Gold Mountain Limited reports robust exploration progress across its Brazilian portfolio, confirming high-grade rare earth element mineralisation and defining multiple lithium drill targets, supported by a $3.05 million capital raise.
- High-grade rare earth element mineralisation confirmed at Irajuba with resource drilling planned
- Multiple lithium anomalies and drill-ready targets defined in Bananal Valley, Salinas South, Agua Boa, and Juremal
- New Ni-Cu-PGE mineral system discovered at Iguatu North with significant stream sediment anomalies
- Major tungsten anomaly cluster identified in the Seridó Tungsten Belt, mirroring nearby tier-one mines
- Underwritten $3.05 million entitlement offer to fund next exploration stages in Brazil
Exploration Momentum Builds Across Brazil
Gold Mountain Limited (ASX: GMN) has delivered a compelling quarterly update for the period ending 31 March 2025, highlighting significant advances in its critical minerals exploration program across Brazil. The company’s diverse portfolio spans rare earth elements (REE), lithium, copper, tungsten, and nickel projects, with assay results and geological surveys underpinning a growing pipeline of drill-ready targets.
At the forefront is the Irajuba Project within the Down Under REE tenements, where 56 auger drill holes have confirmed high-grade Total Rare Earth Oxide (TREO) mineralisation. Intercepts include grades up to 2,689 ppm TREO and a magnet rare earth oxide (MREO) to TREO ratio averaging 64%, a critical metric for high-performance applications such as electric motors. The mineralisation remains open at depth, prompting plans for deeper resource drilling starting early June 2025.
Lithium Targets Expand in Key Provinces
Gold Mountain’s lithium exploration continues to gain traction with multiple anomalies delineated across established and emerging provinces. In the Bananal Valley Prospect, a detailed soil survey identified lithium concentrations up to 122 ppm, coinciding with pegmatite outcrops and structural corridors analogous to nearby major deposits. A 14-hole drill program targeting the highest priority zones is being finalised, pending permitting.
Complementing this, the Salinas South Prospect revealed a 5.8 km lithium anomaly trend supported by pathfinder elements such as beryllium, rubidium, and tin, while the Agua Boa Prospect’s soil sampling outlined strong lithium-pathfinder anomalies over a 1.2 km strike. The Juremal Project further extends the lithium footprint with stream sediment samples showing lithium up to 63.1 ppm and field identification of spodumene float, reinforcing the potential for spodumene-bearing pegmatites.
New Mineral Systems and Tungsten Discoveries
Beyond lithium and REEs, Gold Mountain has identified a new nickel-copper-platinum group elements (Ni-Cu-PGE) mineral system at Iguatu North, with stream sediment sampling revealing a coherent >3 km anomaly zone. This discovery broadens the company’s strategic exposure to battery and technology metals.
In the Seridó Tungsten Belt, a significant tungsten anomaly cluster was defined through reinterpretation of 93 stream sediment samples. The geochemical signature closely matches that of Brazil’s major tungsten mines, Brejuí and Bodó, positioning the Logradouro Prospect as a promising target for skarn-type mineralisation. Follow-up infill sampling, geophysical surveys, and drilling are planned to test these high-priority zones.
Funding and Forward Outlook
Supporting this exploration momentum, Gold Mountain successfully completed an underwritten pro rata accelerated renounceable entitlement offer in April 2025, raising $3.05 million at $0.02 per share. These funds will underpin the next stages of drilling and exploration activities across the Brazilian projects.
Meanwhile, the company’s Papua New Guinea projects remain on hold, with efforts focused on maintaining tenement status and pursuing strategic partnerships. No fieldwork was conducted in PNG during the quarter, reflecting a strategic pivot towards Brazil’s critical mineral provinces.
Gold Mountain’s comprehensive multi-element sampling strategy and integrated exploration approach continue to validate its portfolio’s prospectivity. With resource drilling imminent at Irajuba and multiple lithium and base metal targets advancing towards drilling, the company is well positioned to deliver further value catalysts in the coming quarters.
Bottom Line?
Gold Mountain’s expanding critical minerals pipeline and fresh capital position it to accelerate drilling and resource definition in Brazil’s most prospective provinces.
Questions in the middle?
- What initial resource estimates might emerge from the upcoming deeper drilling at Irajuba?
- How will the lithium drill programs in Bananal Valley and Juremal influence the company’s development timeline?
- What strategic partnerships or funding options are being explored to advance the Papua New Guinea projects?