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. GMN’s flagship Wabag Project has three priority targets all of which were previously covered by BHP tenement applications. GMN has recently diversified, acquiring a number of highly prospective lithium projects in North-Eastern Brazil.

WAbag Project

The Wabag Project has three high-calibre targets, each with significant potential:

Monoyal –

Target: Porphyry Copper, Gold and Molybdenum

Mt Wipi –

Target: Porphyry Copper, Gold and Skarn

Sak Creek –

Target: Porphyry Copper and Gold


Target: Porphyry Copper, Gold and Molybdenum

  • Wide intercepts of copper and molybdenum identified in drill holes
  • Mineralisation covers a 1 km long by 800m wide area
  • Recent outcrop sampling extends the area of known mineralisation to the North West

The porphyry copper model

  • Porphyry copper-gold deposits form in a large body of molten rock of granitic composition, that has been fractured
    on a fine-scale and impregnated with disseminated sulphide mineralisation, often containing copper, gold and other minerals.
  • The preliminary review of drill data by Phil Jones suggests the geochemistry and mineralisation characteristics of the holes drilled at Monoyal show Gold Mountain Limited is drilling above the main zone of copper mineralisation.
  • Monoyal is a calc-alkaline intrusive. Whilst these are rare in PNG, they provide significant potential for large deposits.

Calc alkaline intrusives in the region include:

  • Batu Hijau (968 Mt @ 0.41% Cu and 0.26 g/t Au)
  • Panguna (1.84 Bt @ 0.30% Cu and 0.34 g/t Au)


After being first recognised 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 Gold Mountain Limited’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. 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.

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

Mt Wipi

Target: Porphyry Copper, Gold and Skarn

  • Gold Mountain Limited has targeted the Mt Wipi area, which is considered to be highly prospective
  • Located in an area with the same structural trend as both the Monoyal and Sak Creek targets
  • High-grade copper assays were obtained from outcrops along with a creek system

Highlights 1

  • Initial Rock chip sampling program at Mt Wipi highlighted the highly prospective nature of the tenement for copper and gold mineralisation
  • Rock samples collected from outcrops return assay values to 9.64% copper and gold to 1.96 g/t Au
  • Copper and gold-bearing rocks have been collected from five drainages to date, which cover a 2 km long by 1 km wide area
  • Airborne magnetic data has identified several targets for follow up
  • Potential exists for both porphyry style, epithermal and skarn-style mineralisation
  • An exploration programme to follow up these encouraging results has commenced

1 – Information and images presented from ASX announcement 23rd of September 2020.

Sak Creek

Target: Porphyry Copper and Gold

  • Large copper in soil anomaly – covers 800m x 500m area
  • Alternation characteristics of typical porphyry deposits
  • High-grade copper/gold and lead-zinc mineralisation identified in shears which are indicative of being at the upper levels of a porphyry system

Sak Creek, in the valley adjacent to Mongae Creek, is showing promising features of porphyry-style mineralisation.

Ridge and spur soil sampling has led to the identification of three concentric geochemical zones. A mapping campaign of the creeks between Mongae Creek and Sak Creek revealed that copper-gold mineralisation occurs over a distance of 7km. These findings highlight the potential for a north-west trending belt with significant mineralisation throughout.