GMN
Diamond drill rig at Mt Wipi. Source: Gold Mountain
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  • Gold Mountain (GMN) completes four diamond drill holes for 1,114 metres at its Mt Wipi copper-gold prospect in Papua New Guinea in the December quarter
  • The company says two of the holes exhibit strong alteration with associated elevated copper mineralisation, with assays including 0.33 per cent copper and 0.31 g/t gold
  • During the period continued exploration work at the Mt Wipi prospect extended the mineralised corridor, which has yet to be closed off
  • In addition the company identified two new prospects in the corridor, Kandum-Pully and Anwan
  • GMN shares steady at 1.4 cents

Gold Mountain (GMN) sunk four diamond holes totalling 1,114 metres as part of a maiden drilling program at its Mt Wipi copper-gold prospect in Papua New Guinea in the December quarter, with a fifth hole almost completed.

Drill results have been received for two of the holes, which the company said exhibit strong alteration with associated elevated copper mineralisation. Assays included 0.33 per cent copper, 0.31 grams per tonne gold and 30 g/t silver.

A trio of holes intersected skarn style alteration within highly altered sediments containing garnet, diopside, silica, epidote and carbonates associated with pyrite.

Gold Mountain said that during the December period its continued exploration work also extended the mineralised corridor at the Mt Wipi prospect to about 6.5 kilometres by 2.5 kilometres, which has yet to be closed off.

The company said it had also identified the Kandum-Pully and the Anwan targets within the corridor.

Gold Mountain spent about $1.35 million on exploration and evaluation activities during the December quarter and finished the three-month period with a cash balance of just shy of $2 million.

GMN shares were flat at 1.4 cents at 3:29 pm AEDT.

GMN by the numbers
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