Gold Mountain Limited

Drilling Targets Defined – Bananal Valley tenement, Lithium Valley, Brazil

Gold Mountain Limited (ASX: GMN) (“Gold Mountain” or “the Company” or “GMN”) is excited to announce it has received 224 soil samples from the southern section of the Salinas II Project in the Bananal Valley in Brazil. This new data has helped the team define a 14-hole drill program to test 10 high-priority lithium anomalies, some of which are coincident with outcrops of weathered pegmatite. The potential of this emerging Lithium district is highlighted by Latin Resources Collina Lithium Deposit (70.9Mt @ 1.25% Li2O), which lies along regional structural strike from GMN’s Salinas II Project.


Highlights

Work Undertaken

  • Assays received from 100 and 200 metre spaced soil sampling lines with soil samples taken at 50 metre intervals.
  • Lithium anomalies identified over the 1.5 km strike extent of the soil grid with coincident Be, Rb, Sn and Tl anomalies.
  • No lithium anomalies found in areas of laterite however tin anomalies as well as quartz and tourmaline occurrences suggest pegmatite extensions under the laterite.
  • Drill holes defined so environmental permits can be obtained to allow drilling to take place.

Future Workplan

  • Obtain environmental permits for drilling
  • Extra soil lines in the NW of tenement to follow up anomalies previously defined
  • Continue detailed mapping to refine currently identified pegmatite trends
  • Drilling of the lithium targets identified.

Details

Results from exceptionally high value stream sediment sample have been followed up with soil samples and grid based mapping in the southern part of 831.700/2022 and drilling targets had been identified.

Mapping prior to and during soil sampling identifies numerous small pegmatites and some larger pegmatites to a maximum of 10 metres wide. Areas of large quartz boulders, possibly quartz cores to pegmatites, were also mapped and in places are coincident with lithium and lithium pathfinder anomalies. Pegmatites cross cut and are younger than the foliation in the host G3 type granite.

Regional structure from geophysics and from topography shows a strong NE to ENE trend, subparallel to the Latin Resources “Lithium Corridor.” Drilling will be oriented at 90 degrees to the regional trend initially, as the most probable major pegmatite orientation direction.

Strong vertical zonation in the lithium pegmatite geochemical responses are present and close attention to the location of laterite and the old lateritised surface is critical to interpretation of where lithium pegmatites may be concealed by leaching of lithium.

Drill targets were defined by lithium anomalies and by occurrences of pegmatite or extensive float of pegmatite minerals, lithium pathfinder elements, large quartz boulders or anomalous quartz concentrations.

The lateritic weathering zone is estimated from mapping to be up to 50 metres thick within the tenement, but locally may be significantly thicker. Drilling below this weathered layer is essential to get analyses that reflect the actual grade of any pegmatites present. Within the weathering zone low values of lithium are expected from potentially economic pegmatites.

Images & Maps

Figure 1 shows the location of the Salinas Project tenements in relation to Latin resources Collina deposit and to other tenements held by major explorers including Rio Tinto.

Figure 1. Location of the Bananal Valley tenements in the GMN Salinas Project. This region contains two producing mines, the undeveloped Colina deposit, and several prospects with significant exploration activity. While close proximity does not guarantee similar results it does provide evidence to assist in targeted exploration.

Mapping and soil sampling in the western Bananal Valley tenement, 831.700/2022, has defined areas of laterite as well as various larger pegmatite and quartz occurrences.

Figure 2 shows the extensive high order stream sediment target zones in the Bananal valley tenement, with their follow up soil lines and potential pegmatite mineral occurrences, including green tourmaline, indicating highly evolved pegmatites.

Figure 2. Highest priority target zone in the south western part of the Bananal Valley tenement, 831.700/2022. Lithium anomalies are plotted as anomalous catchments (released 22 August 2024) to indicate the large prospective area that is present. Soil sample lines shown in yellow, mapping of occurrences shown in legend. Laterite extent defines limits of anomalous lithium in soil responses at surface.

Lower order anomalies in the northeast are still considered highly prospective, with lower order results due to more intensive weathering and leaching of surface rocks.


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This article includes content from Gold Mountain, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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