Mustang Lithium

Project Overview

The Mustang project comprises 140 claims (1,070 ha) of a generally flay alluvial outwash plane with well exposed fines-dominant sediments and lithic tuffs. The outcrops are finely laminated mudstone beds and volcanic tuff and ash layers. This mixed unit of lacustrine sedimentary beds with minor volcanics is similar to host rocks found at American Lithium’s TLC deposit and Cypress’ Clayton Valley deposit. This claim area is within a mapped caldera with the Monte Cristo Valley containing a significant area of volcanic rock capable of supplying lithium to the closed basin. Andesite and basalt flows are exposed in all directions within 2-6km of the project in erosional windows through the alluvium.

Drilling Results

The recently completed maiden reverse circulation (RC) program at Mustang has successfully provided confirmation of lithium discovery from initial surface sampling in February 20231. Significant thick high-grade lithium claystone was intersected in eight (8) out of ten (10) drill holes at the greenfields tenure of Mustang, with seven (7) holes intersecting high-grade lithium from or near surface.

Significant intercepts from the maiden drill program include:

• RMDH-1: 48.77 metres @ 687ppm Li from 3.05 metres
• RMDH-2: 30.50 metres @ 629ppm Li from surface (0 metres)
• RMDH-3: 30.50 metres @ 608ppm Li from 4.6 metres *
• RMDH-4: 28.96 metres @ 564ppm Li from 4.5 metres
• RMDH-6: 32.00 metres @ 639ppm Li from 6.1 metres
• RMDH-7: 29.00 metres @ 600ppm Li from 1.5 metres
• RMDH-9: 29.00 metres @ 642ppm Li from surface (0 metres)
• RMDH-14: 21.30 metres @ 488ppm Li from 83.8 metres

Forward Plan for Mustang

Red Mountain is eager to progress phase 2 drilling at Mustang to further test the lithium mineralisation potential. Targets for drilling will be determined and relevant drilling permit applications will be lodged to the Nevada Bureau of Land Management.