Gold Mountain (ASX:GMN) is contemplating future exploration options after acquiring the Ronaldinho REE Project in Brazil.
Ronaldinho comprises 41 new tenement applications covering 803.5km-square in the Maracas region of Bahia State. The area is known to host ‘high-order’ thorium anomalies.
Gold Mountain, which has a $17.87 million market capitalisation, says the project has similar geological characteristics to its nearby Down Under Project, and is adjacent to recently acquired tenements by Brazilian Rare Earths (ASX:BRE).
To date, the company has undertaken further review of available geological, magnetic, and radiometric data and has applied for tenements over ‘high-order’ thorium and uranium anomalies known along the eastern limb of a fold believed to contain strongly mineralised sequences.
The sequences also lie within areas with a high lateritic index, indicating good preservation of weathered profiles, a hallmark for ionic adsorption clay-type REE deposits.
Gold Mountain is an explorer focused on discovering ‘world-class’ lithium and rare earths deposits in the ‘highly prospective’ lithium valley of north-east Brazil, as well as porphyry copper-gold-molybdenum deposits in Papua New Guinea.
As of 31 December 2023, the company had $755,000 in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
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