Red Mountain pulls out of US lithium project as drilling results disappoint

July 3, 2017

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The share price of junior Red Mountain Mining dropped by nearly 60% on the ASX on Tuesday, on news that the company’s Red Valley lithium brines project, in the US, had failed to deliver results.

The ASX-listed company told shareholders that laboratory results from drilling operations at the Red Valley project had shown anomalous levels of lithium were present in brine samples for both the holes, but that there was insufficient lithium enriched present to justify continued work at the project.

Category: General