Mount Ridley Defines Major Scandium and Gallium Resources, Expands Critical Minerals Footprint

Mount Ridley Mines Limited ( (AU:MRD) ) has provided an announcement.

Mount Ridley Mines has reported a maiden JORC (2012) Inferred Mineral Resource for both scandium and gallium at its Mount Ridley Critical Minerals Project, outlining 367.98Mt at 57.3 ppm scandium and 838.7Mt at 29.3 ppm gallium, confirming laterally extensive regolith-hosted mineralisation that is interpreted to extend beyond the current resource footprint. During the quarter the company consolidated the entire Grass Patch Complex into a single contiguous land package covering around 70km of strike, much of which remains untested, executed a material transfer agreement with the Lawrence Livermore National Laboratory in the US to advance preliminary metallurgical and rare earth extraction test work, strengthened its technical leadership with the appointment of a CEO and bolstered its cash position to about $2.83m, collectively enhancing its growth potential and positioning in the critical minerals sector.

The most recent analyst rating on (AU:MRD) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Mount Ridley Mines Limited stock, see the AU:MRD Stock Forecast page.

More about Mount Ridley Mines Limited

Mount Ridley Mines Limited is an ASX-listed exploration company focused on the Mount Ridley Critical Minerals Project in Western Australia’s Grass Patch Complex, approximately 55km northeast of Esperance. The company is targeting regolith-hosted critical minerals, particularly gallium, scandium and rare earth elements, across a large, now-contiguous landholding with access to established road and port infrastructure and extensive historic drilling and geophysical data.

Average Trading Volume: 25,741,645

Technical Sentiment Signal: Sell

Current Market Cap: A$52.8M

See more data about MRD stock on TipRanks’ Stock Analysis page.