Red Dirt (ASX:RDT) share price leaps 25% on assay results

The company’s latest findings at the Mt Ida Project have excited ASX investors today.
The post Red Dirt (ASX:RDT) share price leaps 25% on assay results appeared first on The Motley Fool Australia. –

The Red Dirt Metals Ltd (ASX: RDT) share price is soaring today following strong assay results at the Mt Ida Project in Western Australia.

At the time of writing, the mining exploration company’s shares are up 10.45% to 74 cents.

However, the Red Dirt share price reached an intraday high of 84 cents shortly after the market open and this was a dramatic 25% jump on yesterday’s closing price of 67 cents.

What are the results?

Red Dirt reported assay results for a drill hole that had been previously drilled by La Mancha Resources in 2006.

Surprisingly, the pegmatite interval was never cut or analysed until being submitted for analysis by Red Dirt. Lithium bearing minerals were identified in the drill core, which led to samples being taken.

As such, the assay results confirmed the high-grade potential for lithium-caesium-tantalum (LCT) bearing pegmatites.

Red Dirt highlighted the following:

21.7 metres at 2.11% of lithium oxide
302 parts per million (ppm) of Tantalum pentoxide
0.49% of iron oxide from 250.7 metres.

One ppm is equivalent to 1 milligram of a chemical or contaminate per litre of water (mg/l) or 1 milligram.

A drilling campaign is now underway at Mt Ida. targeting 25,000 metres of reverse circulation (RC) and 7,000 metres of diamond drilling.

Diamond drilling is a more efficient way of achieving precise sampling and analysis. RC drilling is used for extracting bulk samples. RC drilling is faster but diamond drilling delivers more accuracy in the results.

Red Dirt CEO Matthew Boyes commented:

These assay results confirm the potential the Mt Ida system has of hosting very high-grade lithium-caesium-tantalum (LCT) bearing pegmatites in a system that’s relatively unexplored to date for this style of mineralisation.

Walk up drill targets under existing known pegmatite outcrops will be initially focused on in the run into Christmas and will help our team build up a better understanding of the structural controls and orientation of these pegmatitic bodies.

About the Red Dirt share price

Over the past 12 months, Red Dirt shares have accelerated by 198%. A sharp rise began in September 2021.

Red Dirt commands a market capitalisation of about 97 million, with approximately 145 million shares outstanding.

The post Red Dirt (ASX:RDT) share price leaps 25% on assay results appeared first on The Motley Fool Australia.

Should you invest $1,000 in Red Dirt right now?

Before you consider Red Dirt, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Red Dirt wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why is the Red Dirt (ASX:RDT) share price down 14% this week?

The Red Dirt Metals (ASX:RDT) share price just hit an all-time high. Here’s why

Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!