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- Gold Mountain (GMN) further progresses its drilling program at the Wabag Project in Papua New Guinea
- The company commenced drilling at the Mt Wipi prospect in August and four holes have been completed since
- The drill rig is now being moved to another site and a fifth hole is expected before the Christmas and New Year break
- Notably, the laboratory is experiencing a slow turn around of samples, taking six to eight weeks, due to a shortage of staff
- On the market this afternoon, Gold Mountain is in the grey and trading at 1.8 cents per share
Gold Mountain (GMN) has further progressed its drilling program at the Wabag Project in Papua New Guinea.
The company commenced drilling at the Mt Wipi prospect in August and four holes have been completed since. The drill rig is now being moved to another site and a fifth hole is expected before the Christmas and New Year break.
All the samples from the first three holes have been sent to the laboratory with assays pending. The first results from the drilling program are expected within the next two weeks.
Notably, the testing site is experiencing a slow turn around of samples, taking six to eight weeks, due to a shortage of staff.
Gold Mountain currently has four other targets that it plans to test at the Mt Wipi prospect, which were identified earlier this year. Following the festive break, the company will undertake follow up drilling programs on these targets.
Commenting on the drilling update is CEO Tim Cameron.
“I am very happy with the progress of the drilling program, with four holes completed to date, and the liklihood that we will complete another hole prior to years’ end,” he said.
“While laboratories across Australia have been impacted by increased exploration activity and disruptions from COVID-19 travel restrictions, the technical team is working extremely hard to minimise any delays.
“With the good work we are doing at our key Mt Wipi prospect, I believe all of this brings us closer to a breakthrough discovery. I am confident that 2022 will be a great year for GMN,” he concluded.
On the market this afternoon, Gold Mountain was in the grey and trading at 1.8 cents per share at 2:17 pm AEDT.
