Gold Mountain targets 3 large copper-gold anomalies with first ever diamond drilling campaign at Mt Wipi
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An initial four-hole program is due to kick off this month at the highly prospective and exciting Mt Wipi tenement, part of Gold Mountain’s Wabag porphyry project in PNG.
Gold Mountain (ASX:GMN) on the hunt for a porphyry monster in the valley of the giants known as the Papuan Mobile Belt, home to some of the world’s biggest gold and copper mines like Porgera, Grasberg and Ok Tedi.
Promising early exploration results at Mt Wipi — including rock chip samples containing up to 9.64% copper, 1.96 g/t gold and 100 g/t silver — delivered “strong coherent coincident copper, molybdenum and gold in soil anomalies” at three targets.
These strong drill targets are in a greenfield area which has not been subject to modern exploration until GMN was granted the exploration licence in Aug 2020.
Trench sampling and mapping across the highest geochemical anomalies in the target areas is either complete or ongoing to assist in the final siting of the four, ~250m long drill holes.
Target 1 is a +800m long, 250m wide copper-molybdenum-tungsten-indium anomaly.
Target 2 is a strong anomaly possibly indicating a base metal-gold vein bordering to a porphyry system under cover.
Meanwhile, Target 3 shows a strong copper anomaly which is ~five times the background readings.
The photograph below identifies the potential magnitude of the area relating to Target 1
In addition to the planned drilling program, additional soil sampling programs and regional stream sediment and rock chip programs continue.
The systematic and concentrated exploration programme that Gold Mountain has undertaken on the tenement over the last nine months has rapidly got it to the all-important drilling stage, chief exec Tim Cameron says.
“We have four holes planned in the Waa Creek drainage, with others planned as we continue our exploration on the lease and expand our geological reconnaissance programmes to other equally prospective parts of the tenement,” he says.
“The GMN geological team believe that the Mt Wipi area is highly prospective, which has been further highlighted by the results derived from rock chip sampling and soil sampling.
“The geological team also believe that the rest of the tenement is highly prospective, and they are keen to explore those areas.”
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.