Gold Mountain (ASX:GMN) announced assay results from 11 diamond drill holes at its Irajuba IR-1 prospect, extending known rare earth mineralisation south of the previously reported exploration target.
Highlights include a 39-metre intersection grading 2,002 ppm total rare earth oxides with 41.3% magnet rare earth oxides (MREO/TREO) in hole IRDD250052, including a higher-grade 19-metre section at 2,909 ppm TREO.
Other results include 29m at 1,936 ppm TREO with 44% MREO/TREO in hole IRDD250054.
Drilling targeted HQ core at approximately 200-metre spacing, with results interpreted alongside geological logging and core photography to identify the top of saprolite-hosted mineralisation and the base in underlying saprock.
The length-weighted average of 40.4% MREO is particularly promising, as magnet rare earths are among the most valuable components in REE deposits.
Gold Mountain is continuing diamond drilling at IR-1 and seeking additional permits for IR-1, IR-2, IR-5, and IR-8, while regional stream sediment sampling in the surrounding Down Under Central area has been completed, with further assays ongoing.
At the time of reporting, Gold Mountain's share price was $0.061.