Gold Mountain honing in on major discovery in PNG
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SPECIAL REPORT: With every update from its diamond drilling program at the Monoyal prospect within its Wabag Project in Papua New Guinea, Gold Mountain Limited gets closer to confirming the discovery of a major copper-gold porphyry system.
In early May, Gold Mountain (ASX: GMN) reported that initial analysis of core from the fifth hole drilled as part of the programme, MCD007, indicated it could contain the highest levels of copper and gold mineralisation intersected at Monoyal to date.
The company said the style of mineralisation observed in the core was similar to that returned from previous holes, but the key difference was that the mineralisation was observed as disseminations in the host rock, which suggests significantly greater alteration.
Gold Mountain also stated that because MCD007 was the first hole drilled on a north-west orientation, it appears to have intersected more mineralised structures than previous holes.
The portable XRF (pXRF) gun was applied to the core and showed several anomalous measurements of copper with an intercept of 78m at 0.26% copper including 21m at 0.54% copper.
pXRF technology allows on-the-spot analysis of drill core, but it is generally not considered as reliable as lab assays in reflecting the amount of contained mineralisation.
Commenting on hold MCD007, Gold Mountain CEO Tim Cameron said: “Each consecutive hole at the Monoyal prospect is yielding additional valuable data allowing us to narrow down our target area.
“I am increasingly confident that GMN has discovered something substantial at Monoyal and with continued drilling, we will be able to start outlining a resource.”
Gold Mountain expects to receive assays from the third (MCD005), fourth (MCD006) and fifth (MCD007) holes during the months of May and June.
Drilling is anticipated to recommence at Monoyal once the COVID-19 restrictions in PNG have been eased.
“We are using this pause in drilling while we await assays to excavate additional trenches and undertake more geological mapping of Monoyal, which will allow us to amend our current drilling programme if required and more importantly plan for additional drilling,” Cameron said.