Gold Mountain (ASX:GMN) has applied for 57 tenements over 100,000 hectares in a ‘highly prospective’ rare earths area in Brazil, along strike with Brazilian Rare Earths (BRE) and Equinox Resources (ASX:EQN).
All of the tenements — namely, the Down Under Project — lie within Brazilian Rare Earths’ 20km to 40km wide radiometric thorium-uranium anomaly which defines a rare earth element (REE) productive zone.
The $13.61 million market capitalisation company’s geologists believe the ‘large’ area now secured is ‘highly prospective’ for similar size deposits to Brazilian Rare Earths’.
Gold Mountain says that ‘high-grade’ ionic clay REE deposits are present, hosted by felsic intrusives, shear zones and minor mafic-ultramafic intrusives in Brazilian Rare Earths’ tenements.
The company plans to conduct geomorphological studies to assess weathering profile preservation, carefully targeted stream sediment sampling, and geological and radiometric mapping in minor drainages, as well as identify target areas for soil auger sampling and rock chip sampling.
Upon completing these activities, drilling will be carried out in the ‘highest priority’ target areas.
Gold Mountain is a mineral explorer with assets in Brazil and Papua New Guinea that are considered prospective for lithium, rare earths, nickel, copper, and gold.
As of 30 September 2023, the company had $1.812 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Gold Mountain
