ASX-listed Gold Mountain has completed a mapping and sampling program across its major lithium projects in Brazil in a precursor to kickstarting a comprehensive drilling program in the South American nation.
The company has been busy completing its due diligence fieldwork across its current and proposed Brazilian tenements ahead of a shareholder vote next month regarding its plans to take a 75 per cent share in its joint venture partner, Mars Mines.
Gold Mountain says its proposed purchase for a three-quarter share in a package of 3921 square kilometres would give it the biggest footprint of any Australian explorer in the region as it looks transform itself from gold explorer to lithium player. The deal with Mars adds ground across 204 tenements and 12 project areas in north-east Brazil, a region that is rapidly attracting the world’s attention amid lithium’s rise to prominence.
Several outcropping pegmatites have been discovered, with sample results confirming lithium and lithium pathfinder element anomalies – significantly boosting the potential for lithium-bearing pegmatites.
In terms of tenements being explored ahead of the Mars deal, geologists have collected 93 samples across the Logradouro operation that hosts more than 250 known pegmatites. A total of 18 pegmatite outcrops have been identified and 102 samples collected at the Solonopole site.
Eight significant-scale pegmatites have been identified at the Serrote Verde tenements, with the initial 64-sample campaign completed. The initial program at the Campo Formoso holdings has also been wrapped up, with 98 samples collected. Meanwhile, an initial reconnaissance campaign has kicked off at the Salinas South tenements.
Work at Gold Mountain’s owned or under-application holdings include a stream sediment program at its Jacurici operation, with 36 samples collected to date. The company has also received and interpreted 21 samples taken from its Cerro Cara project that identified several anomalous areas and confirmed that lithium anomalies correlate with niobium-tantalum ratios and may help the company identify lithium-rich pegmatites.
Soil results have been received from samples at Gold Mountain’s Salitre South tenements, with anomalies suggesting at least two lithium-bearing pegmatites at the operation.
The company has also put forward an application in the Alto Santo region, where it was able to secure a tenement over a large outcropping pegmatite that is interpreted to be at least 12m to 15m thick and extends through a strike length of at least 250m.
A stream sediment sample and two rock samples were taken in initial reconnaissance on the Quiterianópolis area, which is currently under application and where there is potential for pegmatites mineralised with gem-quality beryl or tourmaline.
While there is still a month to go before finding out the results of the upcoming shareholders vote for the proposed Mars JV, Gold Mountain still has a swag of tenements with pegmatite potential to explore in a growing Brazilian lithium sphere.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au