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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 EXCITED ABOUT WIDE ZONED COPPER DISCOVERY

GMN OBTAINS FIRST FINDS FROM MT WIPI

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Gold Mountain Mining (ASX:GMN) obtains first finds from Mt Wipi

Materials

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Gold Mountain Mining (ASX:GMN) obtains first finds from Mt Wipi
Source: Gold Mountain

  • Gold Mountain Mining (GMN) has reported initial results from the first trench excavated at the Mt Wipi Prospect in Papua New Guinea
  • The explorer says it is feeling optimistic about the prospect after intercepting "wide" zones of copper mineralisation within the trench
  • Notable intervals include 22 metres at 0.38 grams of gold per tonne (g/t), 0.32 per cent copper and 7.7g/t silver from nine metres, and 0.28 per cent copper and 6.8g/t silver from 146 metres
  • GMN also cited the presence of additional trace elements, which it believes could be associated with major structures and unmineralised intrusives

Gold Mountain Mining (GMN) has reported initial results from the first trench excavated at the Mt Wipi Prospect in Papua New Guinea.


The explorer began drilling at the project in August, with early drills targeting the western area of a northwest copper soil anomaly identified by GMN.


Gold Mountain Mining said "wide" zones of copper mineralisation were intersected within the trench, with notable results returning 37 metres at 0.24 grams per tonne of gold (g/t), 0.25 per cent copper and 5.4 g/t silver from six metres.


Intervals included 22 metres at 0.38g/t gold, 0.32 per cent copper and 7.7g/t silver from nine metres and 0.28 per cent copper and 6.8g/t silver from 146 metres.


According to GMN, the gold, copper and silver mineralisation identified in the trench is associated with high levels of tungsten and tellurium, and moderate to weak trace elements including bismuth, tin and arsenic.


According to the company, these elements are in turn associated with major structures and unmineralised intrusives.


Gold Mountain Mining's in-house porphyry expert Phil Jones said the team was feeling optimistic about Mt Wipi was keen to see core from diamond drilling.


"Significant skarn hosted copper-gold-silver mineralised intervals were intersected within the trench which are associated with elevated levels of porphyry pathfinder elements," he said.


"These trace elements indicate the presence of a potential Cu-Au porphyry system, possibly located laterally or at a shallow to moderate depth in the NW Anomaly area.


"Further trench and soil results which are pending will test the continuity of mineralisation to the northwest and west of the NW Anomaly area."


Read the Full Article on The Market Herald here

GMN BEGINS DRILLING AT MT WIPI

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Gold Mountain (ASX:GMN) begins drilling at Mt Wipi

Mining

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Gold Mountain (ASX:GMN) - - The Market Herald
A sample from Mt Wipi. Source: Gold Mountain

  • Gold Mountain (GMN) begins drilling at the highly prospective Mt Wipi Prospect in Papua New Guinea
  • The first hole has been collared and drilling has begun on the Northwest Copper anomaly to test a buried porphyry system
  • This anomaly has returned up to 2900 parts per million (ppm) copper and 0.52 grams of gold per tonne (g/t)
  • All up, six diamond holes will be drilled with work expected to be completed by December 2021

Gold Mountain (GMN) has begun drilling at the highly prospective Mt Wipi Prospect in Papua New Guinea (PNG).


The first hole has been collared and drilling has begun on the Northwest Copper anomaly to test an interpreted buried porphyry system.


The Northwest Copper anomaly was defined via a sampling program that returned up to 2900 parts per million (ppm) copper and up to 0.52 grams of gold per tonne (g/t).


Recent excavation along the western edge of the anomaly highlighted a quartz diorite, diorite and quartz feldspar porphyry.


The first hole will be drilled to a depth between 250 metres to 350 metres, depending on the observed geology.


All up, six diamond holes, for 2000 metres, will be drilled with work expected to be completed by December 2021.


Executive Director Tim Cameron is happy to begin drilling.


"I am very excited that drilling has commenced at Mt Wipi and (it) is the culmination of 12 months of systematic and staged exploration work that has got us to this point," Mr Cameron commented.


"This is the first of at least six holes which have been designed to test the six geochemical and geophysical targets which have been identified by our porphyry expert Phil Jones."


"We believe we have the right ingredients for at least one significant discovery."


