- Gold Mountain (GMN) progresses exploration work at its Mt Wipi project in Papua New Guinea
- Mapping, sampling and trenching activities have been carried out at the Kandum and Pully prospects which are characterised by outcropping skarn mineralisation
- Renalysis work identified a strong magnetic feature believed to be open to at least a 1000-metre depth below surface which strengthens the porphyry potential of the project
- Gold Mountain plans to begin follow-up drilling at the Kandum and Pully prospects before the end of the month
- Company shares are up 11.1 per cent to trade at one cent
Gold Mountain (GMN) is progressing exploration work at its Mt Wipi project in Papua New Guinea.
The company has focused activities on the Kandum and Pully prospects, which are characterised by outcropping skarn mineralisation associated with large boulders containing high-grade iron and associated copper and gold mineralisation.
Gold Mountain said the “promising” geochemistry from rock chip sampling at the prospects are coincident with a high-intensity magnetic anomaly which is interpreted as a possible buried intrusive. The magnetic anomaly is 500 metres long by 400 metres wide.
The company is completing trenching in this prospective area and is also undertaking geological mapping and sampling program to finalise drill targets.
Trenching identified malachite and minor sulphides to a maximum of between 0.1 to three per cent copper minerals over narrow and wider trench intervals to around a 50-metre length.
“The porphyry potential has now been strengthened further with a reanalysis of the aeromagnetic data which has identified a strong magnetic feature at a depth of 200 metres below the summit of Mt Wipi,” Gold Mountain porphyry expert Phil Jones said.
“The magnetic feature is open to a depth of at least 1000 metres below surface and may be the causative intrusive of mineralisation and alteration at surface as well as higher temperature mineralogies identified in drill core,” he added.
Gold Mountain plans to begin drilling at the Kandum and Pully prospects before the end of this month. Drilling will It is also waiting on assays from a drill hole completed last month. Results are expected by mid-to-late March.
Company shares were up 11.1 per cent to trade at one cent at 3:30 pm AEDT.