Sign up Australia
Proactive Investors - Run By Investors For Investors

Gold Mountain to acquire prospective gold tenement in Papua New Guinea

Abundance Valley adjoins Gold Mountain’s flagship Crown Ridge project.
Papua New Guinea map
Aiming to define a maiden JORC resource by the first quarter of 2018

Gold Mountain (ASX:GMN) has entered into an agreement to acquire a 70% interest in the “Abundance Valley” gold and platinum prospective tenement in Papua New Guinea.

The company’s shares were last trading 7.6% higher intra-day at $0.085.

Abundance Valley adjoins Gold Mountain’s flagship Crown Ridge project, where the company is commencing an extensive programme in August 2017 to define a maiden JORC resource.

The purchase price for the tenement is $5.2nln comprising of $3mln in cash ($300,000 of which was paid as a non-refundable deposit) and 22 million Gold Mountain shares at $0.10 each.

Completion of the acquisition of Abundance Valley is due to occur after the second anniversary of the registration of the tenement by the Papua New Guinea Mineral Resources Authority.

On completion, Gold Mountain’s Crown Ridge Project would encompass 7.8 square kilometres of target area with significant free gold mineralisation.

The acquisition of Abundance Valley would also give the company access to the other half of prospective crater rim geological model as well as other areas with significant exploration potential.

The relative proximity, and geological affinity to the Porgera Gold Mine (with more than 20 million ounces gold produced) is a testament to the potential of Gold Mountain’s tenement holdings.

Gold Mountain is aiming to define a maiden JORC inferred resource by the first quarter of 2018.

View full GMN profile View Profile

Gold Mountain Ltd Timeline

Related Articles

Top of King River's Mt Remarkable project
June 29 2018
The Speewah project includes Australia's largest titanomagnetite hosted vanadium resource.
mine
February 08 2018
The Gunnison Copper Project is slated for commercial production in the second half of this year
lithium in periodic table
July 25 2018
Ironridge has an extensive West African and Australian exploration portfolio

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use