The exclusive right covers the 857.53-hectare Malhada do Angico mining application in the Seridó Tungsten Province, adjacent to Gold Mountain’s existing Logradouro tenements about 10 kilometres from Parelhas. The mine operated during the Second World War under Mineração Fluminense, extracting scheelite-bearing skarn in the same geological setting as the producing Brejuí mine about 47 km to the north, one of Brazil’s largest tungsten operations.
Gold Mountain signed the binding heads of agreement with Emprogeo Mining Business, paying an initial R$1.0 million exclusivity fee, with a further R$1.0 million due after Brazil’s National Mining Agency decides on the pending Positive Final Exploration Report and another R$1.0 million on approval of the mining-rights assignment. Due diligence covers technical, legal and regulatory review alongside exploration.
Initial rock-chip sampling along strike returned three samples above the 10,000 parts-per-million analytical limit, equivalent to about 1.26 percent tungsten trioxide. The company has mapped roughly 4,000 metres of skarn zones, designed a diamond drilling program awaiting permits, and begun auger drilling of historical tailings for grade confirmation and metallurgical tests. Questions on reserves, permitting and processing remain; the option is exploration-stage, not a restart decision.