Gold Mountain Limited Announces Significant Extension of High-Grade Rare Earth Areas
GOLD MOUNTAIN LIMITED (GMN) Share Update August 2024 Thursday 1st
Gold Mountain Limited Extends Area of High-Grade Rare Earths in Down Under Project
Gold Mountain Limited (ASX: GMN) has exciting news for investors as the company announces significant extensions of high-grade rare earth element (REE) areas within its Down Under Project in Brazil. The latest batch of stream sediment samples reveals very high-grade results, further consolidating the company's position in the rare earth market.
Instant Summary:
- Received assays from 12 new stream sediment samples with peak values of 1665 ppm TREO.
- Indications of ultra-high grade hard rock monazite hosted REE-Nb-U-Sc mineralization.
- Additional drill sites designed to test extended areas of high-grade results.
- New applications for tenements to cover extended anomalous catchments.
- Landowner agreements and permits in progress for drilling activities.
New High-Grade Results
Gold Mountain Limited (ASX: GMN) has received a third batch of 12 stream sediment samples from the Irajuba tenements in the Down Under Project area. These samples have revealed very high-grade results, with peak values reaching 1665 ppm Total Rare Earth Oxides (TREO). This extends the previously identified high-grade areas, consolidating the company's findings from earlier in July 2024.
The new results indicate potential for ultra-high grade hard rock monazite hosted REE-Nb-U-Sc mineralization. These findings are coincident with higher value TREO anomalies, suggesting a promising outlook for future exploration and extraction activities.
Future Exploration Plans
Gold Mountain has designed additional drill sites to test the extended areas of the most highly anomalous results. The company has also made new applications for tenements to cover the extensions of the Irajuba anomalous catchments. Landowner agreements are being negotiated, and permits with state and federal governments have been lodged to facilitate drilling activities.
A second auger rig has been ordered, and permits have been lodged for drilling in the Irajuba area of the Down Under Project. Specific drill sites have been identified to cover known well-preserved lateritic weathering areas. Radiometric traversing will be undertaken within the most highly anomalous catchments and along all drill traverse lines to search for potential ultra-high grade hard rock deposits.
Progress on Permits and Landowner Agreements
Gold Mountain has been proactive in securing the necessary permits and landowner agreements to proceed with its drilling plans. Permits have been lodged with relevant state and federal authorities, and extensive work has been done to maintain contact with local government offices and landowners. Progress on these agreements is essential for the company's exploration activities.
The company has applied for nine new tenements to cover the extensions of the highly anomalous catchments in the northwest of the Irajuba tenements. These new tenements follow the previously identified fold zone that controls the high-grade stream sediment sample distribution, extending northwest to the boundary with the Ronaldinho Project tenements.
The extension of high-grade rare earth areas in the Down Under Project is a significant development for Gold Mountain Limited. This news is likely to positively impact the company's stock as it demonstrates continued success in their exploration efforts. The potential for ultra-high grade hard rock mineralization could attract further investor interest and increase the company's market value.
Investor Reaction:
Analysts are expected to react positively to this announcement, given the high-grade results and the strategic steps taken by Gold Mountain to secure additional tenements and permits. The extension of high-grade areas and the potential for ultra-high grade mineralization are likely to boost investor confidence in the company's growth prospects.
Conclusion:
Investors should keep a close eye on Gold Mountain Limited as the company progresses with its exploration plans in the Down Under Project. The significant extension of high-grade rare earth areas and the potential for ultra-high grade mineralization present a promising opportunity for growth. Stay informed about further developments and consider the long-term potential of Gold Mountain's projects.