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- Gold Mountain (GMN) has resumed drilling at the Monoyal Prospect within the Wabag Project in Papua New Guinea (PNG)
- After a review of the geochemical, geological and structural data, Gold Mountain’s porphyry expert has suggested the holes completed to date have only tested the top part of a large system
- The expert believes that the main zone of mineralisation could potentially occur at depths below the current drilling
- Two areas have been identified for immediate drilling with each to be drilled to a depth of 750 metres
- If results warrant it, an additional two holes will be planned and drilled
- Gold Mountain has ended the day with no change and shares trading for 4.3 cents
Gold Mountain (GMN) has resumed drilling at the Monoyal Prospect within its flagship Wabag Project in Papua New Guinea (PNG).
All drilling and geological data from Monoyal has been re-evaluated and further studies have begun on data already collected from holes MCD001 to MCD007.
After a review of the geochemical, geological and structural data, Gold Mountain’s porphyry expert has suggested that the holes completed to date at Monoyal have only tested the top part of a large system.
The expert believes that the main zone of mineralisation could potentially occur at depths below the current drilling.
Two areas have been identified for immediate drilling with each to be drilled to a depth of 750 metres.
Based on the results from these two holes, an additional two will be planned and drilled.
“I am delighted that the company has restarted drilling at our Flagship Wabag Project. The field teams have worked hard to make this happen, especially during these difficult times related to operating in a COVID environment,” CEO Tim Cameron said.
“I remain confident that GMN is sitting on very prospective ground and eagerly await the outcomes of the next phase of drilling at Monoyal along with initial exploration activities at Mt Wipi in our quest to discover the next significant porphyry deposit in PNG,” he added.
Gold Mountain has ended the day with no change and shares trading for 4.3 cents each in a $29.65 million market cap.
