Gold Mountain to buy lithium exploration licenses in Brazil

Australian mineral explorer Gold Mountain has reached an agreement to acquire lithium exploration licenses in Brazil from Mars Mines.

In a statement, the company said the agreement with Mars Mines will give it a “75% interest in a package of seven highly prospective lithium exploration licenses located in the Salinas II project area in eastern Brazil.”

Gold Mountain will pay for the acquisition through the issuance of 125mn shares to Mars Mines.

“These licenses, four of which we are already authorized to undertake research activities, are located close to tenements held by Latin Resources that have identified significant lithium resources hosted in LCT pegmatites," said Gold Mountain’s CEO and executive director Tim Cameron.

"The Mars Mines team has already developed a model for the area and believe that there are undiscovered pegmatites in the Salinas II area which have little or no surface expression. We anticipate that our team will commence exploration in the highly prospective Salinas II area in early 2023," he said.

Gold Mountain has lithium, copper and gold projects in Brazil and Papua New Guinea that are being actively explored.

The company recently diversified its project portfolio through the acquisition of an initial 20% holding in a package of lithium licenses in the eastern Brazilian lithium belt, spread over parts of the Borborema province and São Francisco craton.