Gold Mountain Limited (ASX:GMN) is preparing to resume exploration at the highly prospective Mt Wipi copper – gold – molybdenum prospect in Papua New Guinea (PNG).
“I am pleased to inform our shareholders that on-ground exploration activity is resuming at our Wabag Project in PNG,” Chief Executive Officer and Managing Director, Tim Cameron, said.
“Over the last eight months, on-ground exploration activities at PNG have been impacted, first by the PNG elections, then due to the onset of the wet season.
“During this time our team has been re-evaluating the Mt Wipi data and have come up with five targets which require immediate follow up work.
“The concentration of copper – gold and molybdenum mineralization intersected in the trenches excavated at Mt Wipi’s Pully Prospect I find particularly exciting, and it reconfirms that the Pully area is highly prospective for porphyry style mineralization. Our team will be focused on further defining the extent of the mineralization at Pully to identify high confidence drill targets in the coming months.”
The exploration teams are currently being mobilised, with exploration activities planned to commence in the second week of March.
Gold Mountain will concentrate efforts at the Mt Wipi Project area, and specifically at the Kandum and Pully prospects, where trenching in late 2021 and early 2022 defined strong copper (+ gold) anomalies in trenches. The Kandum – Pully prospects are associated with strong magnetic anomalies with Kandum located immediately adjacent to the vertical projection of a magnetic high feature modelled at a depth of 250m. The Pully prospect area is associated with a strong magnetic low feature, with a modelled depth of between 200m to 300m.
Trenching at the Pully project returned intercepts of:
➢ 53 m @0.32% Cu in MWTR008 from 0m, inc. 17m @0.53% Cu2 ➢ 50m @0.10% Cu in MWTR009 from 28m
➢ 26m @0.14% Cu in MWTR010 from 36m
➢ 28m @0.14% Cu in MWTR010 from 0mMWTR009
Gold and molybdenum is associated with the copper anomalism to varying degrees of intensity.
Exploration work at Pully will involve extending the trenches, additional mapping and rock chip sampling in order to better understand the geology and geochemistry of the prospect in order to identify high confidence drill targets. Additional trenches will be excavated along strike of the Pully trenches in order to better delineate the extent of the copper mineralization.
Target 3 is located on a pronounced ridge where two soil samples returned values of +500ppm Cu. The soil samples are located west of MWTR011 and are to be located on a possible structure which appears to be the contact zone between the magnetic high and low features. Additional soil sampling, mapping and rock chip sampling and possible trenching is planned for this target.
Target 4 is located on a ridge with poor geological exposure west of diamond drill hole MWD001, which was the drill hole which exhibited the greatest degree of alteration and mineralization. Rock chip sampling along this ridge returned values of +2000ppm Cu. Additional soil sampling, mapping and rock chip sampling and possible trenching is planned for this target.
Target 5 is targeting the intense magnetic high at Kandum where two sequential soil samples returned values of 1,000ppm Cu. The soil anomaly is open with mapping and rock chip sampling required to further evaluate this area.
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