GOLD Mountain Limited (ASX: GMN) continues to strike exploration success with its ongoing targeted diamond drilling programme at the Monoyal Prospect at its flagship Wabag Project in the Papua New Guinea Highlands.
Assays from the latest DD hole as Wabag assay showed that it intersected a broad, 124 m zone of >1,000 ppm Cu and >100 ppm Mo from a down-hole depth of 125 m. Contained within this intercept are narrower high-grade zones.
A further analysis of the geochemical data by GMN’s consultant geochemist indicates that the Au values in the mineralised intervals in the hole are approaching those that would typically be expected in a porphyry. In some parts of the system, the Mo is well-coupled with Cu, but the bottom of the hole has some relatively high Mo values without Cu.
The Cu itself is significantly anomalous over long intervals, but still below the kind of grades that are seen in other porphyry deposits globally. With respect to alteration accompanying the Cu, Au and Mo; some fluid mobile elements are strongly enriched, where the high Au and Mo assays at ~173 m are present there is potassic alteration in the drill hole.
CEO, Tim Cameron, said that based on the current data, Gold Mountain believes it is drilling a significantly anomalous part of the system and are likely moving in the right direction to find the core of the system.
“We have now received the results from the first two holes at Monoyal, and to say we are encouraged is an understatement,” Mr Cameron said.
“Both holes intersected broad zones of anomalous mineralisation, with MCD004 showing higher levels of both Au and Mo than were intersected in MCD003.
“We are further tantalised by the near-economic Cu, Au and Mo grades encountered in portions of MCD004.
“Using the geochemical data from these holes and the holes we are currently drilling we hope to be able to vector in to identify where the higher-grade, more- mineralised, core of the system is hiding.
“The company is only getting started in exploring what it believes is a large porphyry system, and in its view, is a step closer to a significant discovery.”
Mr Cameron said the nine-hole targeted drilling programme at the Monoyal prospect remains the key focus for the company, with three holes now completed.
It is expected that assay results for the third hole will be available in late March or early April.
Drilling has commenced on the fourth hole in the Monoyal programme, which is currently at a depth of 270.10 m. It is expected that this hole will be completed in the first week of March.