Total
0
Shares
GMN
Diamond drill rig at Mt Wipi. Source: Gold Mountain
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold Mountain (GMN) has almost completed drilling at the Mt Wipi prospect within the Wabag project in Papua New Guinea
  • Positively, all four holes completed encountered alteration associated with sulphides and two holes showed evidence of strong alteration with elevated mineralisation
  • Additionally, exploration at Mt Wipi extended the mineralised corridor to 6.5 kilometres by 2.5 kilometres which led to the discovery of two prospects
  • A fifth drill hole is currently underway and expected to be completed early next year
  • Gold Mountain ended Wednesday’s session trading 14.3 per cent lower at 1.2 cents

Gold Mountain (GMN) is progressing drilling at the Mt Wipi prospect, which is part of the Wabag project in Papua New Guinea.

The company began drilling in August to test targets that were generated from high-grade rock chip samples.

The samples returned grades of up to 9.64 per cent copper, 1.96 grams of gold per tonne (g/t) and 100g/t silver. Channel samples included 2.57 per cent copper, 0.53g/t gold and 33.56g/t silver.

Gold Mountain has completed four holes, for 1110 metres, at the prospect and the rig is currently drilling a fifth hole which is expected to be completed in early 2022.

The first three holes were drilled to test the Northwest copper-molybdenum and gold anomaly which was identified during a soil program.

MWD001 intersected an oxidised skarn with assays including an eight-metre section averaging 0.2 per cent copper from 69 metres.

The second hole showed evidence of skarn mineralisation and intersected anomalous copper of up to 407 parts per million. Gold was recorded to 0.3g/t in a one-metre interval and moderate silver included 6.14g/t over 14 metres.

MWD003 intersected an altered diorite with fracture-controlled and quartz sulphide veined mineralisation which included copper and molybdenum.

Gold Mountain’s Porphyry Expert Phil Jones said there had been tremendous growth of the Mt Wipi prospect.

“In the past six months, the Mt Wipi project has gone from a number of anomalous copper-molybdenum soil assays, associated with skarns and intrusives, to a larger and growing porphyry and skarn ‘corridor’ of mineralised magmatic intrusives with the current area of interest having dimensions of 6.5 kilometres by 2.5 kilometres,” he said.

Due to the exploration work at Mt Wipi, the mineralised corridor has been extended, which led to identifying the Kandum and Anwan prospects.

CEO Tim Cameron said more work needs to be done over the next few months to better understand the potential of the prospect.

“The Mt Wipi prospect is an extremely interesting place to explore, there is smoke everywhere we look and hopefully we are about to find the fire and the discovery,” he concluded.

Gold Mountain ended Wednesday’s session trading 14.3 per cent lower at 1.2 cents.

GMN by the numbers
More From The Market Herald

" Jindalee Resources (ASX:JRL) receives “strong” lithium results from first holes at McDermitt

Jindalee Resources (ASX:JRL) hits significant lithium mineralisation while drilling at its McDermitt project in Nevada, USA.
Inca Minerals (ASX:ICG) - Managing Director, Ross Brown

" Inca Minerals (ASX:ICG) progresses exploration in December quarter

Inca Minerals (ASX:ICG) progressed exploration work at its Frewena, Jean Elson and MaCauley Creek projects in…

" Strickland Metals (ASX:STK) intersects further gold at Dusk til Dawn

Strickland Metals (ASX:STK) encounters further gold mineralisation from drilling at its Dusk til Dawn prospect in…

" Kingsgate Consolidated (ASX:KCN) receives Chatree mining licences as Nueva Esperanza sale falls through

Kingsgate Consolidated (ASX:KCN) has received four outstanding mining leases required to operate the Chatree Gold Mine…