Gold Mountain Limited (ASX:GMN)

Gold Mountain Limited announced strong new auger drilling results from the Capivara Prospect within its Down Under Project in Bahia, Brazil, confirming shallow lateritic rare earth mineralisation hosted in the saprolite zone and extending the known mineralised footprint. Significant intersections included CPAD260141 with 12m at 1,283 ppm TREO from 10–22m including 8m at 1,513 ppm TREO from 14–22m, CPAD260158 with 7m at 1,204 ppm TREO from 8–15m including 4m at 1,537 ppm TREO from 10–14m, and CPAD260156 with 5m at 874 ppm TREO from 10–15m including 1m at 1,213 ppm TREO from 12–13m, with consistent magnet rare earth oxide ratios generally around 38% to 42% and a peak of 48% MREO/TREO in CPAD260157; NdPrO values reached up to 695.51 ppm. The company said several auger holes ended within or near mineralised intervals because of shallow refusal and duricrust, indicating the deeper saprolite profile remains largely untested and mineralisation is open at depth, while CIA data supports the interpretation that drilling has mostly sampled the upper saprolite horizon. Previous ANSTO metallurgical test work was cited as consistent with ionic adsorption clay style mineralisation, with up to 65.9% extraction of TREY-Ce and 63.6% extraction of magnet rare earth elements under ammonium sulphate desorption testing, supporting further evaluation of depth continuity and extraction characteristics. Gold Mountain plans follow-up diamond drilling, ongoing auger infill drilling, further metallurgical test work and permitting activities to assess the vertical extent, continuity and potential scale of the Capivara rare earth system.