Multi-metal explorer Gold Mountain (ASX:GMN) has unveiled evidence of rare earth element (REE) mineralisation at its Down Under project in Brazil.
Based on its recent mapping and sampling program at Down Under, Gold Mountain has observed leucogranites and charnockite – both rocks which host REEs – in five of its tenements there.
The company reported widespread presence of charnockite, while leucogranites were present in three locations at three different tenements.
In addition to this, sheared and silicified rocks have also been observed within its Down Under tenements: this is particularly interesting, given that one of Gold Mountain’s local experts has stated the sheared rocks are of a type connected with high REE values.
The company has three teams on the ground exploring for REEs at Down Under, who are now progressing to channel sampling of the observed exposures and preparing the samples for dispatch.
Gold Mountain’s hopes for the prospectivity of the area are bolstered by Down Under’s proximity to tenements held by Brazilian Rare Earth, which have an inferred mineral resource estimate of 510 million tonnes at 1,513 parts per million (ppm) total rare earth oxide.
Gold Mountain shares have jumped 16.7 percent, and were trading at 0.3c at 11:57 AEDT.