Gold Mountain to launch exploration program at Wabag’s Mamba Creek target in PNG

Gold Mountain (ASX: GMN) is planning to commence a two-week exploration program at the Mamba Creek target within its Wabag copper-gold project in Papua New Guinea.

The company will focus on the Mongae Creek-Monoyal major copper-zinc anomaly, located about 4.5 kilometres north of Crown Ridge and identified within the project’s principal target zone, as well as epithermal gold and porphyry copper-gold systems.

This will be followed later this month by a program of stream sediment and rock chip sampling.

Wabag geology

The Wabag tenements lie within the highly productive but under-explored Papuan Fold Belt, which contains several world-class porphyry copper and epithermal gold deposits, mainly associated with Miocene to Pliocene intrusives of the Maramuni Intrusive Suite.

The Wale Intrusive Complex in the tenements is part of the Maramuni Intrusive Suite and consists of a composite body ranging from gabbro to diorite and tonalite.

The Timun Conglomerate is a well-known gold-bearing system up to 100 metres thick, exposed in several areas at Crown Ridge and westwards towards the Laialam target.

A revised interpretation of the Crown Ridge geology and mineralisation has suggested a northerly source for the gold nuggets recovered by Gold Mountain.

Future plans

“We are excited to have a firm plan to recommence on-ground exploration at Wabag on a new project with excellent potential,” said chief executive officer David Evans.

“Wabag represents an exciting opportunity for us, with the potential for a timely and significant discovery and development within an improving copper and gold market.”

Gold Mountain’s future work at Mamba Creek includes a two-week stream sediment and rock chip sampling program to follow up on significant europium anomalies.

Mr Evans said that the company would remain mindful of the potential for epithermal and porphyry mineralisation when assessing the geology in the field.