Resource Mining Corporation begins exploration in Saudi Arabia

PERTH: Resource Mining Corporation (RMI) announced on March 14, 2025, that its geology team has commenced a site visit to the Wadi Salamah (G-23) and Shaib Margan projects in Saudi Arabia.

 The team plans to complete mapping and rock chip sampling programs, which will guide future exploration efforts.

RMI entered into a binding term sheet with Auking Mining Limited on Jan. 13, 2025, granting RMI the exclusive right to acquire Auking’s interest in its Saudi Arabian joint ventures, including the Wadi Salamah and Shaib Margan projects.

Initial rock chip samples from the Wadi Salamah project, analyzed by Bureau Veritas in Jeddah, Saudi Arabia, showed promising gold assays. Highlights include samples with gold concentrations of 3.17 g/t and 3.56 g/t. These results, concentrated in the southern part of the G-23 license area, will guide further exploration.

The Shaib Margan project, located in the Ar Rayn Terrane, is relatively under-explored but near several established deposits. Recent sampling validated historical gold results, with one sample showing a gold concentration of 13.72 g/t. These findings will inform a detailed soil and rock chip sampling program.

RMI also announced an extension of the maturity date for its funding agreement with RiverFort Global Opportunities PCC Ltd to June 21, 2024. The extension includes a 10% fixed fee on the outstanding balance, payable in cash or shares at RMI’s discretion, along with accrued interest.