Gold Mountain : New Drill Targets Identified at Mt Wipi

only		Mt Wipi	ASX RELEASE
ASX: GMN
7 March 2022
New Drill Targets to Test Possible Porphyry Intrusion Identified at
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Gold Mountain Limited (ASX:GMN) ("Gold Mountain" or the "Company") is pleased to provide an update on
xploration activities at Mt Wipi and more specifically on the continuing progress at the Kandum and Pully
prospects.
Highlights
•	Detailed mapping and trenching at Kandum and Pully have identified sediment lithologies including
personal	limestone and siltstones intruded by a feldspar porphyry.
assess the Total Magnetic Intensity (TMI) was undertaken, with the modelling showing a distinct "magnetic
	➢	These lithologies have been altered to skarns, calc-silicates and marble
	➢ This area has been shown to be cut by significant structures which have intersected and displaced
		some of the shallow dipping sediments into near vertical positions
	➢ Observed alteration includes proximal skarns with iron rich garnets and other calc silicate mineralogies
		including epidote, chlorite, calcite and hematite
•	Malachite and minor sulphides including pyrite, chalcopyrite, covellite and chalcocite (to an observed
	maximum of between 0.1% to 3% copper minerals) have been identified over narrow and wider trench
	intervals to around 50m length.
	➢ Intrusives have been shown to be bleached and silicified with disseminated sulphides and remobilized
		sulphides and copper oxides including malachite (to 1% malachite) observed coating fractures
	➢ An endo skarn within the Pully - Kandum returned assay results of 1.4% Cu and 2.0 g/t Au from sample
		MWR166
•	3D inversion modelling of the regional aeromagnetic data in the vicinity of the Kandum and Pully areas to
For	high feature" located approximately 200m from surface in the vicinity of the Kandum prospect
This magnetic feature has a modeled depth of close to 1,000m and could possibly be a porphyry intrusive as
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	distinct from the outcropping non-magnetic porphyritic feldspar diorite and requires further testing
•	The drilling at Mt Wipi to date has been to the Southwest and above the magnetic feature

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Phil Jones, Gold Mountain's Porphyry expert said: "We are at an important juncture where results from the various exploration data sets appear to be strongly highlighting the Kandum - Pully area. Original surface geochemistry and mapping surveys at Mt Wipi delineated porphyry potential and more recent drilling results combined with recent detailed exploration at Kandum - Pully has further highlighted proximal porphyry onlyindicators. The porphyry potential has now been strengthened further with a reanalysis of the aeromagnetic data which has identified a strong magnetic feature at a depth of 200m below the summit of Mt Wipi. The magnetic feature is open to a depth of at least 1000m below surface and may be the causative intrusive of mineralisation and alteration at surface as well as higher temperature mineralogies identified in drill core. The five drill holes completed at Mt Wipi are located to the southwest and above the magnetic high; hole MWD003, which is closest to the magnetic feature, returned a 1m gold assay of 6.54g/t1 and the multielement analysis

indicated that it was likely drilled on the periphery of a porphyry system".

useGold Mountain is continuing to progress exploration activities at Mt Wipi, with the exploration program expanding out from the initial areas of interest north to the Kandum and Pully prospect areas.

These two prospects are characterised by outcropping skarn mineralisation associated with large ferruginous boulders which contain high (up to 68.7% Fe) iron and associated copper and gold mineralisation. The promising geochemistry obtained from rock chip sampling at the Kandum and Pully prospects are coincident with a high intensity magnetic anomaly which is being interpreted as a possible buried intrusive. The magnetic

anomaly stretches over an area of approximately 500m long by 400 m.

personalGold Mountain are completing a series of trenches over this prospective area as well as undertaking a detailed geological mapping and sampling program prior to finalising drill targets.

The Company is planning to commence drilling at the Kandum and Pully prospects by mid to late March. Assays results from MWD005 which was completed in early February are pending with results expected back by mid to late March.

Kandum and Pully Area

Geological mapping, rock chip sampling, trenching and ridge and spur soil sampling at Kandum and Pully continues to highlight the prospectivity of this area which is located north of the existing drilling at the Mt Wipi prospect (Figure 1).

Exploration work commenced at Kandum and Pully after geological reconnaissance programs identified a boulder field comprised of large (+3m in diameter) ferruginous sub-crops with minor associated malachite Forstaining (Figure 2). The subsequent assay of samples from this area returned copper values from 0.1% Cu to a maximum of 1.37% Cu, with 12 samples recording gold values greater than 0.1g/t (to a max of 2.07g/t Au) and

iron levels to a maximum of 68.7% Fe.

A list of rock chip samples and assay results from the Kandum and Pully area are included in Table 1 in Appendix 1 and sample locations are presented in Figure 1.

1 First reported ASX release dated 7th February 2022, "Highest Gold Assays to date in MWD003 and MWD004 at Mt Wipi", Competent person Pat Smith

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onlyuse personalFigure 1. For

Location of the Pully and Kandum Prospects (EL2632)

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onlyuse Figure 2. Oxidised boulders and trenching at the Pully Prospect

personalRidge and Spur2soil sampling of this area also returned elevated copper and porphyry pathfinder elements in soil anomalism .

Detailed mapping is now underway at the tenement and areas adjacent to where elevated rock chip samples were collected are being exposed up by trenching. One such area is in trench MWTR006B, where a grab sample (MWR166) assayed 1.4% Cu and 2g/t Au (see Figure 3).

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2 First Reported 22nd December 2021, "Mt Wipi Drilling Update and Expansion of Mineralised Zone", Competent person

Pat Smith

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personalFigure 3. Zones of endo-skarn with minor (1%) malachite staining, a grab sampled #MWR 166 assayed 1.4% Cu and 2g/t Au.

In addition to the geological mapping and sampling program, the Company engaged RAMA geophysics to further model the distinct magnetic low that underlies the Kandum and Pully areas. The 3D modeling identified a magnetic high feature which is within 200m of surface and has a modelled depth of over 1,000m.

This magnetic feature been interpreted as an intrusive which may be responsible for the mineralisation and alteration seen at Kandum and Pully.

A long section through the magnetic feature, orientated in a northwest direction indicates that the recent drilling by Gold Mountain is located south of and above the magnetic feature, with subtle increases in and with higher temperature mineralogies and geochemistry observed in hole MWD003 proximal to the outer edges of

Forthe magnetic feature. MWD003 returned a gold assay of 6.54 g/t over 1m, which is the highest drill hole gold result to date for the Company. Part of the airborne magnetic feature is shown in Figure 4, and the area location of the drill holes drilled by Gold Mountain close to this feature (white box) are shown in Figure 5.

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