- Gold Mountain (GMN) has discovered wide zones of copper mineralisation at the Monoyal prospect in PNG
- While waiting for results of drill holes, the company has been undertaking geological mapping, trenching and rock chip sampling of areas surrounding the prospect
- Much to Gold Mountain’s delight, heavy rains and flooding at Monoyal has helped the company by exposing fresh mineralised outcrop
- First observations indicate that Monoyal may be more extensive than first thought
- The heavy rains also contributed to three streams getting “flushed out” and revealing wide zones of mineralised tonalite
- Gold Mountain has ended the day 3.77 per cent in the green with shares trading for 5.5 cents each
Gold Mountain (GMN) has discovered wide zones of copper mineralisation at the Monoyal prospect.
The Monoyal prospect is a copper-molybdenum-gold porphyry target located at Gold Mountain’s primary Wabag Project in Papua New Guinea.
Mineralisation at the prospect is extensive and it remains open to the northeast.
While waiting for results of drill holes, the company has been undertaking geological mapping, trenching and rock chip sampling of areas surrounding the prospect.
Much to Gold Mountain’s delight, heavy rains and flooding at Monoyal has helped the company by exposing fresh mineralised outcrop.
First observations indicate that Monoyal may be more extensive than first thought.
The targeted zone of interest is now believed to span a length of three kilometres and a width of one kilometre.
The heavy rains also contributed to three streams getting “flushed out” and revealing wide zones of mineralised tonalite.
These streams — Monoyal Creek, Nale Creek, and Mabob Creek — have been mapped and sampled.
Furthermore, as of May 20, two trenches have been excavated and approximately 250 samples have been collected and are currently being analysed.
A further three trenches have been planned.
“Despite the constraints imposed on the company due to the COVID-19 situation, our field team has been able to continue exploring the Monoyal area and generate vital data to assist us in our search for a large copper-molybdenum-gold porphyry system,” CEO Tim Cameron stated.
“Nature has definitely worked in our favour with the localised flooding revealing extensive zones of mineralised outcrops which has allowed us to get a better understanding of the style of mineralisation at the Monoyal prospect and its areal extent,” he said.
Gold Mountain has ended the day 3.77 per cent in the green with shares trading for 5.5 cents each in a $34.47 million market cap.