GMN (ASX) Ann: Wide-Spread Cobalt Mineralisation in Conglomerate at CR

Originally posted by DeltaVee ↑

Below is a collection of excerpts encompassing the last 18 or so months for GMN in relation to Crown Ridge and PNG tenements in general. Of course it wont cover the whole picture but is provided as a kind of brief walk-through for those that aren't too familiar with the more 'recent' progress at Crown Ridge.

(Selected excerpts/quotes from various announcements):

1st Sept 2016......
"14 trenches completed totalling 92m–free gold recovered"

13th Dec 2016.....
"Forty-eight out of fifty-two completed pits in the Priority 1 area produced plentiful free visible gold in concentrates. It is quite remarkable that the pits to date are only two metres deep, and the more pits we dig, the more gold we are finding"

23rd Dec 2016.....
"The Crown Ridge Geophysical results as interpreted by Allender Exploration continue to produce excellent exploration targets. Initially a large potential porphyry intrusion was identified within EL 1968, now further interpretation by Allender Exploration has identified two potential large Calderas overlaying EL 1968 and neighbouring EL 2306"

"This potentially places Crown Ridge in the league of other very large Caldera-hosted deposits such as the nearby 57 Moz Lihir project"

12th Jan 2017......
Considerable free gold and platinum recovered from first part of Pit 200- ~60 cubic metres excavated with recovery of 37.6g of gold and ~4g of platinum

"Such an easily mineable deposit needs further assessment in order to fully determine project economics"

15 Feb 2017.....
"Recoveries from 125m3 test pit totals over 2 ounces of gold and nearly 9g of platinum"

"Hard rock sample with extensive gold mineralisation recovered within 20m of Pit 200"

"While the initial results are very encouraging, the Company will witness significant increases in recoveries once equipment is upgraded"

16th march 2017.....
"pursuing exploration of numerous shallow anomalous targets in a zone which is over 7km2, or an area that is seven times the current area of bulk sampling"

6th-11th april 2017....
"Gold Mountain are targeting to achieve a JORC inferred resource by the end of Q4 2017, and complete a mining licence application by Q1 2018"

"Additional 841km2 of prospective ground to be added to Crown Ridge Project–consolidated tenement holding of 2010km2 following approval"

"it is evident ELA2522 is made up of dioritic intrusive rocks of similar age to those found at the +28m ounce Porgera Gold Mine located 80km to the west"

18th-26th July 2017......
"The acquisition of EL2306 (Abundance Valley) is a significant milestone for the Company, as it further consolidates our highly prospective portfolio in the Wabag Mineral Province"

"The 3D geophysical modelling completed in April 2017 indicates that the Crown Ridge is sitting on top of a continuous body over 4 km in a North-South direction and extending into the adjacent lease EL2306 Abundance Valley. The body has an overlain weathered zone of 60 and 100 meters thick, producing the copious free gold that is confirmed in the bulk sampling pits completed to date"

3rd Nov 2017.....
"an initial exploratory 3-hole, circa 600 metre diamond drilling program has commenced at its flagship Crown Ridge"

14th Dec 2017......
"Diamond drill hole CRD005 shows visible gold mineralisation at various depths between 88m and 230m downhole"

"Both crustiform and fine wire gold has been observed"

"Concentrate samples have been dispatched to ALS laboratory in Perth, Australia; results and grade determination work is ongoing"

19th Dec 2017.....
"Reconnaissance exploration discovered a mineralised porphyry outcrop"

"Current Outcrop exposure 1km x 850m, providing a large immediate resource tonnage potential"

5th march 2018.....
"is pleased to confirm Bonanza Grade Type Gold discovered at Crown Ridge. This type of mineralisation is frequently found in the high grade gold zones of Low Sulphidation Epithermal Gold Systems".

"Nugget locations determined by map location and reference to Pit 200"......approx 75m east of pit 200 by my reckoning.

"The Crown Ridge gold mineralisation also occurs on a similar transverse structure located to the east of the Porgera Gold Mine"

"A feeder (differentiating intrusion complex with gold-bearing magmatic fluids) stock in the centre of the Porgera Intrusion Complex, is inferred from the magnetic data. A similar is also inferred from magnetic data at Crown Ridge"

And we now have the added bonus of Cobalt potential........up to 0.44% by XRF in panned concentrate....(note: XRF will probably overestimate the grade imo but no denying its there).

$3.984mill cash at bank end of Dec with $1.00mill est out for Q1 2018......$750K budget for exploration in Q1.......

Q2 start should see approx $2.98 mill at bank.

While the targeted timelines for the expected JORC and mining license are being 'pushed' (pretty standard stuff really) the prospective nature of the GMN tenements is increasing significantly with every announcement. There is some very interesting geology being unearthed out there.....

And the lastest ann shows:

Approx 1200m (CDR006-CRD014) diamond drilling has been completed over the following timeline:
3rd Jan to 19th March this yr.

While 16 pits ranging from 2.4-5.3m deep (CRP012-CRP027) have also been completed over a similar timeline.

Good luck and good weekend to all.

Expand

This is a great read. Thank you

Any reason why GMN have not released details and assays for the diamond drills completed from October 2017 onwards?

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(20min delay)
Last 0.2¢		Change 0.001(33.3%)		Mkt cap ! $11.72M

Open	High	Low	Value	Volume
0.2¢	0.2¢	0.2¢	$4.889K	2.444M

Ann: Wide-Spread Cobalt Mineralisation in Conglomerate at CR, page-12

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