Gold Mountain (ASX:GMN) hits highest gold results to date from Mt Wipi, PNG

• Junior explorer Gold Mountain (GMN) reports its highest drill hole gold results to date from assays of two more holes at its Mt Wipi prospect in Papua New Guinea
• The assays come from the third and fourth holes of an ongoing drilling program at the prospect, with a fifth hole busy being drilled at 465 metres deep
• The best new assay results include a one-metre hit and 6.54 grams of g/t gold from 115 metres in the third hole and an 18-metre hit at 0.21 g/t gold from 240 in the fourth hole
• Gold Mountain says multi-element assays have been received for the third hole and recorded anomalous copper, gold, and silver mineralisation
• Shares in Gold Mountain spike 7.14 per cent today to trade at 1.5 cents each as of 3:16 pm AEDT

Junior explorer Gold Mountain (GMN) has reported its highest drill hole gold results to date from assays of two more holes at its Mt Wipi prospect in Papua New Guinea.

The assays come from the third and fourth holes, dubbed MWD003 and MWD004, of an ongoing drilling program in the project area.

Assay results include a one-metre hit and 6.54 grams of gold per tonne (g/t gold) from 115 metres in the third hole and an 18-metre hit at 0.21 g/t gold from 240 in the fourth hole.

Gold Mountain said multi-element assays had already been received for hole three, with spot highs of one metre at 0.2 per cent copper, two metres and 16/1 g/t silver, and one metre at 187 parts per million (ppm) molybdenum recorded from the hole.

The company said it recorded anomalous copper, gold, and silver mineralisation throughout the entire length of the third hole.

Multi-element assays are still pending from the fourth hole.

Meanwhile, Gold Mountain said wide zones of alteration and mineralisation were being observed in the fifth hole of the program, which is currently drilling at 465 metres deep.

Gold Mountain CEO Tim Cameron said he was “very encouraged” that MWD003 and MWD004 had returned the company’s highest gold drill hole results to date.

“The mineralisation we are observing in MWD005 is confirmation that we are exploring a very large mineralised system,” Mr Cameron said.

“These gold intercepts and associated alteration contained within broad zones of mineralisation are, in my opinion, very significant and build my confidence that we are getting closer to a major find.”

He said the company’s Papua New Guinea team was focused on identifying new prospects in the country, while the Australian team was working to analyse drill results to help focus additional drilling to maximise the chance of making an economic discovery.

As for the company’s regional exploration work in the area, Gold Mountain has collected 383 rock chip samples from the southwestern part of its Mt Wipi prospect to identify prospects for future follow-up work.

“The ongoing discovery of highly mineralised rock chip results from the Mt Wipi-Sak Creek-Monoyal structural corridor also reinforces our belief that the broader Wabag Project is highly prospective and additional targets will emerge,” Mr Cameron said.

Shares in Gold Mountain spiked 7.14 per cent today to trade at 1.5 cents each as of 3:16 pm AEDT. The company has a $24 million market cap.