Gold Mountain has scored its highest ever gold assay at Mt Wipi. Pic: via Getty Images
GMN’s highest ever gold hit is another tick on the Mt Wipi scorecard
Mining
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Gold Mountain has intersected its highest ever drill hole gold assay, demonstrating the potential of the Mt Wipi project within its broader Wabag project in Papua New Guinea.
Hole 5 returned eight 1m intercepts over 0.1 grams per tonne (g/t) gold including the top result of 11.7g/t gold from 144m, almost 80% higher than the previous highest result of 6.54g/t gold in Hole 3.
Importantly, all five holes drilled at Mt Wipi have returned anomalous copper or gold values and are located southwest of the Kandum magnetic feature which is about 200m below the surface and could be a copper-gold porphyry intrusive requiring further testing.
Gold Mountain Limited (ASX:GMN) porphyry expert Phil Jones is pleased that the company continues to intersect high-grade gold as this highlights the mineralised potential for the Mt Wipi area.
“Recent aeromagnetic 3D inversion analysis, geochemical analysis and on the ground mapping and sampling shows the potential for Mt Wipi to host a buried porphyry system below Kandum,” he added.
“The next round of drilling to test this area is eagerly awaited.”
Chief executive officer Tim Cameron added that the company is awaiting multi-element assays results for Hole 5 and that the previous highest gold assay (Hole 3) had been drilled the closest to the magnetic anomaly.
Trenching is currently underway at Kandum while assays are currently being awaited from trenching and geological mapping at the adjacent Pully prospect.
Drill result
The company noted that the higher gold values in Hole 5 are associated with stronger fracturing of the rock and with localised alteration and bleaching, indicating that the gold is possible structurally controlled.
Adding further interest, in addition to the eight assays, the hole also returned 70 samples that recorded values over the detection limit for gold.
This indicates that the area adjacent to the hole has been subjected to gold bearing mineralised fluids.
This article was developed in collaboration with Gold Mountain, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
