Gold Mountain uncovers a second exploration story at Brazil rare earth project

Stream Sediment Program Expands Down Under Target Pipeline

Gold Mountain Limited (ASX:GMN) has added a substantial new layer of exploration targets at its Down Under Project in eastern Brazil, with 196 new regional stream sediment samples confirming rare earth oxide anomalies and highlighting a separate, large-scale gold system at the Planalto prospect.

“TREO anomalous catchments, showing low order anomalies over oldest surfaces that are interpreted to reflect more severe leaching, not lack of potential.”

“Areas of Poções Prospect in the southern part of Down Under Project. Previous results released were from the area in yellow overlay.”

Caption and image © Gold Mountain Limited. From “New REE and Gold Results for Pocoes and Planalto Prospects”, 11 Nov 2026.

The results cover the Poções and Planalto areas within the southern tenements. Across the broader program, Gold Mountain collected 247 samples, including 51 reported previously. The company says the reinterpretation has defined multiple TREO, or total rare earth oxide, target zones and completed infill coverage over previously interpreted NNE-trending mineralised corridors.

“Location of the Down Under Project in Eastern Brazil. The most southern portion of the Down Under Project is where the reported results come from.”

The update builds on the company's recent Down Under auger program, which reported reconnaissance rare earth mineralisation extending at least 13 kilometres west of the Irajuba Exploration Target. Today's results concern different prospects, but point to the same project becoming a progressively larger collection of targets rather than a single defined deposit.

Planalto Gold Anomalies Add a Second Exploration Thread

The more unexpected element is the gold signal. Gold Mountain says the strongest and most extensive gold-multi-element anomalies occur across Planalto, where gold is accompanied by arsenic, antimony, bismuth and molybdenum. The company interprets the targets as potentially structurally controlled and notes an artisanal mining working in the southeastern part of one tenement near moderate gold, arsenic and bismuth anomalies.

“High-priority gold (Au), arsenic (As), antimony (Sb), bismuth (Bi) and molybdenum (Mo) geochemical anomalies across the Poções and Planalto prospects.”

“Gold anomalies across the Poções and Planalto prospects.”

Caption and image © Gold Mountain Limited. From “New REE and Gold Results for Pocoes and Planalto Prospects”, 11 Nov 2026.

That is still an exploration interpretation, not a discovery of a defined gold deposit. The company says no gold occurrences are currently recorded in the relevant ANM databases, while the sampling work was designed to identify anomalous catchments rather than measure in-situ grades at depth.

Follow-Up Work Depends on Permits and Ground Testing

Gold Mountain plans targeted auger drilling over the highest TREO values and other priority areas, with access agreements and permitting applications underway. Radiometric traverses are also planned across the strongest catchments and proposed drill lines to help identify potential hard-rock rare earth mineralisation.

For the gold targets, the next steps include auger or soil sampling, geological mapping, detailed geophysical surveys and infill work before drill targets are finalised. The company has not yet reported drilling from these prospects, a mineral resource estimate or an economic assessment.

“Location of sample points in the Poções and Planalto prospects.”

The technical limitations matter. The stream sediment samples were processed using a partial two-acid digest, and the company states that standards, duplicates and blanks did not accompany the samples. Gold Mountain also says the results will not be used in a resource estimate. The practical test is therefore whether follow-up auger and eventual diamond drilling can convert catchment-scale anomalies into continuous, in-situ mineralisation with credible widths and grades.