Gold Mountain Limited Advances Exploration at Irajuba Prospect with New Drill Samples
GMN (GMN) Share Update September 2024 Sunday 29th
Gold Mountain Limited Submits Drill Samples for Analysis at Irajuba Prospect
Gold Mountain Limited (ASX: GMN) has announced the submission of 104 drill hole samples from the Irajuba Prospect in their Down Under Project area for laboratory analysis. This marks a significant step in their ongoing exploration efforts.
Instant Summary:
- 104 drill samples submitted for analysis
- 11 initial drill holes completed
- Drilling with 2 auger rigs is ongoing
- Environmental licenses for drilling received
Work Undertaken
Gold Mountain Limited has completed 11 drill holes at the Irajuba Prospect, submitting a total of 104 samples for laboratory analysis. The drill holes include locations near previously reported channel samples DUCA013 and DUCA018, which contained 1,045 ppm TREO, with magnet REE up to 33.6% of TREO and heavy REE up to 19.1% of TREO in a strongly weathered profile.
Drilling is currently restricted to the top 10 meters of each site to cover extensive areas in the shortest possible time. The company has received relevant environmental licenses, allowing drilling to proceed as planned in their highest priority areas of Irajuba, with further licenses expected to be granted in additional areas.
Future Workplan
Gold Mountain Limited plans to continue auger drilling throughout the rest of 2024 and into 2025. Regional sampling will also continue as the drilling program progresses. Additionally, extensive radiometric surveying will be undertaken along all drill hole traverses to better understand the mineralization patterns.
The company is focused on intersecting lateritic weathered profiles in the Irajuba prospect tenements, which have shown outstanding stream sediment values and significant channel sample results in previous reports.
Environmental and Technical Details
The drill holes were drilled by a power auger with a maximum drilling capability of approximately 30 meters. Samples were split in a 32 riffle splitter with each riffle being 22 mm wide. The samples have been submitted to ALS Laboratory in Belo Horizonte for analysis.
The submission of these drill samples for analysis is a positive development for Gold Mountain Limited, indicating progress in their exploration activities. The results from the laboratory analysis could potentially reveal significant mineral deposits, which would positively impact the company's stock price and investor sentiment. However, the actual impact will depend on the results of the analysis and subsequent exploration activities.
Investor Reaction:
Analysts are likely to view this announcement as a positive step in Gold Mountain Limited's exploration efforts. The submission of drill samples for analysis suggests that the company is making tangible progress in its exploration activities. However, investors will be keenly awaiting the results of the laboratory analysis to gauge the potential value of the Irajuba Prospect.
Conclusion:
Investors should stay tuned for the results of the laboratory analysis, which could provide significant insights into the potential of the Irajuba Prospect. Gold Mountain Limited's ongoing exploration efforts and future work plans indicate a strong commitment to uncovering valuable mineral deposits. Subscribing to updates from the company will help investors stay informed about the latest developments.