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Red Moon Resources obtains mining lease for Ace gypsum deposit

Red Moon Resources Inc. said Oct. 12 that it secured a mining lease covering 11.79 hectares for the Ace gypsum deposit in western Newfoundland.

The 10-year lease is subject to renewal, and the company plans to develop the deposit as as soon as possible.

Red Moon also noted that it secured a permit to drill up to 19 holes at the deposit, with a view to confirm the thickness distribution and chemical composition of the gypsum. The drill program is expected to be completed by the end of October.