Red Mountain Mining to Acquire Yellow Pine Antimony Project in Historical Stibnite Mining District

Core Insights - Red Mountain Mining has acquired 29 claims for the Yellow Pine antimony project in Idaho, complementing its recent acquisition of the Utah antimony project [1][2] - The Yellow Pine project is located within 2 kilometers of Perpetua Resources' Stibnite gold-antimony project, which has a proven and probable reserve of 4.8 million ounces of gold and 148 million pounds of antimony [2] - The acquisition was made through direct staking with the US Bureau of Land Management for a total consideration of $52,000, funded by internal resources [2] Geological Profile - Historical mapping indicates that the Yellow Pine claims have a similar geological profile to Perpetua's project area, featuring folded Ordovician to Cambrian metasediments intruded by Idaho Batholith granite [3] - Evidence of historical mining activity exists in the claims area, although no modern exploration has been conducted [3] Exploration Plans - Red Mountain's geologists have identified two historical workings that target brecciated quartz veins, likely seeking gold and/or antimony [4] - The initial exploration program will focus on mapping and sampling a northeast-striking fault to demonstrate evidence of antimony-gold mineralization, which will be targeted for drill testing [4] Historical Context - The Stibnite mining district was a significant source of antimony in the early 20th century, with 39,930 tonnes produced at the Yellow Pine and Hangar Flats deposits from 1932 to 1952 [5] - The Stibnite project's proven and probable reserve includes 104 million tonnes at 1.33 grams per tonne gold and 0.06% antimony, equating to 4.8 million ounces of gold and 148 million pounds of antimony [5] Industry Activity - Resolution Minerals, which owns the Horse Heaven antimony project near Perpetua's claims, recognizes the exploration potential of the district [6] Funding Strategy - Red Mountain plans to fund exploration at the Yellow Pine and Utah projects through a $1.5 million share placement, issuing 60 million shares at $0.013 each [7] - The share issuance represents a 4.6% discount to the company's five-day volume weighted average price, with additional shares subject to shareholder approval [7]