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The latest update is out from Gold Mountain Limited ( (AU:GMN) ).
Gold Mountain Limited has reported assay results from 89 samples across 12 drill holes at its Down Under Project’s Irajuba prospect in Brazil, confirming extensions to known rare earth mineralisation at the IR-5 and IR-7 target areas. The drilling returned high Magnet Rare Earth Oxide to Total Rare Earth Oxide ratios of up to 52.1%, including a best intersection of 4 metres grading 1,603 ppm TREO with 44.8% MREO/TREO from shallow depths, and suggests potential for significant grades at depth despite auger drilling being limited by hard ground. Interpretation using the Chemical Index of Alteration indicates that drilling has yet to test the full thickness of the saprolite ore zone, while the IR-5 section has now been extended about one kilometre to the west and IR-7 remains open with halo mineralisation indicating untested potential. In response, Gold Mountain is continuing diamond drilling at the Irajuba-1 (IR-1) area, has initiated permitting for resource drilling at IR-2 and IR-5, and plans to extend the resource drilling program to IR-7 and surrounding areas, aiming to delineate a larger rare earth resource and strengthen its position in the critical minerals sector.
The most recent analyst rating on (AU:GMN) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Gold Mountain Limited stock, see the AU:GMN Stock Forecast page.
More about Gold Mountain Limited
Gold Mountain Limited is an Australia-based exploration company focused on lithium, copper and rare earth element (REE) projects, primarily in Brazil with additional copper projects in Papua New Guinea. Its portfolio spans multiple Brazilian regions targeting lithium-bearing salars and hard-rock prospects, copper systems and REE mineralisation, positioning the company to leverage growing demand for battery metals and critical minerals.
Average Trading Volume: 115,490
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$14.04M
See more insights into GMN stock on TipRanks’ Stock Analysis page.