Australia's Gold Mountain secures exclusive right to acquire historic tungsten mine in Brazil
ASX-listed Gold Mountain has secured an exclusive right to acquire a mine right covering 857 ha over the Malhada do Angico tungsten mine, in Brazil, which operated during World War II.
The mine is adjacent to Gold Mountain's Logradouro tenements within the Seridó Tungsten Province of north-east Brazil, one of South America’s principal tungsten-producing regions.
The project is also located within the same broad structural and stratigraphic environment as the currently producing Brejuí tungsten mine, about 47 km north of Gold Mountain’s Logradouro tenements.
The 12-month exclusive right agreement is secured with Emprogeo Mining Business for an exclusivity payment of R$1.0-million, with Gold Mountain having this period to conduct due diligence on the licence prior to purchase.
Executive director David Evans says the company is fast-tracking an exploration programme on the licence and will start with drilling as soon as all necessary permits are in place. "We have also started auger drilling of the historical tailings to confirm the grade and obtain samples for metallurgical testwork," he adds.
Some initial rock chip sampling taken along strike from Malhado do Angico has returned three samples with tungsten analyses exceeding the upper analytical limit of 10 000 parts per million tungsten, which is equivalent to 1.25% tungsten trioxide.
Rock sampling has also been undertaken within the Malhada do Angico mine tenement, with the samples currently undergoing analysis.
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