Gold Mountain (ASX:GMN) has reported that diamond drilling has extended rare earth mineralisation beyond the previously reported exploration target at the Irajuba prospect in Brazil.
Drillhole IRDD260090 returned 11m at 2,892 parts per million (ppm) total rare earth oxide (TREO) with 41.1% magnet rare earth oxide (MREO)/TREO, including 6m at 4,406 ppm TREO and 48.1% MREO/TREO.
Drillhole IRDD260092 returned 20m at 1,515 ppm TREO and 43.1% MREO/TREO, including 7m at 2,828 ppm TREO and 42.2% MREO/TREO.
All intersections used a nominal 400 ppm TREO cut-off within weathered horizons, with the mineralised footprint now spanning over 1.2km.
The length-weighted average MREO content across all intersections above the cut-off is 41.7% — a high-value component for permanent magnet applications.
“These latest results from IR-1 continue to demonstrate the scale and consistency of the rare earth mineralisation within the Down Under Project,” Executive Director David Evans says.
“The broad intervals, favourable MREO ratios and continuity between drill sections provide further confidence in the extent of the weathered system.”
Gold Mountain previously reported an Exploration Target of 40–45 million tonnes at 1,200–1,400 ppm TREO at Irajuba in December 2025.
The company holds 136 granted tenements across the Down Under Project in eastern Bahia, targeting ionic-adsorption clay and residual heavy-mineral concentrations in deeply weathered profiles over Archean granulite-facies rocks.
The company is progressing with permitting for additional drilling at several prospects, including Capivara, Down Under Central, Varzedo, and Poções.
Gold Mountain is a Brazilian-focused rare earths explorer advancing the ionic-clay Down Under Project in Bahia, with a growing portfolio of granted tenements across prospective granulite-facies terrain.
Write to JC Villarba at Mining.com.au
Images: Gold Mountain
