- Gold Mountain (GMN) releases its September quarterly, highlighting drilling at the Mt Wipi Prospect in Papua New Guinea (PNG)
- Drilling began in late August with a focus on the Northwest Copper anomaly to test an interpreted buried porphyry system
- Sampling at the anomaly intersected more than 1000 parts per million (ppm) copper in soils with a peak value of 2900 ppm copper associated with 0.52 g/t gold
- As of September 30, Gold Mountain had total available funding of just over $3.66 million, representing 2.9 quarters of use if spending levels remain the same
- Shares in Gold Mountain are up 5.26 per cent and are trading at 2 cents
Gold Mountain (GMN) has released its September quarterly results, highlighting drilling at the Mt Wipi Prospect in Papua New Guinea (PNG).
Drilling began in late August with a focus on the Northwest Copper anomaly to test an interpreted buried porphyry system.
Sampling at the anomaly intersected more than 1000 parts per million (ppm) copper in soils with a peak value of 2900 ppm copper associated with a value of 0.52 grams per tonne (g/t) of gold.
Excavation along the western edge of the anomaly highlighted a quartz diorite, diorite and quartz feldspar porphyry.
A further four holes have been planned to test the Northwest anomaly while an additional four will be drilled to test Targets 3 to 6.
Gold Mountain also intersected wide zones of copper and gold mineralisation in trench MWTR003 which returned a best result of two metres at 0.38 g/t gold, 0.32 per cent copper and 7.7 g/t silver from nine metres.
This mineralisation is associated with high levels of tungsten and tellurium, as well as moderate to weak traces of bismuth, tin and arsenic.
Capital raising
In mid-August, Gold Mountain undertook a $5.1 million one for three renounceable rights issue.
The funds were raised through the issue of 256 million fully-paid ordinary shares priced at 2 cents each.
Gold Mountain said it would use the money to advance its Wabag Project in PNG, conduct a detailed airborne geophysical survey and compile and review the extensive geological database.
Finances
Gold Mountain burnt through $483,000 in the quarter with the majority going towards administration and corporate costs.
The company also invested $771,000 in exploration and evaluation.
As of September 30, Gold Mountain had total available funding of just over $3.66 million, representing 2.9 quarters of use if spending levels remain the same.
Shares in Gold Mountain are up 5.26 per cent and are trading at 2 cents at 1:52 pm AEDT.