- Gold Mountain (GMN) identifies three more drill targets at the Mt Wipi Project in Papua New Guinea
- GMN identified the first three targets in May which contain anomalous copper, gold and pathfinder elements
- Since then, the company has analysed data from additional soil samples which led to identifying another three
- Gold Mountain will soon drill one hole at each target and continue exploration across Mt Wipi as only 5 per cent of the tenement area has been sampled
- Company shares are up 10 per cent to trade at 2.2 cents
Gold Mountain (GMN) has identified more prospective drill targets at the Mt Wipi Project in Papua New Guinea.
The company was granted the Mt Wipi tenement in August last year and has since undertaken mapping, soil sampling, rock chip sampling and trenching.
Gold Mountain analysed data from 854 soil samples collected from the Waa Creek prospect within Mt Wipi. This led to identifying a further three high-priority drill targets which takes the total number of priority targets to six.
The first three targets were announced in May this year and contain anomalous copper, gold and pathfinder elements.
Gold Mountain's porphyry expert, Phil Jones, provided his thoughts on the soil sampling results.
"The soil data shows highly anomalous copper-molybdenum mineralisation associated with diorites and quartz feldspar porphyry in the northwest portion of the grid and highly significant porphyry pathfinder element anomalies straddling a non-mineralised interpreted intrusive in the Southeast of Mt Wipi," Mr Jones said.
Furthermore, recent mapping and rock chip sampling in the Mt Nemai area has identified mineralised skars with associated malachite mineralisation as well as intrusives with sulphide mineralisation.
CEO Tim Cameron was pleased to have confirmed additional drill targets.
"We now have six highly prospective drill targets at Mt Wipi, and I am excited to see what we will find as they are drilled. It is hard to believe that, in such a short time, Gold Mountain has produced six drill ready targets, all of which have the potential for a discovery."
GMN will drill one diamond hole at each target and this is expected to begin this month.
According to the company, only 5 per cent of the Mt Wipi area has been sampled and so Gold Mountain expects to make more discoveries as exploration progresses across the project.
Company shares were up 10 per cent to trade at 2.2 cents at 3:54 pm AEST.