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Gold Mountain’s shares surge after discovering gold nuggets in Papua New Guinea

The company's shares were last trading 50% higher intra-day, at $0.15.
gold nuggets
Bonanza gold grades possibly to hundreds of grams per tonne

Gold Mountain Ltd (ASX:GMN) has discovered bonanza grade type gold nuggets at its Crown Ridge Project in Papua New Guinea.

The crystalline bonanza type gold occurs in an area at Crown Ridge where geophysical data indicates structures that are interpreted as fault intersections.

Importantly, these structures could host ore shoots, providing drill-ready targets for the company.

Gold Mountain’s shares are trading 50% higher intra-day, at $0.15

Epithermal quartz-gold-silver deposits are characterised by the presence of bonanza gold grades possibly to hundreds of grams per tonne.

Similar crystalline wire gold occurs as bonanza grades in the 24 million-ounce Porgera Gold Mine, 79 kilometres west of Crown Ridge.

Potential for a concealed porphyry system

The delicate gold structures discovered at Crown Ridge have not been transported far and are very close to the inground source.

Gold Mountain has identified the potential for a concealed porphyry system from the mineralised samples at several locations within the Crown Ridge Project.

The company will reprocess magnetic and radiometric geophysical data with state-of-the-art software to identify structures that could host epithermal gold mineralisation.

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