IMG 1495After being first recognized as an elliptic topographic feature, field work at Mongae Creek identified an abundance of coarse, angular and crystalline gold in the drainage system of a small valley where local miners are consistently recovering alluvial gold. Following a mapping campaign that encountered classic porphyry-style alteration and veining, Mongae Creek became The Company’s priority target.

Samples recovered from mineralised outcrop and proximal floaters retrieved from the creeks have returned grades of up to 0.6 % Cu and 0.44 g/t Au.¹ Gossanous, hydrothermally brecciated diorite is found in outcrop and as floaters in the creeks. These floaters are being crushed by locals and yield free gold.

coreA scout diamond drill programme commenced in 2018 and the first two drill holes have been completed. Assay results have been received for both holes. MCD002 returned a best intercept of 49m @ 0.12% Cu from 165m including 10m @ 0.22% Cu from 183m. In MCD001, the best intercept was 1m @ 243 g/t Ag, 0.8 % Cu, 522 ppm Co, 0.4 % Ni, and 0.7 % W from 38m.² In both holes, the frequency of base-metal and Mo-bearing veinlets increases downhole, as do K, Cu, Zn, Mo and Pb grades. This is consistent with logging by field geologists of more intense alteration further down the hole and suggests closer proximity to a mineralising fluid source.The holes display chloritic and propylitic alteration, characteristic of a pophyry copper-gold system.

Gold Mountain has commenced a detailed surface soil sampling programme over the entire catchment basin to assist in the next phase of targeted drilling.

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Planview map of Mongae Creek, showing recently completed diamond drill holes and surface sampling²

 

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Results of drilling and geological interpretation at Mongae Creek²

 

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Composited assay results for MCD002, using 0.07% Cu cut-off and a maximum dilution of 3 metre²

 

 

¹ Exploration Results reported in ASX release of 28 August 2018: “ENCOURAGING RESULTS FOR ROCK CHIP SAMPLES AND PETROLOGY STUDY AT MONGAI CREEK” are available to the public at https://www.goldmountainltd.com.au/investors/announcements/. Competent Person: Mr. Doug Smith. Gold Mountain confirms it is not aware of any new information or data that materially affects the information included in the market announcement. Gold Mountain Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

² Exploration Results reported in ASX release of 30 November 2018: “SIGNIFICANT COPPER DRILL INTERCEPT IN DRILL HOLE MCD002 AT MONGAE CREEK” are available to the public at https://www.goldmountainltd.com.au/investors/announcements/. Competent Person: Mr. Doug Smith. Gold Mountain confirms it is not aware of any new information or data that materially affects the information included in the market announcement. Gold Mountain Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

 

Exploration Results from Mongae Creek are reported in ASX releases of 30-11-18, 15-11-18, 08-10-18, 28-08-18, 07-08-18, 03-07-18, 13-06-18, 29-05-18 and 19-12-17 and are available to the public at https://www.goldmountainltd.com.au/investors/announcements/. Competent Person: Mr. Doug Smith. Gold Mountain confirms it is not aware of any new information or data that materially affects the information included in the market announcement. Gold Mountain Limited confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.