Red Mountain secures full ownership of tungsten project

Red Mountain Mining (ASX:RMX) finalised due diligence to acquire 100% ownership of the Pioneer Tungsten Project in Montana, USA.

The 209-hectare asset sits immediately adjacent to claims held by the $7.8 billion market-capitalised Almonty Industries, which hosts the prominent Gentung tungsten deposit featuring an estimated mineral resource of 6.83Mt at 0.315% WO₃.

Geological assessments at Pioneer have confirmed the presence of massive garnet skarns measuring up to 25m thick, with high-grade scheelite mineralisation assaying over 0.5% WO₃.

Historical drilling results at the priority Greenstone target have demonstrated shallow intersections, including 10.7m at 0.48% WO₃, 5.8m at 0.43% WO₃, and 7.6m at 0.42% WO₃.

Backed by a strong capital position from recent financing initiatives, the company is rapidly progressing regulatory approvals to test these downdip extensions.

Operations are scheduled to launch in early June with a field sampling campaign.

The milestone positions Red Mountain to leverage near-record tungsten prices driven by acute global supply constraints, aligning precisely with the US federal government's urgent directives to secure independent, domestic supply chains for critical industrial metals.

The explorer expects early-June induced polarisation survey results from its Armidale Antimony-Gold Project in New South Wales, priming an active mid-year reverse circulation drilling schedule across its diversified exploration portfolio.