Gold Mountain adds to tally of drill ready targets at Mt Wipi
Gold Mountain’s recent soil sampling program uncovers a further three drill targets at the Waa Creek area within the Mt Wipi project – bringing the company’s drill ready targets to six. The discovery of a 12.5 g/t gold rock chip sample and significant alluvial gold has extended the size of the exploration area offering potential for further porphyry style mineralisation.
The data shows two possible intrusives in the Mt Wipi area, one which is mineralised and appears to be associated with copper skarn style mineralisation. This has been validated by a third-party porphyry expert.
Gold Mountain (ASX:GMN) now plans to drill six diamond drill holes into these targets.
“The additional soil geochemical data we have now received for the Waa Creek area further increases my confidence that we have something special at Mt Wipi,” CEO Tim Cameron said.
“I am particularly encouraged by the fact that the peer review of the geochemical data has confirmed the conclusions and targets.
“It is hard to believe that, in such a short time, Gold Mountain has produced six drill ready targets, all of which have the potential for a discovery.
To date, only 5% of the tenement area (EL2632) has been covered by sampling programs and the company expects that – as exploration extends out from the Waa Creek area – additional prospects will be discovered.
“In under twelve months the Mt Wipi Project has gone from a single copper rich sample to a highly anomalous area comprising of multiple exciting drill targets that will be tested for porphyry copper-gold and associated skarn style mineralisation,” Gold Mountain’s porphyry expert Phil Jones said.
“The soil data shows highly anomalous copper- molybdenum mineralisation associated with diorites and quartz feldspar porphyry in the North-West portion of the grid and highly significant porphyry pathfinder element anomalies straddling a non-mineralised interpreted intrusive in the South-East of Mt Wipi.”
Jones said the anomalous zones have now been shown to be part of a large, complex and anomalous geochemical system – with additional work at Mt Nemai identifying serious potential for the definition of further porphyry style mineralisation with outcropping malachite, chalcopyrite and molybdenum.
“Significant alluvial gold has also been identified in Laraket Creek and a rock chip sample, MWR076, collected close to Mt Nemai has returned an assay of 12.5g/t gold,” he said.
Exploration at Mt Wipi is ongoing with new targets identified at Mt Nemai.
“We now have six highly prospective drill targets at Mt Wipi, and I am excited to see what we will find as they are drilled,” Cameron said.
“We have also identified other areas in the tenement which are anomalous in gold and copper, with the most recent being Mt Nemai, and we believe we have only scratched the surface with exploration within this highly prospective lease.”
This work will commence once the soil program at Mt Wipi has been completed.
This article was developed in collaboration with Gold Mountain Limited, 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.