- Gold and copper explorer Gold Mountain (GMN) will recommence drilling at its flagship Wabag Project in October as COVID-19 restrictions ease
- Drilling at the project has been paused for six months and during that time the company has re-evaluated all the drilling data
- A detailed review of the first seven holes at the Monoyal Prospect has been completed
- Using the results of this review, the company is planning a four-hole, 2800-metre program of deep drilling
- Just before market close, Gold Mountain is up 10 per cent and trading for 4.4 cents per share
Gold and copper explorer Gold Mountain (GMN) will recommence drilling at its flagship Wabag Project in October as COVID-19 restrictions ease.
The drilling was paused for six months, and during this time Gold Mountain re-evaluated all the drilling data and initiated further studies.
A detailed review of the first seven holes at the Monoyal Prospect has been completed.
Following the review, conducted by porphyry expert, Phil Jones, the company has identified drill hole locations to target below the copper and copper and molybdenum mineralisation intersected in the first seven holes.
“After reviewing the data from GMN’s first seven holes, I am confident that exploration has identified a large copper-molybdenum tonalite porphyry system,” Phil said.
“Additional drilling is required to test for potential high-grade mineralisation at depth given that trace element geochemistry suggests that the current drilling appears to be located in the upper portions of the porphyry system,” he explained.
The drilling program will be undertaken in two stages — the first will include an initial two holes with a target depth of 700 metres and 750 metres.
In the second stage, another two holes are planned for the Monoyal area after petrological and geochemical vectoring work has been completed.
CEO Tim Cameron is pleased to be able to recommence drilling at Wabag.
“Gold Mountain has used this time constructively to continue regional exploration programs, appoint a porphyry expert, review all the drill data for Monoyal, undertake detailed petrological work and engage a geochemist who specialises in porphyries to study our data,” he said.
“This drilling programme will test the deeper parts of the mineralised porphyry system at Monoyal and Mongae with the view that the tenor of mineralisation will increase with depth, and that we will intersect the high-grade potassic core of the system,” he added.
Just before market close, Gold Mountain is up 10 per cent and trading for 4.4 cents per share at 3:50 pm AEST.