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Gold Mountain Ltd (ASX:GMN) Drill Targets Identified at Mt Wipi - ABN Newswire (@ABN_Newswire)
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Gold Mountain Ltd (ASX:GMN) Wabag Project MCD009 Drill Hole Update
Wabag Project MCD009 Drill Hole Update Sydney, May 14, 2021 AEST (ABN Newswire) - Gold Mountain Limited (
ASX:GMN) is pleased to update the market on the progress of its exploration activities at the company s flagship Wabag Project in PNG.
Highlights
MCD009
o Completed to a depth of 637m, having intersected a tonalite porphyry in the top 309m of the hole (Wale Batholith) and a strongly potassic altered micro-diorite from approximately 309m to 637m
o Evidence of porphyry mineralogies including quartz, magnetite, epidote and sulphide veins and fracture fill sulphides occur throughout MCD009
Gold Mountain Ltd (ASX:GMN) $2.5m Funding to Advance Flagship Wabag Project
$2.5m Funding to Advance Flagship Wabag ProjectSydney, May 12, 2021 AEST (ABN Newswire) - Gold Mountain Limited (
ASX:GMN) is pleased at announce that it has received a combination of funds and commitments from investors totalling A$2.5 million.
The proceeds of the funding will be used to provide general working capital. GMN is advancing its flagship Wabag Project in the Enga Province in Papua New Guinea and the funding provides investor confidence in the Company and the Wabag Project.
Funding Details
The funding will be provided by way of placement of ordinary shares in the Company (Shares) based on a placement Price of $0.04 per Share. The Price is very close to the Company s VWAP over the period of the raise which was around $0.041 per Share. The provision of funds and commitments have been made by a number of sophisticated investors (Investors). Approximately $1 million of this funding wa
Gold Mountain Ltd (ASX:GMN) Quarterly Activities Report
ASX:GMN) advises its activities during the January to March 2021 Quarter.
Wabag Project PNG
Assay results for MCD008, which was drilled to a depth of 684.30m into a large low-grade porphyry system were received in the March Quarter with a very wide intercept of 239m grading at 0.10% Cu and 88ppm Mo, with spot highs of 0.32% Cu, 3,000 ppm Mo and 1.68 g/t Au was recorded in the hole.
Anomalous molybdenum (Mo) values are present to the end of the hole with the last 94m (From 589m to 684m) of MCD008 grading 133ppm Mo.
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