Gold Mountain hits widest porphyry copper-molybdenum intercept to date at Monoyal-Mongae

Gold Mountain Ltd (ASX:GMN) has intersected the longest zone of copper mineralisation to date at the Monoyal-Mongae prospect while progressing exploration at the company’s flagship Wabag Project in Papua New Guinea. As a part of the exploration of the Monoyal-Mongae area, hole MCD008 was drilled to a depth of 684.3 metres into a large low-grade porphyry system. The company intercepted 175 metres grading 0.11% copper and 65 parts per million (ppm) molybdenum from 279 metres, using a 700ppm copper cut-off grade with 3-metre internal dilution. Individual 1-metre samples assayed to 0.32% copper, 3,000ppm molybdenum and 1.68 g/t gold. If the copper cut-off is reduced to 500ppm with 3-metre internal dilution the intercept width increases to 240 metres at 0.10% copper and 88ppm molybdenum. Molybdenum values Anomalous molybdenum values are present to the end of the hole with the last 94 metres grading 133ppm molybdenum, which indicates that the Wale Batholith is mineralised and prospective. The assay indicates that the Monoyal prospect contains a large low-grade porphyry, however to date no economic grade intercepts have been intersected. MCD009 Another hole, MCD009, was completed to 637 metres and was stopped at this depth due to the limited depth capability of the rig combined with the adverse ground condition. The hole intersected the Wale Batholith in the top 309 metres and at sporadic intervals for the remainder of the hole. The tonalite is intruded by what appears to be a younger micro-dioritic intrusive, which exhibits strongly potassic alteration compared with holes MCD001 to MCD008. MCD009 appears to contain more magnetite, quartz, epidote and iron pyrite veining than observed in MCD003-008. Chalcopyrite and molybdenum veins have also been observed, however, both of these minerals occur predominately on fracture surfaces. Mt Wipi Exploration on the Mt Wipi tenement is ongoing with a soil sampling grid over the Waa Creek area nearing completion. This program has been designed to cover a distinct magnetic low adjacent to a well-defined structure. The soil grid covers an area surrounding Waa Creek where previous stream sediment and channel samples returned anomalous copper and gold assays. To date more than 250 soil samples have been collected from the B horizon with a hand auger. Over the next six months, GMN will continue exploration along the margins of the Wale Batholith with soil sampling and stream sediment sampling occurring at a pace at Mt Wipi and Lombokai. all the data from the soil program has been analysed and interpreted, GMN will then be able to identify additional drill targets. “Maximise exploration success” Gold Mountain CEO Tim Cameron said: “We are thrilled that we have intersected the widest zone of copper mineralisation recorded at Monoyal and Mongae to date, and it vindicates our considered approach to exploration whereby we are taking a staged approach to hole targeting by analysing the geochemistry and petrology of the drill holes before selecting a new site. “This approach, I believe will maximise our exploration success. “The data from MCD008 will further enhance our knowledge of the area, we have only drilled eight holes into what is a very large system and these results will provide us with additional targets. “I am convinced we are on the path to a discovery and each hole leads us a step closer to our goal.” Drilling will continue at Monoyal and Mongae and it is expected that the fieldwork being undertaken at these prospects is a precursor to anomaly identification and drilling.