- Gold Mountain (GMN) switches its focus to the Mt Wipi tenement, located within the Wabag Project in Papua New Guinea
- After a review of airborne magnetic data, followed by soil sampling and trenching, the company made the decision to concentrate on Mt Wipi
- Five diamond holes drilled into the area returned visible anomalous gold, copper, silver, and molybdenum
- Gold Mountain says it believes there’s high potential a significant porphyry or skarn deposit being contained within the Mt Wipi lease, and as such will continue exploration work in the area
- Gold Mountain last traded steady at 0.7 cents
Gold Mountain (GMN) has switched its focus to the Mt Wipi tenement, located within the Wabag project in Papua New Guinea.
Gold Mountain’s Wabag project covers around 1230 square kilometres in the prospective Papuan Mobile Belt. The Papuan Mobile Belt is said to host one of the highest densities of world-class copper-gold and gold deposits in the world.
Gold Mountain has been systematically identifying, targeting, and testing a variety of targets across the project, which have characteristics consistent with the presence of a porphyry system.
As such, the company has now turned its current focus to the highly prospective Mt Wipi tenement.
The decision came after a review of airborne magnetic data, followed by regional stream sediment sampling, soil sampling and trenching.
Gold Mountain drilled five diamond holes into targets generated by geochemical sampling, which saw anomalous gold, copper, silver, and molybdenum observed in all five drill holes.
Gold Mountain said it believes there is a high probability of a significant porphyry or skarn deposit being contained within the Mt Wipi lease.
On-ground exploration work is ongoing at the tenement, with a review and analysis of all relevant data underway. The company said its intent is to develop the next targeted drilling program for the Kandum–Pully area of Mt Wipi.
Four trenches have been excavated to date at the Kandum–Pully area, with porphyry style alteration observed in all of the trenches excavated.
The company anticipates drilling results to arrive within four to six weeks.
Gold Mountain last traded steady at 0.7 cents at 2:09 pm AEST.