Red Mountain Mining : Base Metal potential identified at Mt Mansbridge

ASX ANNOUNCEMENT
RED MOUNTAIN MINING LTD	24st February 2022

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Base Metal potential identified at Mt Mansbridge

• Field assessment has identified potential hydrothermal breccias, indicative of a large intense fluid system proximal to the northern Killi-Killi-Pargee contact
• Recent technical review of soil geochemistry undertaken by RMX has identified a coincident 1km Pb-Zn-Cu-Ag anomaly associated with this brecciated zone
• Geochemical anomalies are associated with coincident magnetic anomalism which is also underlain by a regional WNW - ESE structure
• Potential exists for a (Rumble Resources (ASX: RTR) - Chinook Pb-Zn-Ag-Cu) sediment- hosted base metal deposits within the sedimentary pile and warrants follow up
• Suggested reconnaissance program of extending the soil grid to the west, map and rock chip the existing anomaly

Red Mountain Mining Limited (RMX, the Company) (ASX:RMX) is pleased to provide an update for its Mt Mansbridge Project located in the Eastern Kimberley region of Western Australia.

Following a technical review of the results from a field inspection at the Mt Mansbridge Project, the Company has identified what is potentially a very large intense hydrothermal breccia system at the Boba Fett prospect, located 4km WNW-ESE of the Déjà vu Cobalt prospect (Figure 1). A recent technical review of soil geochemistry undertaken by RMX identified a ~1km Pb-Zn-Cu-Ag-Ba-Mn anomaly associated with this brecciated zone. The geochemical anomalies are associated with coincident magnetic anomalism which is also underlain by a major regional WNW - ESE running structure.

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Figure 1 - Location of the Boba Fett prospect and base metal anomalism at Mt Mansbridge

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Figure 2 - Extensive outcropping breccias mapped astride a regionally significant WNW-ESE structure

A field inspection of the area by Ben McCormack (Outlier Geoscience Pty. Ltd.) in 2021 noted extensive outcrops of an intensely silicified jigsaw-fit breccia, with angular clasts of previously silicified material (Figure 3). Outcropping breccias are noted to be located astride of a regionally significant WNW-ESE oriented brittle fault zone that effects the sedimentary rocks above the unconformity.

This breccia could be the product of a hydrothermal process indicative of a large and intense fluid system with the potential for sediment-hosted base metal deposits in the overlying sediment pile.

Figure 3 - Outcrops of intensely silicified jigsaw-fit breccia, with angular clasts noted at Boba Fett

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Figure 4 - Coincident Cu-Pb-Zn-Ag-Mn-Ba geochemical anomalism over regional structure and breccia system

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During the 2021 field season, soil sampling was undertaken on a 200m x 50m grid at three priority prospects with the aim of defining several targets for drill testing. Samples were analysed during collection utilizing a calibrated portable XRF with a subset of samples identified and submitted for further laboratory geochemical analysis.

Results from the laboratory analysis have identified a coincident Pb-Zn-Ag-Mn-Ba-Cu geochemical anomalism near mapped 'hydrothermal breccia system' (Figure 4). The soil anomaly is quite defined over a 1 km strike with peak assays of Cu 22.8ppm, Pb 11.7ppm, Zn 17ppm, Ag 0.09ppm, Mn 364ppm and Ba 580ppm.

Figure 5 - Magnetic high features associated with WNW-ESE regional structure and coincident base metal anomaly

The coincident geochemical anomaly sits proximal to several magnetic high features associated with the WNW-ESE regional structure, approximately 4km along strike of the Deja-Vu prospect (Figure 5). Deja-Vu is a layered peridotite intrusion and therefore evidence of a magma-fluid flow via deep seated structures within the crust.

Non-Executive Chairman Mr. Flannery commented "The coincident Pb-Zn-Ag-Mn-Ba-Cu geochemical anomalism in close proximity to a large intense hydrothermal breccia system and regional structure is worth following up during the 2022 field campaign. The similar blend of elements also seen at Rumble Resources Chinook Deposit, makes Boba Fett a very exciting base metals prospect."

With the newly identified base metal prospect and low impact heritage clearance achieved, the Company plans to undertake further detailed mapping, rock chipping and soil sampling to further define targets for drilling. The Company will progress activities at Boba Fett in parallel with the upcoming rare earth drilling program at Mt Mansbridge.

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Figure 6 - Mt Mansbridge Project Location within the East Kimberly region

Authorized for and on behalf of the Board,

Mauro Piccini,

Company Secretary

Competent Persons Statement

The information in this announcement that relates to Exploration Results and other technical information complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Mr Oliver Judd. Mr Judd is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Judd consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.32.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above-mentioned announcement

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