Source: Gold Mountain
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Gold Mountain Mining (GMN) has reported initial results from the first trench excavated at the Mt Wipi Prospect in Papua New Guinea
  • The explorer says it is feeling optimistic about the prospect after intercepting “wide” zones of copper mineralisation within the trench
  • Notable intervals include 22 metres at 0.38 grams of gold per tonne (g/t), 0.32 per cent copper and 7.7g/t silver from nine metres, and 0.28 per cent copper and 6.8g/t silver from 146 metres
  • GMN also cited the presence of additional trace elements, which it believes could be associated with major structures and unmineralised intrusives
  • Gold Mountain Mining shares are trading in the grey at 2.2 cents at 1:42 pm AEST

Gold Mountain Mining (GMN) has reported initial results from the first trench excavated at the Mt Wipi Prospect in Papua New Guinea.

The explorer began drilling at the project in August, with early drills targeting the western area of a northwest copper soil anomaly identified by GMN.

Gold Mountain Mining said “wide” zones of copper mineralisation were intersected within the trench, with notable results returning 37 metres at 0.24 grams per tonne of gold (g/t), 0.25 per cent copper and 5.4 g/t silver from six metres.

Intervals included 22 metres at 0.38g/t gold, 0.32 per cent copper and 7.7g/t silver from nine metres and 0.28 per cent copper and 6.8g/t silver from 146 metres.

According to GMN, the gold, copper and silver mineralisation identified in the trench is associated with high levels of tungsten and tellurium, and moderate to weak trace elements including bismuth, tin and arsenic.

According to the company, these elements are in turn associated with major structures and unmineralised intrusives.

Gold Mountain Mining’s in-house porphyry expert Phil Jones said the team was feeling optimistic about Mt Wipi was keen to see core from diamond drilling.

“Significant skarn hosted copper-gold-silver mineralised intervals were intersected within the trench which are associated with elevated levels of porphyry pathfinder elements,” he said.

“These trace elements indicate the presence of a potential Cu-Au porphyry system, possibly located laterally or at a shallow to moderate depth in the NW Anomaly area.

“Further trench and soil results which are pending will test the continuity of mineralisation to the northwest and west of the NW Anomaly area.”

Gold Mountain Mining shares were trading in the grey at 2.2 cents at 1:42 pm AEST.

GMN by the numbers
More From The Market Herald
The Market Herald Video

" Pilbara Minerals (ASX:PLS) set to increase production at Pilgangoora

Pilbara Minerals (ASX:PLS) is set to increase spodumene production at its Pilgangoora operation to 680,000 dry…
The Market Herald Video

" Tietto Minerals (ASX:TIE) returns further high grade results from Abujar

Tietto Minerals (ASX:TIE) has returned further high-grade gold intercepts from its Abujar Gold Project in Côte d’Ivoire, West Africa.

" Bryah Resources (ASX:BYH) completes drilling at Bryah Basin

Bryah Resources (ASX:BYH) completes drilling at its Bryah Basin manganese project in Western Australia.
The Market Herald Video

" Hammer Metals (ASX:HMX) finds high-grade copper at Ajax East

Hammer Metals (ASX:HMX) has released some new results from drilling and geophysical survey work at its…