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Gold Mountain (ASX:GMN) gets green light for Mt Wipi
Source: Gold Mountain
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  • Gold Mountain (GMN) has reported initial explorations findings from its copper-gold Wabag Project in Papua New Guinea
  • Key targets undergoing exploration at the project include Mongae-Monoyal and Mt Wipi
  • Highlights from findings at the Waa Creek — which lies in close proximity to the Mt Wipi prospect — include five metres at 2.57 per cent copper and seven metres at 0.63 g/t gold
  • GMN's Chief Executive Officer says he is encouraged to see initial results coming out of the project
  • GMN shares are up 4.76 per cent on the back of the news, trading at 4.4 cents each

Gold Mountain (GMN) has reported initial explorations findings from its Wabag Project in Papua New Guinea.

Key targets undergoing exploration at the project include Mongae-Monoyal, Sak Creek and Mt Wipi, with findings from the latter reported by GMN as highlights.

All up, 28 rock chip samples have been collected to date, notably yielding findings 9.2 per cent copper, 1.03 g/t gold and 84 g/t silver.

Results from channel samples taken along the banks of Waa Creek, which lies in close proximity to Mt Wipi, indicate that there are multiple, three to seven-metre wide veins and/or structures containing highly anomalous copper, gold and silver mineralisation.

The key intercept came in at five metres at 2.57 per cent copper, 0.53 g/t gold and 33.56 g/t silver.

In concurrent news, GMN also provided an update on the second phase of its drill program at Monoyal, advising two further drill holes had been designed.

Assay results are still pending from drills completed at the prospect in December last year.

GMN says it intends to undertake further exploration within the Mt Wipi tenement as a high priority, with additional stream sediment, rock chip and soil sampling planned the first quarter of 2021.

Drillable targets are hoped to be identified in the coming months that GMN says can be tested "as soon as it is feasible to do so."

Gold Mountain's Chief Executive Officer, Tim Cameron, says he is encouraged to see the initial copper and gold results coming out of Mt Wipi.

"These results combined with the positive petrological analysis gives me confidence that GMN is exploring highly prospective exploration ground in PNG and that we are working towards a significant discovery in 2021," he explained.

GMN shares are up 4.76 per cent on the back of the news, trading at 4.4 cents each at 3:20 pm AEDT.

GMN by the numbers
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