Nice Find @oberte :D Gold Mountain identifies porphyry system...

Nice Find @oberte

Gold Mountain identifies porphyry system with similar geology to OK Tedi

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08:25 20 Dec 2017
The Abundance Valley porphyry mineralisation could be part of a larger system.
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[BCOLOR=rgba(255, 255, 255, 0.8)]Shares in PNG gold explorer surge 17% intraday following exploration success[/BCOLOR]
Gold Mountain Ltd (ASX: GMN) has achieved immediate exploration success at its recently acquired Abundance Valley leases in the Highlands region of Papua New Guinea.
Host rocks show classic porphyry style alteration and veining, and reconnaissance exploration discovered a mineralised 1000 X 850 metre porphyry outcrop.
Porphyries have the potential to be immense systems such as the giant Pebble deposit in Alaska which has produced in excess of 100 million ounces of gold.
Exploration excess confirms quality of historical mapping and geophysical data

Gold Mountain has benefited from previous government mapping as well as regional scale and airborne geophysics.
Geological mapping of Abundance Valley has identified a strongly mineralised quartz-pyrite vein system hosted by altered diorite porphyry and hydrothermal breccias.
Having access to reliable data should have a positive impact going forward as it allows the company to take a more targeted approach to exploration.
This normally increases the chances of success and reduces costs.
Abundance Valley geology similar to OK Tedi deposit

Gold Mountain is of the view that the Abundance Valley leases offer the potential for significant world class deposits given the history of the region.
The company said that the geology was similar to that found at the renowned OK Tedi copper-gold open pit mine which has been a prolific producer since 1984.
Another positive for Gold Mountain is the fact that there is established infrastructure, also serving to reduce costs.
Geological mapping has identified a strongly mineralised quartz-pyrite vein system hosted by altered diorite, porphyry and hydrothermal breccias.
Potential for positive news flow from flagship Crown Ridge project

Gold Mountain has multiple share price catalysts in the mix at the moment with the first round of results from its flagship Crown Ridge project imminent.
Rounded nuggets from original paleo-alluvial deposits have been discovered at Crown Ridge as well as wirey gold from geothermal fluids related to the alteration of host rock.
Bulk sampling results were impressive with over two ounces of gold discovered in a five cubic metre pit.
Gold Mountain is fully funded for the current drilling and bulk sampling programs aimed at defining a JORC 2012 compliant Mineral Resource Estimate.​