Australian junior explorer Gold Mountain is making a significant move into South America’s critical minerals sector after securing exclusive rights to acquire the historic Malhada do Angico tungsten mine. By signing a binding agreement with Emprogeo Mining Business, the company has gained control over more than 850 hectares in northeastern Brazil, strategically positioning itself within one of the region’s most productive tungsten districts. This new acquisition directly borders Gold Mountain’s current holdings in the Seridó province, creating a contiguous area of high potential.
To lock in the twelve month exclusivity window, Gold Mountain paid an initial sum of 183,000 US dollars. This period allows the firm to carry out essential legal and technical audits before finalizing the deal. Further payments are tied to official approvals from the Brazilian National Mining Agency, specifically concerning a long standing exploration report and the formal transfer of mining rights. Once these regulatory hurdles are cleared, the transition of ownership will be completed.
The project holds particular appeal because it shares similar geological characteristics with the Brejuí Mine, one of Brazil’s premier tungsten operations located just forty seven kilometers away. During World War II, Malhada do Angico was active under different management, and modern mapping suggests there is still plenty left to discover. Company executives have already identified several thousand meters of promising mineralized zones across their expanded land package.
Executive Director David Evans expressed strong enthusiasm for the site following a recent visit, noting that the company intends to fast track its exploration efforts. While waiting for full drilling permits, Gold Mountain has already begun sampling historical tailings to determine metal grades and perform metallurgical tests. These early steps are designed to build confidence in the site’s viability as they prepare for a larger scale drilling campaign.