Red Ring

Location : Nevada, U.S.A.
Mineral : Gold & Silver

The Red Ring Property covers a 2.8 by 1.5 km area of intense hydrothermal alteration characteristic of a porphyry-epithermal lithocap environment.

The property is located on BLM land and was identified by Almadex in 2023 as part of its U.S. generative exploration program. 

Mustang has entered into an Option-Joint Venture agreement with Almadex to acquire 60% interest in the Property.  A 43-101 technical report on the project was filed on SEDAR in October 2025.

Map showing properties in Nevada, including Confusion Hill and Red Ring properties near Warm Springs, with nearby towns Tonopah, Reno, Las Vegas, and Ely, and landmarks Round Mountain Gold Mine, and highways U.S. Route 6 and 375.

Location

The Property is located in Nye County, Nevada, approximately 125 km northeast of the town of Tonopah, and 90 km east of Kinross’ Round Mountain gold mine.

Geology

The Red Ring prospect is being explored for high-sulphidation epithermal gold and porphyry copper-gold mineralization. 

The prospect is defined by a high-sulphidation epithermal lithocap interpreted to overlie potential porphyry mineralization at depth.  The lithocap occurs in volcanic rocks adjacent to carbonate rocks and trends northwest for roughly 2.8 km and spans up to 1.5 km in width.  Within this broad alteration zone lies a well-developed surface pyrophyllite footprint measuring approximately 1 km in a northwest direction and is 0.5 km wide.

Exploration

Exploration activities carried out on the Property by Almadex Minerals commenced in 2023 and have included rock and soil sampling, an airborne magnetic survey by unmanned aerial vehicle (UAV), geological mapping, and alteration mapping utilizing a Terraspec® instrument. 

Preliminary rock sampling returned high values of pathfinder trace elements typically associated with the lithocap alteration identified. Soil sampling conducted in 2024 also highlighted areas of anomalous trace elements indicative of a high sulphidation environment above or near a porphyry system.

Geological map of the Red Ring Property in Nye County, Nevada, showing property boundaries, faults, and various rock types with color-coded legend including residual quartz, rhyolitic breccia, hydrothermal breccia, rhyolite, sandstone, limestone, and quartzite, with symbols for veins, stockwork, and other features.

Maps

A geological map showing SWIR alteration mapping of the Red Ring Property area, with mineral zones indicated by colors such as yellow for advanced argillic, blue for pyrophyllite, dark blue for muscovite, and green for chlorite with or without epidote. The map also highlights anomalies of copper and molybdenum in soils, with contour lines showing terrain elevations.
Topographical map showing lithium alteration zones within the Red Ring Property in Nye County, Nevada. The map includes a legend with various alteration types such as pyrophyllite, Na-Alunite, K-Alunite, Alunite, Hypogene Kaolinite-WX, and Hydrothermal Breccia, color-coded and overlaid on contour lines indicating elevation.