PNG minerals explorer Gold Mountain Limited believes it is on target to find the main mineralised zone at its new K-Lam copper prospect at Mongae Creek in the PNG Highlands.
The company said assay results from its latest drill hole (MCD002) and results of its reconnaissance exploration programme of the newly discovered K-Lam prospect within its flagship Wabag project area have shown an improvement in grade on previous resuls.
Assay results for MCD002 down to end of hole (356.4m) included:
- 55m @ 0.11% Cu from 103m; including 1m @ 0.2% Mo from 129m
- 49m @ 0.12% Cu from 165m, including 10m @ 0.22% Cu from 183m;
- 10m @ 0.09% Cu from 228m; and
- 75m @ 0.10% Cu from 264m; with only minor enrichment in other ore and pathfinder elements.
Rock chip outcrop samples from K-Lam prospect assayed 2.01 g/t Au and 0.39% Cu. Veins hosted by a tonalite which is very similar in characteristics to the porphyry- style Cu-Au mineralisation that was intersected in drill holes MCD001 and MCD002. Veining continues upstream for at least another 40 m.
Gold Mountain’s managing director Tony Teng said these results are significantly better than those for MCD001 and suggest that drilling is getting nearer the centre of the mineralised system.
“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,” Mr Teng said.
Gold Mountain now intends to undertake detailed geological mapping and rock chip sampling, upstream and downstream of where samples were collected to determine the extent of the mineralisation.