- Gold Mountain’s (GMN) trench results confirm porphyry potential at Mt Wipi, within the Wabag project in Papua New Guinea
- All three trenches intersected copper mineralisation over 0.1 per cent, with one intersecting a 52-metre zone at 0.32 percent copper, including a 17-metre zone at 0.53 per cent copper
- According to Gold Mountain, these are the highest copper intercepts it has recorded within the tenements at Wabag
- Gold Mountain is currently waiting on assay results from a further three trenches
- GMN is down 16.7 per cent and trading at 0.5 cents per share at 1:43 pm AEST
Gold Mountain’s (GMN) trench results have confirmed porphyry potential at the Mt Wipi prospect, within the Wabag project in Papua New Guinea.
The company has received assays from three trenches within the Kandum-Pully area, with all three trenches encountering copper mineralisation over 0.1 per cent.
The best result was from MWTR008 which intersected a 52-metre zone of copper mineralisation assaying at 0.32 per cent copper. The intersection also includes a higher grade zone of 17 metres at 0.53 per cent copper.
According to Gold Mountain, these are the highest copper intercepts it has recorded within the tenements at Wabag.
CEO Tim Cameron believes the company is nearing the “discovery” stage at Mt Wipi.
“ All geological indications at the Kandum – Pully area (Mt Wipi prospect) were indicating that we are exploring in a highly prospective area, with these trenching results on surface (significant copper mineralisation with trace gold) confirming this,” he said.
“Further analysis of all existing data along with the outstanding assay results will greatly assist in the development of the next targeted drilling campaign, where we hope to reward all shareholders and stakeholders with significant drill results. Very exciting times ahead for all.”
Gold Mountain is currently awaiting assay results from a further three trenches.
On the market, GMN shares were down 16.7 per cent and trading at 0.5 cents each at 1:43 pm AEST.