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    GMN   AU000000GMN8

GOLD MOUNTAIN LIMITED

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Gold Mountain Limited Announce the Results from MWTR003

09/08/2021 | 07:02pm EDT

Gold Mountain Limited announced the results from MWTR003, which is the first trench excavated to test anomalous zones of copper geochemistry at Mt Wipi, referred to as the NW Copper anomaly and as Targets 1 and 2 in recent GMN announcements. Wide zones of copper and gold mineralisation were intersected in trench MWTR003, with the best intercept recorded being 37m @ 0.24 g/t Au, 0.25% Cu and 5.4 g/t Ag from 6m and 62m @ 0.20 g/t Au, 0.18% Cu and 4.65 g/t Ag from 145m. These include higher grade intervals of: 22m @ 0.38g/t Au, 0.32 % Cu and 7.7g/t Ag from 9m and 24m @ 0.30g/t Au, 0.28% Cu and 6.8g/t Ag from 146m. A table of significant intercepts is included as Table 1, and the individual assay results for the two quoted intercepts are presented in Appendix 1, a graphical representation of the assay results for the entire trench are presented in Figure 1. The gold, copper and silver mineralisation recorded in the trench is associated with high levels of tungsten (to 0.1% W) and tellurium (to 74ppm Te) and moderate to weak porphyry trace elements including bismuth (Bi), tin, (Sn) and arsenic (As). MWTR003 is orientated north­south and is 306m in length. The trench was excavated along the eastern slope of a major ridge line, generally following the contour of the mountain (Figure 1). The trench was excavated immediately adjacent to an area recording +500ppm copper in soils, with associated spot highs of +50ppb gold. Continuous 1m channel samples were collected along the trench, with the geology and structures observed in the trench recorded. Samples collected generally weighed 3­4kg and were dried on site, prior to being dispatched to Intertek in Lae for sample preparation and assay. Examples of the channel sampling with reported copper, gold and silver assays are presented in Figure 2. The anomalous Cu-Au-Ag intervals identified over a combined 99m trench length are interpreted as representing a structurally deformed NW-trending metasedimentary corridor that has been cut by several phases of intrusives comprising diorites, porphyritic diorites and quartz-feldspar porphyries. The alteration and mineralisation defined by the trenching are dominated by skarn mineralogies including intense iron and carbonate enrichment and hornfelsing (silicification) which is associated with occasional visible oxidised copper and rare sulphide copper mineralisation which occur with silicified structures. The mineralisation is well defined in the altered sediments but is poorly defined in trench exposures of the intrusives indicating that these intrusives are not associated with the observed mineralisation. Porphyry pathfinder elements, including high levels of tungsten, tellurium, bismuth, and moderate levels of tin, selenium, and arsenic, are also noted within the skarn mineralisation indicating that a mineralised porphyry intrusive might occur laterally or at shallow to moderate depth below MWTR003. Channel samples from MWTR003 returned anomalous gold (Au) assays, in contrast to the ­ 80# soil results. The widespread gold mineralisation in the trench highlights the major structures and the movement of mineralised fluids from the structures out into the host sediment package. These significant Cu-Au mineralised intervals increase the prospectivity of Mt Wipi above that of the Monoyal-Mongae Project. Pending trench and soil analytical results will confirm whether mineralisation continues to the northwest and west of MWTR003 and current drill hole (MWD001). Malachite staining has again been observed in portions of Trench 5 located to the west and north of Trench 3. Drilling at Mt Wipi has commenced with the first hole at Mt Wipi (MWD001) collared on the 30th of August. A further four holes are planned for the NW Anomaly and an additional four holes are planned to test Targets 3 to 6. The parameters for the holes planned for Mt Wipi are presented in Table 2 and the location of all the proposed holes is presented in Figure 3.


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Sales 2021 0,79  0,59  0,59 
Net income 2021 -1,39 M -1,05 M -1,05 M
Net cash 2021 0,15 M 0,11 M 0,11 M
P/E ratio 2021 -16,8x
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Capitalization 21,4 M 16,1 M 16,1 M
EV / Sales 2020 -
EV / Sales 2021 30 978 332x
Nbr of Employees -
Free-Float 81,9%
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Tim Cameron Chief Executive Officer & Executive Director
David Clark Chief Financial Officer
Syed Hizam Al-Sagoff Non-Executive Director
Pay Chuan Lim Non-Executive Director
Steven Larkins Non-Executive Director
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