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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: | 10/8/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 8-10-2018: Gold Mountain Ltd. announces an Exploration/Drilling Update report for its Mongai Creek deposit at the Wabag project. Drilling results incl. 1m @ 243g/t Ag, 0.8% Cu, 522ppm Co, 0.4% Ni, 0.7% W from 38m. Gold Mountain Limited, (ASX: GMN) is plea | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Doug Smith (Independent) | |
| ABSTRACT: | Gold Mountain Limited, (ASX: GMN) is pleased to announce the assay results for its maiden diamond drill hole from its Mongai Creek Project in the Enga Province, Papua New Guinea (Figure 1 & Figure 2). Results include a 1m interval of 243 g/t Ag, 0.8% Cu, 522 ppm Co, 0.4% Ni, and 0.7% W at 38m depth (Figure 3), representing part of a late-stage hydrothermal system in the Mongai Creek area (Figure 4). The frequency of base-metal -and Mo-bearing veinlets increases down hole (Figure 1 and Figure 3), as do the K, Cu, Zn, Mo and Pb grades (Figure 3), matching the logging by field geologists of more intense alteration zones further down the hole, and suggesting closer proximity to a mineralising fluid source. The drill core exhibits extensive stock-worked and sheeted-quartz-pyrite veins, accessory chalcopyrite and covellite, hosted by a porphyritic diorite characteristic of porphyritic Cu-Au mineralisation. Director of Exploration Doug Smith commented: “For a first drill hole in an exciting new and previously untested area, these results are very encouraging. Complementary to the mineralisation at surface, we’re seeing lots of signs down hole of a major porphyry system, which gives us some good vectors to focus our work going forward. We’re now going to take a bit of time to get maximum value from our data through good science, and with additional geochemical sampling in the field which we’ve initiated to better focus and target our next drilling programme.” The mineralisation is hosted in porphyritic diorite overprinted by phyllic (quartz-sericite-pyrite) alteration. The mineralised outcrops are contained within an elliptical rim of ~1.6 km x ~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. | |
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