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Gold Mountain Ltd.
Summary
| Project: | Wabag | |
|---|---|---|
| Deposit: | Mongai Creek | |
| Location: | Papua New Guinea | |
| Commodities: | Gold-Silver-Copper-Cobalt-Nickel-Tungsten | |
| Date: | 11/30/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 30-11-2018: Gold Mountain Ltd. announces an Exploration/Drilling Update report for its Mongai Creek deposit at the Wabag project. Drilling results incl. 55m @ 0.11% Cu from 103.0m. Tony Teng, Managing Director, commented: “this confirms what we reported b | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Doug Smith (Internal) | |
| ABSTRACT: | Tony Teng, Managing Director, commented: “this confirms what we reported before from Gold Mountain’s geologists observations: we are getting closer to the centre of the mineralised system and are seeing all the signs that we’re on the right track towards discovery”. Gold Mountain Limited, (ASX: GMN) is pleased to announce an update on assay results from its drill hole MCD002 and results of its reconnaissance exploration programme of the newly discovered K-Lam prospect within its flagship Wabag project in Papua New Guinea (Figure 1 & Figure 2). Mongae Creek: New assay results for MCD002 Assay results for MCD002 down to end of hole (356.4m) were received from ALS Laboratories, Townsville, Australia, on Thursday 29 November 2018. These results include: with only minor enrichment in other ore and pathfinder elements (Figure 1). The intervals are calculated at a 0.07% Cu cut-off grade, allowing 3m maximum internal dilution intervals. The true widths of intersections are not known; however, at this stage, veining is expected to be steep. Mineralisation corresponds to the intervals in MCD002 that were reported as “variably brecciated and altered tonalite” with “increasing vein density” in GMN’s previous ASX release of 15 November 2018. The mineralisation is hosted in a porphyritic tonalite overprinted by phyllic (quartz-sericite-pyrite) alteration. The mineralised outcrops are contained within an elliptical rim of ~1.6 km by ~1.2 km. Drainage sheds from both sides of the narrow elliptical rim where coarse and angular gold have been panned (Figure 1). Inspection of artisanal workings confirmed that gold is shedding from the altered intrusive rocks in the hills flanking the drainage. Full results and location information are provided in Table 1 and Appendix 2. More detail on technical procedures is provided in Appendix 1. Following releases of the drill results and main elements of economic interest, the Company will now work to extract as much value as possible from this drill hole by integrating petrographic observations and X-ray diffraction data, and integrate these data to ensure that a data-driven exploration program continues. | |
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