- Gold Mountain (GMN) reports it is “well-funded” for a new quarter of exploration
- Over the three months to the end of December 2022, the company raised $1.56 million via a placement to sophisticated and professional investors
- During the quarter, the company undertook reconnaissance exploration and sampling at its joint venture project with Mars Mines in north-eastern Brazil, with lithium-cesium-tantalum (LCT) bearing pegmatites identified at four projects
- With roughly $2.76 million in cash and no debt, the company says it’s got the cash required to undertake exploration activities in both Brazil and Papua New Guinea
- Gold Mountain is down 9.09 per cent and trading at 0.5 cents at 3:31 pm AEDT
Gold Mountain (GMN) on Tuesday said it was “well-funded” for a new quarter of exploration.
The period ending December 31, 2022, saw the company raise $1.56 million via a placement to sophisticated and professional investors.
With roughly $2.76 million in cash and no debt, the company said it had the cash required to undertake exploration activities in both Brazil and Papua New Guinea.
During the quarter, the company completed reconnaissance exploration and sampling at its joint venture project with Mars Mines in north-eastern Brazil.
The company entered a proposed acquisition to earn up to a 75 per cent interest in four lithium projects, covering 285 square kilometres. The four project areas included in the JV are Juremal, Custodia, Cerro Cora and Porta D’Agua, and Jacurici projects.
To date, three of the four project areas have been assessed, with lithium-cesium-tantalum (LCT) bearing pegmatites identified on the Juremal, Custodia, and the Cerro Cora and Porta D’Agua projects.
Assay results were turned in for 38 rock chip samples collected during an initial reconnaissance and due diligence program to the four project areas in October 2022, which confirmed the presence of LCT pegmatite.
Fifteen of the samples collected contain values of greater than 100 parts per million (ppm) lithium oxide, which if surface leaching and weathering of lithium are considered, are considered to be anomalous.
During the December quarter, the company spent approximately $465,000 on exploration and evaluation activities across the two projects.
Gold Mountain was down 9.09 per cent and trading at 0.5 cents at 3:31 pm AEDT.