Gold Mountain (ASX: GMN) has encountered very high total rare earth oxide (TREO) values from a regional stream sediment sampling program at the Down Under project in Brazil.
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The company obtained 271 regional stream sediment samples across the northwest tenements at the Planaltino, Maracas and Noav Itaipe prospects within the project area.
Executive director, David Evans, said the current results further demonstrate the expanding scale of what is shaping as a world-class rare earth element (REE) province.
“The Down Under rare earth project continues to deliver highly positive results, with major TREO anomalous zones identified through our regional stream sediment sampling program. These anomalies appear to represent extensions of the mineralisation at Irajuba,” he said.
The Irajuba prospect is Gold Moutain;s flagship REE project with an initial exploration target confirmed with diamond drilling.
“With additional auger drilling underway, diamond drilling at Irajuba IR-1 well advanced, and an expanding pipeline of high-quality targets being defined, I’m confident these programs will unlock significant value and advance the company toward defining a substantial REE resource.
“In addition, the large-scale gold anomalies identified, particularly where supported by arsenic, molybdenum and sulphur, indicate strong gold potential at Nova Itaipe.”
An auger drilling program is planned over areas of highest TREO values and additional priority zones to refine diamond drill targets.
The company is also planning to carry out radiometric traversing across the strongest anomalous catchments and along proposed drill traverse lines to identify potential ultra-high-grade hard rock REE mineralisation.
A large gold target has also been identified and auger drill and/or soil sampling will also be used for further definition prior to detailed geophysics geophysical surveys and infill soil sampling to delineate priority drill targets.
GMN is up 7.69% to 7.0¢. Mkt cap $13.46M.
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