Gold Mountain Limited Unveils Promising Lithium Assay Results in Salinas Project
GMN (GMN) Share Update July 2024 Wednesday 24th
Gold Mountain Limited Reports Strongly Anomalous Lithium Assays in Salinas Project
Gold Mountain Limited (ASX: GMN) has announced highly promising lithium assay results from its Salinas Project in Brazil, indicating a significant potential for mineralized LCT pegmatites.
Instant Summary:
- Received 55 stream sediment samples from Agua Boa and Bananal Valley tenements.
- Peak values of 672 ppm lithium in Bananal Valley and 226 ppm in Agua Boa.
- 54 out of 55 samples showed anomalous results.
- High potential for significantly mineralized LCT pegmatites.
- Future mapping and soil sampling planned to develop drill targets.
Assay Results and Work Undertaken
Gold Mountain Limited (ASX: GMN) has received a batch of 55 stream sediment samples from the Agua Boa and Bananal Valley tenements in the Salinas II Project. The assays revealed peak values of 672 ppm lithium in Bananal Valley and 226 ppm in Agua Boa, with 54 out of 55 samples showing anomalous results. This indicates a high potential for significantly mineralized LCT pegmatites in the area.
The multi-element anomalies consisting of Be, Cs, Nb, Rb, Sn, and Ta provided a good discrimination of the highest order anomalies, prioritizing an area for follow-up. Future work includes obtaining landowner access for detailed mapping and soil sampling to develop drill targets.
Future Workplan
The company plans to obtain landowner access for detailed work to develop drill targets. This will involve mapping exposures in drainages and conducting grid soil sampling to define the sources of the high-order stream sediment anomalies. The GMN sampling methods allow for rapid and cost-effective coverage at broad spacing of samples, focusing detailed work on smaller catchment areas within the tenements.
Previous mapping identified pegmatites and artisanal workings in the tenements, and the combination of highly anomalous lithium results within these known pegmatite-bearing areas is very encouraging for another discovery within the Lithium Corridor published by Latin Resources.
Geological Context and Figures
Figures provided in the announcement show the location of the majority of the Salinas Project tenements in relation to Latin Resources' Collina deposit and other identified pegmatites. The highest priority target zones in the Agua Boa and Bananal Valley tenements are highlighted, with multi-element LCT mineral anomalies plotted alongside the highest order lithium anomalies.
Two extremely high-value results of 547 and 672 ppm lithium were obtained from the Bananal Valley tenement, which are considered exceptionally high for stream sediment results. These results, along with previous mapping, indicate significant potential for further discoveries in the area.
The highly anomalous lithium assay results are likely to have a positive impact on Gold Mountain Limited's stock as investors react to the promising potential for mineralized LCT pegmatites in the Salinas Project. The high lithium values and the strategic location of the tenements near Latin Resources' Collina Resource add to the project's attractiveness.
Investor Reaction:
Analysts and investors have expressed optimism about the potential for significant lithium discoveries in the Salinas Project. The high assay values and the planned future work to develop drill targets have been well-received, with expectations of further positive developments.
Conclusion:
Investors should keep an eye on Gold Mountain Limited's progress in the Salinas Project, as the highly anomalous lithium assay results indicate significant potential for future discoveries. The company's strategic approach to mapping and soil sampling will be crucial in identifying and developing drill targets, which could further enhance the project's value.