Total
0
Shares
Gold Mountain (ASX:GMN) - - The Market Herald
A sample from Mt Wipi. Source: Gold Mountain
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold Mountain (GMN) begins drilling at the highly prospective Mt Wipi Prospect in Papua New Guinea
  • The first hole has been collared and drilling has begun on the Northwest Copper anomaly to test a buried porphyry system
  • This anomaly has returned up to 2900 parts per million (ppm) copper and 0.52 grams of gold per tonne (g/t)
  • All up, six diamond holes will be drilled with work expected to be completed by December 2021
  • Shares in Gold Mountain are up five per cent on the market and are trading at 2.1 cents at 1:51 pm AEST

Gold Mountain (GMN) has begun drilling at the highly prospective Mt Wipi Prospect in Papua New Guinea (PNG).

The first hole has been collared and drilling has begun on the Northwest Copper anomaly to test an interpreted buried porphyry system.

The Northwest Copper anomaly was defined via a sampling program that returned up to 2900 parts per million (ppm) copper and up to 0.52 grams of gold per tonne (g/t).

Recent excavation along the western edge of the anomaly highlighted a quartz diorite, diorite and quartz feldspar porphyry.

The first hole will be drilled to a depth between 250 metres to 350 metres, depending on the observed geology.

All up, six diamond holes, for 2000 metres, will be drilled with work expected to be completed by December 2021.

Executive Director Tim Cameron is happy to begin drilling.

"I am very excited that drilling has commenced at Mt Wipi and (it) is the culmination of 12 months of systematic and staged exploration work that has got us to this point," Mr Cameron commented.

"This is the first of at least six holes which have been designed to test the six geochemical and geophysical targets which have been identified by our porphyry expert Phil Jones."

"We believe we have the right ingredients for at least one significant discovery."

Shares in Gold Mountain were up five per cent on the market and were trading at 2.1 cents at 1:51 pm AEST.

GMN by the numbers
More From The Market Herald
Anglo Australian Resources (ASX:AAR) updates MRE at Mandilla

" Anglo Australian Resources (ASX:AAR) intersects broad mineralisation at Mandilla

Anglo Australian Resources (AAR) has received results from diamond drilling at its Mandilla Gold Project in Western Australia.
Krakatoa Resources (ASX:KTA) begins diamond drilling at Sugarloaf

" Krakatoa Resources (ASX:KTA) begins diamond drilling at Sugarloaf

Krakatoa Resources (KTA) has begun diamond drilling at the Sugarloaf Copper-Gold Porphyry target in Central NSW.
Alara Resources (ASX:AUQ) starts construction at Al Wash-hi Majaza Project

" Alara Resources (ASX:AUQ) starts construction at Al Wash-hi Majaza Project

Construction is underway at Alara Resources (AUQ) joint venture Al Wash-hi Majaza Copper-Gold Project in Oman with all required permits received.
New Talisman Gold Mines (ASX:NTL) in final stages of  Broken Hills purchase

" New Talisman Gold Mines (ASX:NTL) in final stages of Broken Hills purchase

New Talisman Gold Mines (NTL) has signed the final documents for the Broken Hills Gold Mine purchase.