Gold Mountain closing in on magical porphyry prize at Mt Wipi
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Gold Mountain is mapping out new drill targets at the Kandum and Pully prospects, to test a possible porphyry intrusion identified at its Mt Wipi project.
The update follows detailed mapping and trenching that identified sediment lithologies including limestone and siltstones intruded by a feldspar porphyry.
Gold Mountain Limited (ASX:GMN) notes this area has been shown to be cut by significant structures which have intersected and displaced some of the shallow dipping sediments into near vertical positions.
Additionally, malachite and minor sulphides including pyrite, chalcopyrite, covellite and chalcocite have been identified over narrow and wider trench intervals to around 50m length.
The company added that 3D inversion modelling of the regional aeromagnetic data in the vicinity of the Kandum and Pully areas returned a distinct “magnetic high feature” located about 200m from surface near Kandum.
“We are at an important juncture where results from the various exploration data sets appear to be strongly highlighting the Kandum-Pully area,” porphyry specialist and consultant Phil Jones said.
“Original surface geochemistry and mapping surveys at Mt Wipi delineated porphyry potential and more recent drilling results, combined with recent detailed exploration at Kandum-Pully, has further highlighted proximal porphyry indicators.”
“The porphyry potential has now been strengthened further with a reanalysis of the aeromagnetic data which has identified a strong magnetic feature at a depth of 200m below the summit of Mt Wipi.”
He added that the feature is open to a depth of at least 1000m below surface and may be the causative intrusive of mineralisation and alteration at surface as well as higher temperature mineralogies identified in drill core.
The results indicated that already-promising drill results — such as 1m at 6.54 grams per tonne gold in drill hole MWD003, the Company’s highest drill hole gold result to date — to the southwest and above the magnetic high may have been drilled on the periphery of a porphyry system.
Gold Mountain is currently completing a series of trenches over this prospective area as well as undertaking a detailed geological mapping and sampling program prior to finalising drill targets.
It plans to start drilling at the two prospects by mid to late March.
Gold Mountain is also in the process of conducting a $2.1m capital raise which will close on March 15. Proceeds from the raise will be used to progress the Company’s exploration program including drilling at the two prospects.
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.