there are just 27 projects on the FAST-41 transparency list across the US. (source)
RML has two of them.
RML says it isn't aware of any other critical metals company that holds two - we haven't found one either. (source)
Below are the US Federal Permitting dashboard links for RML’s two projects - save these as they regularly get updated so you can see how things are tracking from a permitting perspective:
You can catch up on all of this in our Deep Dive from last week: RML: Now trading on the NASDAQ - the only company we know of with TWO White House FAST-41 projects
What we want to see next from RML
Here is the action plan RML had at the end of its most recent presentation:
(source)
🔄 Golden Gate (gold and tungsten) - Phase 2 drilling (NOW)
RML is currently in the middle of this drill program.
As mentioned earlier we are hoping to see the discovery get bigger as follows:
Here are the milestones we are tracking for this project:
- ✅ Phase 2 permits secured (45 holes, 13,700m)
- ✅ Phase 2 drilling commences (two diamond rigs through to mid-August) 🔄
- ✅ First assay results (36 still pending after holes 4-6 today)
- 🔲 Maiden JORC mineral resource estimate (targeting Q1 2027)
- ✅ FAST-41 status granted by White House
- ✅ Plan of Operations submitted to US Forest Service (for a 340 hole program)
- 🔄 FAST-41 accelerated federal review
🔄 Antimony Ridge (Antimony-gold-silver)
We also want to see RML get its 250-hole drill program on its FAST-41 project.
Here are the milestones we are tracking for that project:
- ✅ FAST-41 status granted by White House
- ✅ Plan of Operations submitted to US Forest Service (for a 250 hole program)
- 🔄 FAST-41 accelerated federal review
- 🔲 Bulk sampling of near-surface high-grade antimony from existing workings
- 🔲 Drilling of up to 250 holes to define scale of antimony system
🔄 Tungsten stockpile + Johnson Creek Mill
We want to see RML go back and process both the tungsten and antimony stockpiles across both of its projects.
Here are the milestones we are tracking on the processing/production side:
- ✅ Johnson Creek Mill and tungsten stockpiles acquired
- ✅ High-grade tungsten assay confirmed (1.85% WO3)
- 🔄 Sampling and assay program to define stockpile grade/tonnage
- 🔄 Metallurgical test work and process flowsheet development
- 🔲 Mill refurbishment assessment
- 🔲 Offtake discussions with US Government and/or commercial buyers
