- Gold Mountain (GMN) has identified three high-priority target areas at the Mt Wipi prospect which is part of the Wabag Project in Papua New Guinea
- These targets contain anomalous copper, gold, and pathfinder elements which were discovered through a soil sampling program
- Of the 550 samples collected so far, Gold Mountain has received assays from 390 samples and will use the findings for an upcoming drill program
- Drilling will include between five and 10 holes and is expected to begin next month
- Company shares are trading down 2.44 per cent at 4 cents each
Gold Mountain (GMN) is advancing a soil sampling program at the Mt Wipi prospect which is part of the Wabag Project in Papua New Guinea.
The reconnaissance sampling work aimed to collect weathered bedrock sitting below the organic soil horizon to conduct a multi-element analysis which was hoped to lead to uncovering new areas that may host porphyry or skarn deposits.
Of the 550 soil samples collected so far, the company has received results for 390 samples.
Pleasingly, the initial results have shown that Mt Wipi hosts at least three target areas that contain anomalous copper, gold and pathfinder elements including tellurium, bismuth, tin, and tungsten. Values include 439 parts per billion (ppb) gold, 54ppb gold and 41ppb gold.
“These target areas lie immediately adjacent to strong copper/gold anomalism returned from previous rock chip and stream sediment sampling and are associated with a possible northwest-southeast structure evident in the airborne magnetic data,” GMN porphyry expert Phil Jones said.
Company CEO Tim Cameron is also pleased with the presence of elevated gold and copper found at the prospect.
“I am very excited by what the team is finding in the exploration program at Mt Wipi. I have asked our field team to fast track the anomalies identified in the soil program to drillable targets so that we can start drilling at Mt Wipi in June,” he said.
Once the anomalous areas have been infilled and trenches have been excavated, Gold Mountain will use the resultant information to begin drilling.
The program will include between five and 10 holes and is expected to start next month.
Company shares are trading down 2.44 per cent at 4 cents per share at 10:19 am AEST.