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
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.
Drilling of MCD009 commenced in
- MCD009 intersected a tonalitic porphyry in the top 309m of the hole (Wale Batholith) and a strongly potassic altered micro-diorite from approximately 309m to 637m
- Evidence of porphyry mineralogy's including quartz, magnetite, epidote, and sulphide veins occur in MCD009
- Chalcopyrite and molybdenum have been observed along fracture surfaces and are also observed associated with quartz veining
- All the samples from MCD009 are at
- Exploration work at Mt Wipi is ongoing with a soil sampling programme well advanced, results from the soil sampling programme are expected back in late
- Once all the data from the soil programme has been analysed and interpreted GMN will then be able to identify drill targets at Mt Wipi
MCD008
MCD008 was completed to a depth of 684.30m in
MCD008 intersected wide zones of low-grade copper mineralisation with associated Mo mineralisation. The Molybdenum mineralisation is persistent and extensive with the last 94m of the hole assaying 133ppm Mo.
MCD009
MCD009 was completed to a depth of 637m. The hole was stopped at this depth due to the limited depth capability of the rig combined with adverse ground condition. The hole intersected the Wale Batholith, Figure 3, in the top 309m of the hole and at sporadic intervals for the rest of the hole. The tonalite appears to be intruded by a micro-dioritic intrusive, Micro-diorite (577.0m) showing qtz-pyrite-chlorite vein (LHS) and quarts - pyrite-Moly vein (RHS) at 437.40mFigure 4 or is part of a less fraction part of the Wale batholith.
All the samples from MCD009 have been transported to
Based on what has been observed in MCD009, GMN will design additional drill holes to test the Wale batholith further with the aim of intersecting economic levels of mineralisation.
Mt Wipi (EL2632)
Exploration on the Mt Wipi tenement is ongoing, with a soil sampling grid covering the
The assay results from the initial reconnaissance stream sediment sampling programme within the
Exploration and Evaluation Expenditure
During the reporting quarter, the Company spent approximately
Corporate
The Company initiated a fresh capital raising program that reached its momentum after the current reporting quarter.
The Company received funding commitments after the reporting quarter from sophisticated investors and certain interest groups for placement issue of shares potentially raising up to
Further equity securities will be issued as and when the placement funds are received.
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