Gold Mountain Limited (ASX: GMN) Announces High-Grade REE Intersections
Gold Mountain Limited (ASX: GMN) announced promising initial results from its drilling campaign at the Down Under REE Project, located in the Irajuba tenements. The company reported high grades of Total Rare Earth Oxides (TREO) along with significant concentrations of Magnet Rare Earths (MREO) from its first ten drill holes.
Drilling Highlights
Among the significant findings, drill hole DU-IRA-24-AD0012 recorded an impressive intersection of eight metres at 1785 ppm TREO, including five metres at 2683 ppm TREO. Peak assay values reached 4346 ppm TREO over a metre, along with notable concentrations of Nd2O3 and Dy2O3. Additionally, the ongoing drilling campaign is expected to extend into deeper zones that have shown potential for further mineralisation.
Future Work Plans
Gold Mountain plans to deepen existing drill holes to explore further into the saprolite zone, believed to contain the majority of the REE mineralisation. The company will continue auger drilling throughout 2024, with a focus on areas that have exhibited significant mineral intersections. Moreover, radiometric surveys will be employed to enhance exploration efforts along drill hole traverses, as well as the application for additional permits for resource drilling.
Executive Comments
David Evans, Executive Director of Gold Mountain Limited, stated, “This is a major turning point in our REE exploration. We have always believed we would have significant REE mineralisation on our tenements and now we have demonstrated that. We are also very excited about the indications of potential hard rock ultra-high grade type mineralisation in the vicinity of two of the holes reported today.”
Overall, these promising results highlight the project’s potential and the company’s commitment to advancing its exploration initiatives in the region.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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