PNG is one of the most highly endowed gold provinces globally, home to Porgera, Lihir and Ok Tedi amongst others. Juniors operating in the country include Gold Mountain Limited (ASX:GMN) which is exploring the Wabag Project that covers units of the highly prospective and fertile Maramuni Arc. Rocks of the Maramuni Arc also include the Porgera Intrusive Complex, some 80km to the west. Exploration to date has identified a potential diatreme at the readily accessible Crown Ridge Prospect. More detailed work at Crown Ridge has included bulk sample pits, of which the majority have returned appreciable gold in shallow eluvium, including one which returned an impressive 37.6g of gold and 4g of platinum from a 60m3 sample - this also confirms the hard rock potential. Should results warrant, the Company will be looking to an eluvial mining operation. Airborne magnetics have identified a number of other features that require follow up, in a large area that has seen no previous drilling and only limited geochemical sampling and mapping. To read our report on Gold Mountain please follow the link below.
Mark is a Senior Resources Analyst for Independent Investment Research, with a focus on junior and mid-cap listed resources stocks. With over 10 years as an analyst, following on from 17 years as a geologist, he has a good insight into the sector.