Diversified minerals explorer Gold Mountain has continued its strong run of positive exploration news with promising copper and lithium samples obtained from the Iguatu project in Brazil.

Testing of an initial batch of 231 stream sediment samples has identified extensive multi-element anomalies in the central and eastern parts of the Iguatu and Iguatu North tenements.

The company believes these to be indicative of Olympic Dam-style post-tectonic iron oxide copper-gold (IOCG) mineralisation.

IOCG-style targets

The sampling work is being used to define IOCG-type targets for induced polarisation programs, with two anomalous areas in particular defined for follow-up sampling, mapping and target definition.

The sampling also identified strongly anomalous lithium results, including where pegmatites had been previously recorded.

“This is a fantastic first step proving GMN ground is fertile and has the potential to host a world-class IOCG deposit similar to Olympic Dam,” managing director David Evans said.

“Structural interpretations carried out in numerous geological survey and academic papers show that extensive structures, necessary for the development of Olympic Dam breccia-style IOCG deposits, are present in the Iguatu region and regional-scale geochemical sampling has shown iron and base metal anomalies in the Iguatu and Iguatu North project areas.”

REE success

The Iguatu success comes just one day after Gold Mountain reported it had defined numerous rare earth element (REE) drill targets at its Down Under project in Brazil.

3,220 metres of high priority auger drill targets have initially been defined after confirming key pathfinders for REE anomalies.

Results from a total of 61 stream sediment samples gathered across the project indicated potential for ultra-high grade hard rock monazite-hosted REE-niobium-uranium-scandium.

Gold Mountain has projects in Brazil and Papua New Guinea exploring for everything from copper to REE and lithium.