Gold Mountain Limited Reports High-Grade REE Assays from Down Under Project in Brazil
GMN (GMN) Share Update July 2024 Wednesday 24th
Gold Mountain Limited Announces High-Grade REE Assays in Brazil
Gold Mountain Limited (ASX: GMN) has announced the receipt of high-grade rare earth element (REE) assay results from its Down Under Project in Brazil. This marks a significant milestone in the company's exploration efforts.
Instant Summary:
- Received assays from 85 stream sediment samples with peak values of 4,582 ppm TREO.
- Potential for ultra-high-grade hard rock monazite hosted REE-Nb-U-Sc mineralization indicated.
- Structurally or stratigraphically controlled layers wrapping around nearby folds and a dome.
- Radiometric Thorium anomalies correlate with high-grade IAC and ultra-high-grade hard rock style anomalies.
Assay Results and Exploration Details
Gold Mountain Limited (ASX: GMN) has received a second batch of 85 stream sediment samples from the Irajuba tenements within the Down Under Project area. The results are very promising, with peak values reaching 4,582 ppm TREO. These high-grade results compare favorably with geochemical samples taken from known mineralized catchments and previously released results.
The stream sediment samples indicate potential for ultra-high-grade hard rock monazite hosted REE-Nb-U-Sc mineralization. These samples generally coincide with higher value TREO anomalies, suggesting that the mineralization is structurally or stratigraphically controlled in layers wrapping around nearby folds and a dome.
Future Work and Exploration Plans
Gold Mountain Limited is planning further exploration activities to build on these promising results. A second auger rig has been ordered, and permits are being sought for drilling in the Irajuba area in the NW Down Under Project. The company will identify specific drill sites to cover known well-preserved lateritic weathering areas.
Extensive radiometric traversing will be undertaken within the most highly anomalous catchments to search for potential ultra-high-grade hard rock deposits. Additionally, a program of stream sediment pan concentrate sampling will be conducted. The ongoing first phase of greenfield exploration has been very encouraging, with more results expected in the coming weeks.
Significance of the Results
The company has identified broad contiguous catchment areas with strongly anomalous geochemical REE assay results. These results are all greater than the orientation sample results on known REE deposits in the region using identical sampling, sample preparation, and analytical techniques. Five high-priority drilling targets have been identified over areas with the greatest potential for ultra-high-grade hard rock mineralization and the highest-grade TREE anomalies, including an area with TREO of 4,582 ppm in a -10 micron fraction stream sediment sample.
Gold Mountain Limited believes these outstanding results, along with previous REE results, mark a significant change in the future of their ultra-high-grade monazite and IAC REE projects.
The announcement of high-grade REE assays is likely to have a positive impact on Gold Mountain Limited's stock. The potential for ultra-high-grade mineralization could attract investor interest and drive up the stock price. However, the market will be watching closely for further exploration results and the company's ability to capitalize on these findings.
Investor Reaction:
David Evans, Managing Director of Gold Mountain Limited, expressed excitement over the findings, stating that the company is targeting similar multi-commodity ultra-high-grades as seen with nearby Brazilian Rare Earths (ASX:BRE). Investors and analysts are optimistic about the potential for new ultra-high-grade rare earth discoveries along the geological and structural trends in the region.
Conclusion:
Investors should keep an eye on Gold Mountain Limited's ongoing exploration activities and future announcements. The company's strategic response to these promising assay results will be crucial in maintaining and potentially increasing investor confidence. Stay tuned for more updates as the exploration progresses.