- Gold Mountain (GMN) commences high level regional field reconnaissance and due diligence work on the four lithium project areas in Brazil
- Geologists from the company and its partner Mars Mine detected the presence of potential lithium-bearing pegmatites on both the Custodia and Juremal project areas
- Currently, rock chip sampling, geological traversing and mapping are underway and once completed, samples will be sent for analysis at laboratories in Brisbane and Brazil
- The company will announce a more detailed report on the due diligence field work once the geologists have returned from Brazil
- Shares in Gold Mountain end the day 9.09 per cent in the green to close at 0.6 cents
Gold Mountain (GMN) has commenced high level regional field reconnaissance and due diligence work on the four lithium project areas in Brazil.
The four areas are the Juremal project, the Custodia project, the Cerro Cora and Porta D’Agua projects, and the Jacurici project, all of which have not been previously explored for lithium minerals.
Geologists from the company and its partner Mars Mine detected the presence of potential lithium-bearing pegmatites on both Custodia and Juremal, which the company has planned additional work for.
Initial updates are pending at Cerro Cora and Porta D’Agua and the company has not yet visited Jacurici yet.
Currently, rock chip sampling, geological traversing and mapping are underway on the project areas and once completed, the company will send samples to the ALS laboratory in Brisbane and the SGS laboratory in Belo Horizonte in Brazil for analysis.
According to Gold Mountain, field observations confirmed the presence of numerous pegmatites of varying widths up to 300 metres wide, traced for 1100 metres in strike length.
However, further mapping is required to confirm full continuity and trace the further extent of the swarm.
At Juremal, geological traversing of tracks and arid Caatinga scrub land has resulted in the identification of potential spodumene bearing pegmatites in the southern part of the licence.
At Custodia, Mars’ local geologist Neilton Santos carried out a soil and rock chip sample program earlier this year and identified visible spodumene in some samples collected which are pending analysis.
The tenements remain underexplored which GMN believes presents an unique opportunity to be one of the first to effectively explore this highly prospective region.
The company will announce a more detailed report on the due diligence field work once their geologists have returned from Brazil.
Shares in Gold Mountain ended the day 9.09 per cent in the green to close at 0.6 cents.