Gold Mountain Limited (ASX:GMN) has reported that high-grade lithium potential has been identified in an additional 28 rock chip samples collected from the Juremal, Cerro Corá and Porta D’Agua project areas in Brazil.
In November 2022, the company acquired an initial 20% holding in a package of highly prospective lithium licenses located within the eastern Brazilian lithium belt, spread over parts of the Borborema Province and São Francisco craton in north-eastern Brazil. The company can earn an additional 55% interest through incurring project expenditure of $2.75 million over a 2-year period. More recently, Gold Mountain announced plans to acquire a 75% interest in a package of seven highly prospective lithium exploration licenses located in the Salinas II Project area in eastern Brazil.
The recent samples were collected as part of a due diligence programme included in Gold Mountain’s earn in agreement.
Ten of the latest samples collected contain values of greater than 100ppm Li2O which, when surface leaching and weathering is taken into account, are considered to be anomalous.
These results support the results released by Gold Mountain in November 2022, which indicate that LCT bearing pegmatites are prevalent in all the JV project areas. Results also indicate that trace elements (Ce, Ta, Nb) related to LCT pegmatites are associated with the anomalous Li2O samples. However, their concentrations vary between project areas and within each project area, which is a function of pegmatite field zoning and also the differences between pegmatite fields and the progenitor granite intrusive.
A further stream sediment sampling program planned for Cerro Cora should allow the company to focus on the parts of the pegmatite field with the most potential for identifying lithium deposits.
“This is a good start for the Mars Mines and Gold Mountain JV. These results combined with the results we announced in November 2022 for the Juremal and Custodia projects show that the tenements we have picked up have the potential to host LCT bearing pegmatites,” Gold Mountain’s CEO and Executive Director, Tim Cameron, said.
“This is early days in our exploration programme, but it is encouraging to see several anomalous rock chip results returned from the initial reconnaissance programme with samples assaying up to 0.08% Li2O.
“I am especially encouraged by the statement from the Mars geologists that with additional mapping and rock chip sampling, both the Juremal and Custodia projects can be rapidly advanced towards drill testing. I am expecting that 2023 will be a pivotal year for GMN and with lots of effort and commitment the company will advance its Brazilian lithium projects towards a significant discovery.”
For further information please visit: https://goldmountainltd.com.au/