Read the Full Article on The Market Herald here

GMN RAISES $5.1M IN RIGHTS ISSUE

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Gold Mountain (ASX:GMN) raises $5.1m in oversubscribed rights issue

Mining

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

  • Gold Mountain (GMN) closes its significantly oversubscribed renounceable rights issue and raises $5.1 million
  • A total of 270 million fully paid ordinary shares and 90 million new options will now be issued
  • To accommodate the demand, Gold Mountain will undertake a follow-on placement to raise a nearly $282,000
  • Upon completion of the follow-on placement, the company will have raised $5.4 million with the money to be used to fund exploration

Gold Mountain (GMN) has closed its significantly oversubscribed renounceable rights issue and raised $5.1 million.


A total of 270 million new fully paid ordinary shares and 90 million new options, exercisable at four cents with expiry on February 16, 2023, will be issued.


To accommodate the demand, Gold Mountain will undertake a follow-on placement to raise a further $281,834 on the same terms as the rights issue.


A total of 14,091,700 new shares and 4,697,233 options will be issued to raise these funds.


Upon completion of the follow-on placement, Gold Mountain will have raised $5.4 million.


Gold Mountain announced it would be undertaking a rights issue in mid-July to raise money to fund exploration work and pay down its debts.


In particular, up to 8000 metres of drilling will be undertaken at the Mt Wipi target and a detailed airborne geophysical survey will be carried out at the Wabag Project.


CEO Tim Cameron commented on the placement and how Gold Mountain would use the funds.


"I would like to thank our shareholders for the support they have shown during this rights issue, demonstrating their continued commitment to the company and enthusiasm for our future as we progress targeted exploration in the highly prospective Wabag Project," Mr Cameron said.


"In the near term I am particularly excited about the drilling program at our six drill ready targets in Mt Wipi and uncovering the potential at both Lombokai Creek and the new target that has just been identified at Mt Nemai."


Read the Full Article on The Market Herald here

GMN FINDS THREE MORE DRILL TARGETS

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Gold Mountain (ASX:GMN) finds three more drill targets at Mt Wipi

Mining

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

  • Gold Mountain (GMN) identifies three more drill targets at the Mt Wipi Project in Papua New Guinea
  • GMN identified the first three targets in May which contain anomalous copper, gold and pathfinder elements
  • Since then, the company has analysed data from additional soil samples which led to identifying another three
  • Gold Mountain will soon drill one hole at each target and continue exploration across Mt Wipi as only 5 per cent of the tenement area has been sampled

Gold Mountain (GMN) has identified more prospective drill targets at the Mt Wipi Project in Papua New Guinea.


The company was granted the Mt Wipi tenement in August last year and has since undertaken mapping, soil sampling, rock chip sampling and trenching.


Gold Mountain analysed data from 854 soil samples collected from the Waa Creek prospect within Mt Wipi. This led to identifying a further three high-priority drill targets which takes the total number of priority targets to six.


The first three targets were announced in May this year and contain anomalous copper, gold and pathfinder elements.


Gold Mountain's porphyry expert, Phil Jones, provided his thoughts on the soil sampling results.


"The soil data shows highly anomalous copper-molybdenum mineralisation associated with diorites and quartz feldspar porphyry in the northwest portion of the grid and highly significant porphyry pathfinder element anomalies straddling a non-mineralised interpreted intrusive in the Southeast of Mt Wipi," Mr Jones said.


Furthermore, recent mapping and rock chip sampling in the Mt Nemai area has identified mineralised skars with associated malachite mineralisation as well as intrusives with sulphide mineralisation.


CEO Tim Cameron was pleased to have confirmed additional drill targets.


"We now have six highly prospective drill targets at Mt Wipi, and I am excited to see what we will find as they are drilled. It is hard to believe that, in such a short time, Gold Mountain has produced six drill ready targets, all of which have the potential for a discovery."


GMN will drill one diamond hole at each target and this is expected to begin this month.


According to the company, only 5 per cent of the Mt Wipi area has been sampled and so Gold Mountain expects to make more discoveries as exploration progresses across the project.


Read the Full Article on The Market Herald here

GMN ANNOUNCES $5.1M RIGHTS ISSUE

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

Materials

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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

VIDEOS

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Gold Mountains Porphyry Expert Phil Jones excited about the wide zones of copper mineralisation discovered in fresh trenches at Mt Wipi
Gold Mountain identified more prospective drill targets at the Mt Wipi Project which contain anomalous copper, gold and pathfinder elements


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