Since our September 2017 update, Gold Mountain Limited (“Gold Mountain” or “the Company” has made significant progress on its 2,279 km2 Wabag Project (“Wabag” or “the Project”) in the Central Highlands of Papua New Guinea.
In our view the most significant event has been the recent discovery of the Mongae Creek porphyry copper prospect, with the second of two holes drilled to date intersecting up to 55m @ 0.11% Cu amongst others in what appears to be a very large system; the hole also displayed typical porphyry style veining, alteration and mineralisation. The potential of this discovery cannot be understated – although the tenor of mineralisation of holes drilled to date is sub-economic, they provide a vector to higher grade mineralisation; porphyry systems can be very large and commonly the tenor of mineralisation is gradational from the margins to centre of the system.
