RML - US CEO appointed, drilling starting next month
Our US gold & critical minerals Investment, Resolution Minerals (ASX: RML) just appointed its US based CEO.
RML is bringing on Craig Lindsay - who was part of the team that brought in the Horse Heaven project in Idaho, USA.
Craig’s got a solid CV - he was the founder and CEO of Magnum Uranium Corp which ended up getting taken over by Energy Fuels Inc (NYSE:EFR, A$2.2 billion market cap).
He was also a part of the team that took the Kilgore gold project in Idaho and sold it to Excellon Resources for $170M.
One thing we noticed in today’s announcement was the options Craig is receiving are similarly structured the ex-Perpetua geologist that joined RML’s team recently - they are all exercisable at much higher prices than RML’s current share price.
For anyone new to the RML story - Perpetua Resources owns the Stibnite gold project which has a >6M ounce gold + 200M lb antimony resource, and the company is capped at ~$2.4BN.
RML’s project is next door to Perpetua and RML’s whole exploration theory is built on its project sitting on similar geology to Perpetua Resources project next door:
(Read more about the Perpetua story here: RML is trying to become “Perpetua 2.0”)
RML only a few weeks ago managed to bring on a 12-year Perpetua veteran Mr Austin Zinsser onto its exploration team.
He also received similarly priced options priced between 15 and 30c…
(Source)
That makes two of the team members with incentive packages pegged to an RML share price well above today’s market prices.
We are now looking forward to RML’s first drill program - which it expects to start in August.
What’s next for RML?
Deal completion 🔄
We want to see RML complete the acquisition of its Horse Heaven project.
The shareholder meeting to approve the deal is set for Friday the 25th of July.
We expect deal completion straight after that.
Mapping and sampling 🔄
RML is currently:
- Mapping and sampling across both of its two main targets.
- Mapping and sampling across regional targets, AND
- Confirming drill sites for its August drill program
That work should mean that we could see some rock chip sampling results come to market between now and the acquisition being completed.
Drilling (August) 🔄
Then in “early August” we want to see RML drill its Golden Gate target.
Golden Gate is where 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, so there is all of that upside come drilling time.
(Source)
