GOLD Mountain Limited has added an important piece to the exploration picture it is pulling together in Papua New Guinea’s highlands with the strategic acquisition of a new permit.
The company has entered into an acquisition agreement with Khor Eng Hock & Sons (PNG) Limited to acquire a 70% interest in the tenement EL92306 (Abundance Valley), which adjoins Gold Mountain’s “flagship” Crown Ridge project area.
Gold Mountain’s director – Exploration, Doug Smith said the company is building a strong position around Crown Ridge.
“The Crown Ridge target area, which is 3.8 km long and 2.2 km wide, has been the source area for the alluvial gold mined by local people in the Timun River since the 1940s,” Mr Smith said.
“Gold Mountain is confident that the acquisition of EL-2306, which encompasses the northern half of the caldera target and hosts free gold and platinum occurrences, will strengthen the upcoming and any future exploration drill programmes.
“The relative proximity, and geological affinity to Porgera (with more than 20 million ounces gold produced) is a testament to the potential of Gold Mountain’s tenement holdings, which now cover more than 2,000 square kilometres in a highly prospective region,” Mr Smith added.