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GOLD MOUNTAIN LIMITED - Corporate Spotlight

Gold Mountain Limited (ASX: GMN) is an Australian, publicly listed company exploring for... Gold Mountain Limited (ASX: GMN) is an Australian, publicly listed company exploring for world-class, porphyry copper-gold-molybdenum deposits in the highly prospective Papuan Mobile Belt (PMB) in Papua New Guinea.More

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Corporate Spotlight

Gold Mountain Limited (ASX: GMN) is an Australian, publicly listed company exploring for world-class, porphyry copper-gold-molybdenum deposits in the highly prospective Papuan Mobile Belt (PMB) in Papua New Guinea.
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GMN READY TO DRILL!

GMN ANNOUNCES $5.1M RIGHTS ISSUE

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Gold Mountain Mining (ASX:GMN) announces $5.1m rights issue

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Gold Mountain (ASX:GMN) - At the Mt Wipi Project - The Market Herald
At the Mt Wipi Project
Source: Gold Mountain

  • Gold Mountain Mining (GMN) will raise $5.1 million through a renounceable rights issue to further fund exploration work
  • GMN will also use the extra cash to help pay down its debts, with $1 million worth of loans and creditors to be repaid through subscribing under the offer
  • Under the rights issue, investors will be offered one new share for every three held, with new shares priced at 2 cents each —a 37 per cent discount
  • GMN will issue a new attaching option for every three new shares received, with an exercise price of 4 cents and a scratch date of 18 months

Gold Mountain Mining (GMN) will raise $5.1 million through a renounceable rights issue to further fund exploration work.


The company said it would also use the funds to help pay down its debts, with $1 million worth of loans and creditors set to be repaid through subscribing under the offer.


Under GMN's newly announced rights issue, investors would be offered one new share for every three held, with new shares priced at 2 cents each. The company said that price represented a considerable discount.


For every three new shares issued, GMN would issue an attaching option as well, with each option to have an exercise price of 4 cents and a scratch date of 18 months.


The rights issue has been partially underwritten by Mahe Capital for $2.05 million, while company directors have committed just over $643,000.


Gold Mountain plans to use the majority of the funds to further explore its Wabag Project, including a targeted drill program at the project's Mt Wipi area of Papua New Guinea.


GMN announced it would begin drilling Mt Wipi again later this month with the initial four-hole program set to focus on three previously defined exploration targets at the site.


Read the Full Article on The Market Herald here

GMN DISCOVERS DRILL TARGETS AT MT WIPI

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Gold Mountain (ASX:GMN) discovers drill targets at Mt Wipi

Mining

ASX:GMN
GMN reports new results at Mongae Creek in PNG
Source: Gold Mountain

  • Gold Mountain (GMN) has identified three high-priority target areas at the Mt Wipi prospect which is part of the Wabag Project in Papua New Guinea
  • These targets contain anomalous copper, gold, and pathfinder elements which were discovered through a soil sampling program
  • Of the 550 samples collected so far, Gold Mountain has received assays from 390 samples and will use the findings for an upcoming drill program
  • Drilling will include between five and 10 holes and is expected to begin next month

Gold Mountain (GMN) is advancing a soil sampling program at the Mt Wipi prospect which is part of the Wabag Project in Papua New Guinea.


The reconnaissance sampling work aimed to collect weathered bedrock sitting below the organic soil horizon to conduct a multi-element analysis which was hoped to lead to uncovering new areas that may host porphyry or skarn deposits.


Of the 550 soil samples collected so far, the company has received results for 390 samples.


Pleasingly, the initial results have shown that Mt Wipi hosts at least three target areas that contain anomalous copper, gold and pathfinder elements including tellurium, bismuth, tin, and tungsten. Values include 439 parts per billion (ppb) gold, 54ppb gold and 41ppb gold.


"These target areas lie immediately adjacent to strong copper/gold anomalism returned from previous rock chip and stream sediment sampling and are associated with a possible northwest-southeast structure evident in the airborne magnetic data," GMN porphyry expert Phil Jones said.


Company CEO Tim Cameron is also pleased with the presence of elevated gold and copper found at the prospect.


"I am very excited by what the team is finding in the exploration program at Mt Wipi. I have asked our field team to fast track the anomalies identified in the soil program to drillable targets so that we can start drilling at Mt Wipi in June," he said.


Once the anomalous areas have been infilled and trenches have been excavated, Gold Mountain will use the resultant information to begin drilling.


The program will include between five and 10 holes and is expected to start next month.


Read the Full Article on The Market Herald here

GMN POSTS INITIAL WABAG RESULTS

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  • Gold Mountain (GMN) has reported initial explorations findings from its copper-gold Wabag Project in Papua New Guinea
  • Key targets undergoing exploration at the project include Mongae-Monoyal and Mt Wipi 
  • Highlights from findings at the Waa Creek — which lies in close proximity to the Mt Wipi prospect — include five metres at 2.57 per cent copper and seven metres at 0.63 g/t gold 
  • GMN's Chief Executive Officer says he is encouraged to see initial results coming out of the project
  • GMN shares are up 4.76 per cent on the back of the news, trading at 4.4 cents each


Gold Mountain (GMN) has reported initial explorations findings from its Wabag Project in Papua New Guinea.

Key targets undergoing exploration at the project include Mongae-Monoyal, Sak Creek and Mt Wipi, with findings from the latter reported by GMN as highlights.

All up, 28 rock chip samples have been collected to date, notably yielding findings 9.2 per cent copper, 1.03 g/t gold and 84 g/t silver.

Results from channel samples taken along the banks of Waa Creek, which lies in close proximity to Mt Wipi, indicate that there are multiple, three to seven-metre wide veins and/or structures containing highly anomalous copper, gold and silver mineralisation.

