Gold Mountain (ASX:GMN) is planning future follow-up work to define drilling targets at its Juremal Project in Brazil.
The $11.34 million market capitalisation company’s planned work is set to include detailed mapping and soil sampling programs.
Gold Mountain is planning to begin soil sampling in April after the wet season, which it says can ‘severely leach’ lithium-in-soil anomalies until the soil dries again.
The company will carry out soil sampling on 2 of the ‘largest’ anomalies uncovered from recent exploration work, which will take one month to complete, with about 6 weeks from sample dispatch to results being received.
Environmental licencing will begin as soon as soil anomalies are sufficiently defined to allow applications for drilling permissions.
Meanwhile, the results from a recent stream sediment sampling program within Juremal contain a series of lithium anomalies and pegmatite occurrences.
Gold Mountain reports the geochemistry interpretation highlights that lithium has a weak correlation with tin but not with other lithium-caesium-tantalum (LCT) elements in the Juremal area.
However, the overall correlations demonstrate an LCT association, modified by severe leaching and possible regional variations in lithium-associated minerals.
Further, the anomalous catchments are divided into 4 adjoining catchments with highly to moderately anomalous results in 870208/2022, and 5 adjoining catchments in 870/541/2022, with a further 7 anomalous catchments present.
Gold Mountain is an ASX-listed minerals explorer with projects based in Brazil and Papua New Guinea. These assets are considered ‘highly prospective’ for lithium, rare earths, nickel, copper and gold.
As of 30 September 2023, the company had $1.8 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Gold Mountain