- Gold Mountain (GMN) confirms the potential for lithium-bearing pegmatites at the Custodia project in Brazil
- The company received results from a soil program which determined a continuity of known lithium anomalies at the Central and Southeast grids within the project
- Gold Mountain says it plans to conduct further sampling and mapping to test for lithium mineralisation and define potential drill targets
- GMN shares are up 10 per cent to trade at 0.6 cents at 11:35 am AEDT
Gold Mountain (GMN) has confirmed the Custodia project’s potential to host lithium-caesium-tantalum (LCT)-bearing pegmatites.
The company received results from an initial reconnaissance soil program which involved 141 soil samples from the Central and Southeast grids within the Brazil-based project.
The samples were collected by Mars Mines, who then analysed them and reported that the results support previous rock chip assays which indicated the presence of LCT-bearing pegmatites at the Custodia project.
“These soil sample results we have received from the Custodia project area has proved that this methodology can define lithium anomalies in this highly weathered terrain,” CEO and Executive Director Tim Cameron said.
Gold Mountain said the results show the continuity of the lithium anomalies over more than 900 metres in the Central Grid and over at least 200 metres in the Southeast Grid.
Both grids reportedly show that the lithium anomalies are open in all directions.
The company plans to conduct further sampling and mapping, and said any major anomaly defined will be tested for lithium mineralisation to define potential drill targets.
Exploration is scheduled to resume later this month.
GMN shares were up 10 per cent to trade at 0.6 cents at 11:35 am AEDT.