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 Belt1
- 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.
1 – These mines and deposits are not owned by GMN, they are used as examples of significant deposits/
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.