Gold Mountain (ASX:GMN) will seek shareholder approval in November to expand the current Mars joint venture in Brazil.
The company on 19 June 2023 announced it had reached an agreement with Mars Mines to expand the current Mars JV to include a 75% interest in all of Mars’ current tenement holdings, in ‘highly prospective’ lithium bearing and copper bearing regions.
Subject to regulatory approval this will be put to a vote of shareholders at Gold Mountain’s AGM on 20 November 2023.
Under the agreement Gold Mountain is entitled to undertake due diligence on the projects while keeping all tenements in good standing.
The company says the recent due diligence field work justifies the company’s excitement about the prospectivity of the projects to be approved in the upcoming meeting.
Gold Mountain notes the transaction will enable it to focus on identifying JORC compliant lithium resources on the extensive project areas and on further expansion work.
The company holds the rights to a series of projects in known and emerging areas that are known to be highly prospective for lithium bearing pegmatites. Its senior geologists have been on the ground in Brazil systematically mapping and sampling some of our major projects to rank the highest priority lithium bearing areas.
This is to enable progress to a comprehensive drilling program with the aim of identifying JORC compliant lithium resources.
Write to Adam Orlando at Mining.com.au
Images: Gold Mountain