The key intercept came in at five metres at 2.57 per cent copper, 0.53 g/t gold and 33.56 g/t silver.

In concurrent news, GMN also provided an update on the second phase of its drill program at Monoyal, advising two further drill holes had been designed.

Assay results are still pending from drills completed at the prospect in December last year.

GMN says it intends to undertake further exploration within the Mt Wipi tenement as a high priority, with additional stream sediment, rock chip and soil sampling planned the first quarter of 2021.

Drillable targets are hoped to be identified in the coming months that GMN says can be tested "as soon as it is feasible to do so."

Gold Mountain's Chief Executive Officer, Tim Cameron, says he is encouraged to see the initial copper and gold results coming out of Mt Wipi.

"These results combined with the positive petrological analysis gives me confidence that GMN is exploring highly prospective exploration ground in PNG and that we are working towards a significant discovery in 2021," he explained.

GMN shares are up 4.76 per cent on the back of the news, trading at 4.4 cents each at 3:20 pm AEDT. 

GMN RAISES $2.5M TO ADVANCE WABAG

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Gold Mountain (ASX:GMN) raises $2.5M to advance Wabag

The Market Herald Deal Room

ASX:GMN
GOld Mountain (ASX:GMN) - CEO, Tim Cameron - The Market Herald
CEO, Tim Cameron
Source: Gold Mountain

  • Gold Mountain (GMN) has raised $2.5 million to advance its flagship Wabag Project in Papua New Guinea
  • The company raised the funds through a placement which saw company shares issued at 4 cents each
  • GMN is expecting around $1 million of the funds by the end of April and will receive the remaining funds next month
  • CEO Tim Cameron is pleased with the support for the placement

Gold Mountain (GMN) has received commitments to raise $2.5 million to advance its flagship Wabag Project in Papua New Guinea.

The company issued shares under a placement for 4 cents each to investors.


GMN is expecting around $1 million of the funds by the end of April and will receive the remaining funds by next month.


CEO Tim Cameron is pleased with the support for the placement.


"I am thrilled and thankful to the existing shareholders and the new investors whom continue to demonstrate a strong level of support for GMN and I look forward to our continued exploration program at Wabag," he told the market.


The Wabag Project is located in the Enga Province and has three priority targets all of which were previously covered by BHP tenement applications.


In March, GMN reported the widest porphyry copper-molybdenum intercept ever recorded at the Monoyal-Mongae prospect. The company intersected a 175-metre-wide zone and plans on continuing to drill at the prospect.


Read the Full Article on The Market Herald here

ABOUT GOLD MOUNTAIN

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ABOUT GOLD MOUNTAIN

Visit Gold Mountain's Website Here


Gold Mountain Limited was originally listed on the Australian Stock Exchange as Commissioner’s Gold Ltd (ASX: CGU) in 2011. In June 2014, the current Board of Directors took over the listed entity and gave the company a new strategic focus, a new management team, and facilitated a large capital injection. In December 2014, the company changed its name to Gold Mountain Limited (ASX: GMN).


Their flagship project, Wabag, is located in PNG’s Papuan Mobile Belt (PMB) – a World-renowned mining jurisdiction.


  • Prime location in the Papuan Mobile Belt which is host to many world-class porphyry copper-gold and gold deposits including Grassberg (88 Moz), Porgera (24 Moz), Ok Tedi (17 Moz), Frieda River (20 Moz), Hidden Valley (8 Moz), and Wafi / Golpu (27 Moz).
  • Porphyry copper-gold deposits typically contain hundreds of millions of tons of ore at below 1.0% copper and below 1 g/t Au. The enormous size equates to millions of tonnes of copper and millions of ounces of gold that can be mined on a large scale at low cost resulting in world-class, Tier 1 mines.
  • GMN’s Wabag Project lies within the PMB just 70 km East North East of the Porgera gold mine.



Key discoveries in the Papuan Mobile Belt


  • Grasberg – The largest gold mine and the second-largest copper mine in the world. The main owner is Freeport. Original deposit 117 Moz gold, 42 Mt copper, in-ground gross value of US$ 416 billion. Average grades 1.3% Cu and 0.5 g/t Au.
  • Ok Tedi – In production, Ok Tedi Mining operates the longest-running open-pit copper, gold and silver mine in PNG. From the start of operations in 1984 to the end of 2018, Ok Tedi has produced 4.83 Mt of copper, 14.8 Moz of gold and 32.7 Moz of silver
  • Hidden Valley – In production and owned by Harmony Gold Mining, 5.6 Moz gold, US$ 7 billion in-ground metal value with average grade 1.1 g/t Au.
  • Porgera – Currently in care and maintenance, Barrick/Zijin, 19 Moz gold with US$ 25 billion in ground gross value. Average grade 3.0 g/t Au.
  • Frieda River – Progressing mining approval, PanAust/Highlands Pacific with 20.5 Moz gold and 12.7 Mt copper, US$ 108 billion in ground gross value. Average grades 0.42% Cu, 0.23 g/t Au.


Geological lineament


  • Many world-class mines in PNG are positioned on or near large North East trending structural lineaments (thick black lines in image below, White et al, 2014).
  • These lineaments are widely believed to focus heat, intrusives and fluid flow, significantly increasing the potential for economic gold and copper mineralisation.
  • High-grade gold and copper occurrences identified by GMN over an extended area of Wabag, regional mapping by the Geological Survey and regional scale geophysics all support the theory of another porphyry being located on another under-explored north-east trending lineament.
  • All of GMN’s prospects lie on North-West South-East trending regional structures, similar to surrounding prospects, with evidence of mineralisation for at least 25 km, and with GMN tenements covering >65 km of strike.



Visit Gold Mountain's Website Here

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