- Aussie explorer Gold Mountain is barrelling towards extensive drilling in Papua New Guinea after securing $2.5 million from a share placement to help fund the campaign
- The Wabag Project, specifically its Mongae NW prospect’, is the company’s target for the drilling set to take place this third quarter
- Wabag has 100 per cent of its infrastructure set in place to help speed business along
- The project is expected to hold world class copper and gold porphyries, alongside sitting next door to the impressive 24 million ounce Porgera Gold Mine
Explorer Gold Mountain announced today the company is readying its digging tools after securing $2.5 million to be used in funding a drilling campaign.
The money comes from commitments of a share placement and is going towards its drilling at Papua New Guinea.
Upcoming drilling at the company’s Wabag Project will be aimed at digging up an attractive mineralisation of copper and gold.
The drilling campaign is already amidst preparation and is expected to commence this third quarter, targeting the ‘Mongae NW’ prospect.
Gold Mountain Managing Director Tony Teng, expressed his gratitude towards the shareholder support.
“I greatly appreciate the growing interest and continuing support of the investors who value Gold Mountain as an exciting and attractive opportunity for a prospective major discovery in one of the world’s leading copper-gold mining provinces,” he said.
In February, Gold Mountain stated the Wabag project to span nearly 2000 kilometres with potential to hold world class porphyries.
Infrastructure at Wabag is 100 per cent set in place.
Next door to Wabag is also the impressive 24 million ounce Porgera Gold Mine.
The company also said today a significant amount of the funding will be used for general working capital alongside the drilling campaign.
Gold Mountain Management says it will update shareholders as it drills at Papua New Guinea.
Alongside today’s drilling funding, Gold Mountain also announced the $10 million result from a capital raising in March.
Company management happily reported an issue of 100 million shares that chalked up for the $10 million raising.
Contrasting to a positive media release to shareholders today, Gold Mountain’s share prices in the ASX dropped 4.55 per cent today.
Shares in GMN are trading for 6.3 cents each in a company market cap valued at $36.28 million.