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Colin Hay


 Gold Mountain (ASX: GMN) has commenced work on its clay-hosted Rare Earth Element tenements in the prospective Jequie region of Brazil.

GMN now has amassed a land position over 970 sq. km2, including 51 granted tenements and 11 applications in the highly prospective Jequié REE province.

The GMN tenements were originally selected based on the presence of thorium-uranium anomalies, known to be closely associated with REE mineralisation in the Jequié region.

One of the anomalies partially covered by GMN continues into ground held by Australian Mines Ltd that confirmed the presence of leucogranites and charnockites underlying the thorium anomaly.

Mapping of geomorphology to define areas with well-preserved weathering profiles is currently in progress. IAC type REE deposits form in the weathering profiles so defining well preserved weathering profiles, that can be in the order of 30-40 metres deep when preserved, identifies potentially where larger tonnage IAC type REE deposits may occur. Partially or totally preserved weathering profiles are an essential criteria for the presence of IAC REE deposits.

Currently GMN has 51 granted tenements, with six applications that had a gas pipeline crossing them. The boundaries of the tenements were required to be adjusted to give an easement for the gas pipeline, resulting in applications for 5 new tenements to retain as much of the original applications as possible. Area under tenements and tenement applications is in excess of 970 sq. km.

In addition, satellite imagery interpretation to define the iron caps on the tops of fully preserved weathering profiles will commence and is expected to be completed this quarter. A quote for a specialist imagery interpreter to do the detailed mapping of the iron caps and the immediately underlying kaolinitic zone is expected before the end of this week. Satellite imagery will enable GMN to quickly identify prospective targets on an area of close to 1,000 sq. km.

GMN has been advised that potential for uranium is considered to be present on tenement application 846.115/2022, Serrote Verde by the ANM and that the National Nuclear Energy Commission (CNEN) informed that Indústrias Nucleares do Brasil (INB) has an interest in the area. GMN agreeing to carry out exploration for uranium on this tenement is a condition of grant.

GMN has communicated with the ANM and will agree to carry out uranium exploration. Should uranium be found then an agreement with the INB will be entered into, as is required for development of any uranium resources in Brazil.

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