Much, much bigger: Best ever gold assays point to Mt Wipi largesse

Gold Mountain achieves highest-grade gold drill assays to date, moving closer to what may be the real prize at its Mt Wipi project in Papua New Guinea.

Assays from the third and fourth holes have returned 1m at 6.54 grams per tonne (g/t) gold from a depth of 115m (MWD003) and 18m at 0.21g/t gold from 240m (MWD004) while wide zones of alteration and mineralisation are being observed in the fifth hole. In addition, significant rock chips assays for copper, gold and molybdenum confirm the presence of a mineralised corridor that extends 17km from Mt Wipi though Sak Creek and into Monoyal.

MWD003 has been particularly interesting for Gold Mountain (ASX:GMN) given assays returned spot highs of 1m at 0.2% copper, 2m at 16.1g/t silver and 1m at 187 parts per million moly, an indication the hole was likely drilled on the periphery of a porphyry system.

Signs everywhere

This is further supported by the anomalous gold in hole and the fact chalcopyrite and moly were observed on fracture surfaces and in veins throughout the hole.

Meanwhile, the anomalous gold mineralisation intersected in MWD004 is associated with a mineralised skarn and is believed to be the down dip extension of surface channel samples which recorded 35m at 0.36% copper. Multi-element results, including copper and moly from hole MWD004 are yet to be received and there are high expectations from hole MWD005 that is currently at a depth of 465m where assay results are pending.

“I am very encouraged that holes MWD003 and 004 have returned the Company’s highest gold drill hole results to date. The mineralisation we are observing in MWD005 is confirmation that we are exploring a very large mineralised system,” chief executive Tim Cameron said.

“These gold intercepts and associated alteration contained within broad zones of mineralisation are in my opinion very significant and build my confidence that we are getting closer to a major find.”

Method to the mineral

He added that the results support the company’s exploration methodology where mineralisation has been intersected in holes drilled to follow-up on zones of copper and gold geochemistry identified in soil sampling and trench samples.

Additional regional exploration work has delivered significant rock chips assays for copper, gold, and molybdenum, in conjunction with porphyry pathfinder elements that confirm the presence of a mineralised corridor that extends 17km from Mt Wipi though Sak Creek and into Monoyal.

Gold Mountain

Notable rock chip results received to date include 37.3g/t silver, 13.76% copper, 20.93% zinc, 478ppm molybdenum and 343g/t silver.

“The ongoing discovery of highly mineralised rock chip results from the Mt Wipi – Sak Creek – Monoyal structural corridor also reinforce our belief that the broader Wabag Project is highly prospective and additional targets will emerge,” Cameron noted.

Papua New Guinea’s hidden largesse

Drilling is currently underway at MWD005, which was drilled test two zones of mineralisation which were intersected in trench MWTR003, including: 37m at 0.24g/t gold, 0.25% copper and 5.4g/t silver from 6m and 62m at 0.20g/t gold, 0.18% copper and 4.65g/t silver from 145m.

Gold Mountain’s regional exploration program at the highly prospective Kandum and Pully prospects and more broadly in the Mt Wipi – Sak Creek – Monoyal structural corridor is also ongoing.

These results are now being compiled and analysed to identify additional high priority targets in this expanding mineralised corridor.

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.