Evidence Of Another Big Copper-Gold System In Wabag
GOLD Mountain, the Australian explorer plying highly prospective ground once held by BHP in Papua New Guinea, is seeing increasing evidence that suggests that it is on the brink of discovering a very large copper-gold system.
The company released an exploration update on the Monoyal prospect, part of its flagship on the Wabag project in PNG, on Tuesday last week, detailing what it had observed in core taken from two recent diamond drill holes, MCD005 and MCD006. And its assessment was that the core provided the strongest indicators yet of major porphyry-style mineralisation, the style it has been targeting and which hosts many of PNG’s biggest copper and gold deposits.
Specifically, hole MCD006 presented a higher level of fracturing and veining than observed in previous holes, while hole MCD006 showed the highest level of recitation and alteration encountered in the drilling program to date.
Assays from those diamond holes, the third and fourth drilled as part of a nine-hole program testing a large copper-in-soil anomaly at Monoyal, are expected to be reported in May.
GML added that this was later than expected due to the state-of-emergency declared by government due to the Covid-19 crisis, with the movement of freight across provincial boundaries and helicopter support having been restricted.
Once SoE is lifted samples will be transferred to Townsville for immediate processing.
“The sense of anticipation for the assay resulting from holes MCD005 and MCD006 inside the company is palpable and we look forward to reporting them next month,” chief executive Tim Cameron said.
“I was particularly happy to see the amount of alteration and veining in MCD006, which was being logged when I was on site recently.” An initial review of the fifth and most recently drilled hole, MCD007, will be conducted shortly and the observations subsequently reported.
Mr Cameron added from a recent site visit that “The landowners expressed their continuing support for the exploration programme at Monoyal and assured me that they wanted to work productively and positively with GMN.
“I came away from the visit feeling very positive about the project, the technical ability of the GMN team on the ground and the relationship GMN have cultivated with the local people.
The sense of anticipation for the assay results for holes MCD005 and 006 inside the company is palpable and we look forward to reporting on the results next month.
“In the meantime, the company intends to provide its initial review of the core from MCD007 in the near term”.