Gold Mountain reports high-grade rare earth assays from Down Under project’s Poções tenements
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2024-08-20
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Junior explorer Gold Mountain (ASX: GMN) has received new assay results from stream sediment sampling at the Poções tenements within its Down Under project area in Brazil.The high-grade assays revealed peak values of 587 parts per million total rare earth oxides (TREO), indicating potential for ultra-high-grade hard rock monazite-hosted rare earth-niobium-uranium-scandium mineralisation over an 11-kilometre strike length.The anomalies are believed to compare favourably with orientation sampling carried out on known ionic clay-hosted (IAC) rare earth mineralisation.All anomalies are considered to be either within or above the range of values found in orientation sampling on known IAC mineralisation in the region.Strongly anomalous geochemical responses have now been observed over 16km along strike at Down Under.The latest results extend and consolidate the initial exploration completed by Gold Mountain in the area last month, which included a batch of 260 samples and a preliminary 85km of detailed traversing on selected roads and tracks over regional radiometric anomalies.Those samples identified broad, contiguous catchment areas with strongly anomalous geochemical rare earth mineralisation.The company has worked to in-fill gaps in the previous coverage and extend the areas of very high-grade catchment, with geochemical values plotted as anomalous TREOs.Gold Mountain has submitted applications to extend its landholding at the Poções anomalous catchments and landowner agreements are being negotiated to allow for a planned drilling campaign.Applications have been lodged with state and federal authorities for environmental permits and access permits needed from landowners affected by drilling.The company has identified exploration targets over well-preserved lateritic weathering areas in the lead-up to the work.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, while stream sediment pan concentrate sampling will continue to be used to define additional potential targets.
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