Gold Mountain (ASX:GMN) has seen its share price rocket 50% on news it has defined drill targets at the Salinas II lithium tenements in Brazil, with data from 224 soil samples enabling the company to build a 14-hole drill program to test lithium anomalies.
The project lies within the Bananal Valley, across a lithium-rich belt in eastern Brazil, with neighbouring mining activity including Latin Resources’ (ASX:LRS) Collina deposit, which holds 70.9 million tonnes at 1.25% lithium oxide (Li2O), lying along regional structural strike from Salinas II.
Gold Mountain conducted soil sampling across the project’s southern section, with samples taken at 50-metre intervals across 100 and 200-metre spaced sampling lines. This revealed lithium anomalies over the 1.5-kilometre strike extent of the soil grid, with coincident anomalies for beryllium, rubidium, tin and thallium.
Looking ahead to its drill program – which is proposed to include around 1,500 metres – the company is prioritising 10 lithium anomaly targets, some of which are coincident with outcrops of weathered pegmatite.
It now moves on to obtaining environmental permits for this, following up previously defined anomalies through extra soil lines in the tenement’s northwest, and continuing with detailed mapping to refine the understanding of pegmatite trends already identified.
At 14:45 AEDT, Gold Mountain‘s share price was sitting at 0.3 cents – a rise of 50% since the market opened.
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