# GMN - Gold Mountain



## System (1 September 2011)

Commissioners Gold Limited (CGU) is a gold exploration company focused on proving up economically viable deposits of gold in the world class Lachlan Fold Belt mineral province of New South Wales.

The Company has rigorously acquired a portfolio of six projects over six tenements, a ground area of over 500 square kilometres.

http://www.commissionersgold.com.au


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## springhill (23 July 2012)

*Re: CGU - Commissioners Gold*

MC - $1m
SP - 5c
Shares - 24.7m (+10m unquoted)
Options - 2m
Cash - $504k

*Dalton*
Between 8 February and 9 March 2012, 8 shallow RC holes were drilled for a total of 918 metres. Drilling targeted areas of soil arsenic anomalies coincident with the Dalton line of historic mine workings. The main area of mineralisation is part of a single mineralised lode which is hosted by a northerly trending en echelon shear structure with a strike length of more than 6 km.
Samples were analysed by ALS Orange for Au by 50g fire assay and a suite of 35 elements by ICP. In total 425 samples were assayed, plus duplicates.
Intersections with greater than 1 g/t Au include:
DAL002 43-44m 1m at 2.55 g/t Au
DAL004 114-115m 1m at 2.67 g/t Au
DAL008 54-55m 1m at 35.5 g/t Au
Results from the drilling programme confirmed the presence of narrow structures containing strong but patchy gold mineralisation, and reinforce the interpretation that WNW-trending cross structures are an important control on mineralisation at Dalton.
Although results were interesting, gold returns were not as strong as hoped for and accordingly the Company intends to focus on its more prospective projects in the short-term.

*Oberon*
Central West Gold 100% Commissioners to earn 70%
During the quarter, Commissioners Gold and Central West Gold executed a variation to the Black Bullock Farmin and Joint Venture Heads of Agreement for EL 7702 (Oberon) to extend the due date for exploration expenditure. Under the JV variation, Commissioners is required to spend the remaining $200,000 of the original expenditure commitment by 31 December 2012.

*Cowarra*
Commissioners Gold 50% Capital Mining 50%
The Company is formulating concept plans to recover a bulk sample of the Ambassador Lode. Those conceptual plans are evaluating two decline options: one to rehabilitate the 240N Winz level; the other to open a short decline with the intention to intersect the Vanderbilt/Ambassador lode, then drive 50 meters to the south to pick up the main Ambassador lode. Access via 240N Winz would require dewatering, with water going to existing tailings dams. Early discussions have been positive for toll treatment of ore recovered at a regional processing plant in central west New South Wales.

*Peru Project Acquisition JV*
Commissioners Gold 50% Australia Gold Corporation 50%
Commissioners Gold has entered into an agreement with Lima–based unlisted resource junior, Australia Gold Corporation Limited (AGC), for a 50/50 project acquisition joint venture to identify and acquire resource projects in Peru.
The JV commenced on 2 July 2012 and will run for an initial six months to 31 December 2012.
Under the agreement, CGU will contribute AUD$50,000 per month to fund an aggressive programme of project evaluation and acquisition. The due diligence process will be conducted by AGC’s existing team of professional Peruvian engineers, geologists and lawyers as well as permitting, community, security and environmental specialists. The Lima team is led by an experienced Australian management team.
The JV will initially target areas of high grade mineralisation currently being worked by small miners, and to then acquire majority equity in those areas through modest cash investment. The near-term strategy is to move early into trial mining with ore trucked directly to strategically located toll-based processing plants to be constructed by the JV over coming years. Anticipated cash flow is expected to fund further development including optimisation, modern exploration and up-scaling of mining operations.


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## prawn_86 (23 July 2012)

*Re: CGU - Commissioners Gold*

500k cash an 1m market cap 

Any hints as to the next capital raising? Must be needed otherwise this co is going to the wall...


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## springhill (23 July 2012)

*Re: CGU - Commissioners Gold*



prawn_86 said:


> 500k cash an 1m market cap
> 
> Any hints as to the next capital raising? Must be needed otherwise this co is going to the wall...




No word of one that I can find.
Their spend this quarter is due to be $190k, so they have max 2 quarters of funds.
Will post as details of a cap raise eventuate.


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## verce (14 January 2013)

*Re: CGU - Commissioners Gold*

ASX:CGU - Market Cap ~ $2 million (34 million shares) 52 Week High (0.085) Listed: 2 September 2011 @ 20 cents

-portfolio of projects in the Lachlan Fold Belt of New South Wales (http://en.wikipedia.org/wiki/Lachlan_Fold_Belt) including Cowarra, Oberon, Dalton all being drilled

-North, Central, and South Peru is the best part in my opinion, community supported, Polymetallic Au-Ag-Cu-Pb-Zn mineralisation, 17,000 ha exploration etc. 

-forecast to generate around US$700,000 per annum over the next 10 years (post Peruvian tax) @ cash cost of only $370 dollars an ounce

-expects to more than double the rate of production through the Mollehuaca to 60,000 tonnes per annum by the end of March 2013

**Total investment in Peru will be recouped via this method**

-Top 20 hold 69% of the stock: including Executive Chairman Chris Battye who is the top holder with 22% of the issued capital, followed by real estate mogul turned resource investor Duncan Hardie with 19%


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## verce (14 January 2013)

*Re: CGU - Commissioners Gold*



verce said:


> ASX:CGU - Market Cap ~ $2 million (34 million shares) 52 Week High (0.085) Listed: 2 September 2011 @ 20 cents
> 
> -portfolio of projects in the Lachlan Fold Belt of New South Wales (http://en.wikipedia.org/wiki/Lachlan_Fold_Belt) including Cowarra, Oberon, Dalton all being drilled
> 
> ...




The Lachlan Fold Belt has a long history of mineral production including gold (Au), copper (Cu), lead (Pb), zinc (Zn), silver (Ag) and tin (Sn). The potential for new discoveries in the Lachlan Fold Belt is high, and the scientific input from the project played a leading role in focussing exploration effort.

St Barbara ($1.39) has established a significant ground position over the concealed northern extensions of the Lachlan Fold Belt, near the town of Nyngan, where it is covered by sediments of the Great Artesian Basin.  Further south, the Lachlan Fold Belt hosts several major copper-gold deposits of Phanerozoic age, each with specific magnetic and gravity signatures.

CGU have no debt and imminent cash flow.


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## verce (15 January 2013)

*Re: CGU - Commissioners Gold*

Net Present Value of the 25% equity stake in the Peruvian gold plant is ~4.2 million

The Peru JV has identified, evaluated and moved into advanced negotiation to acquire or invest in a number of exciting projects across Peru:

Puno Gold Placer Mine – The JV is establishing an operating company to conduct placer mining operations in a well known world class placer deposit in mountainous northern Peru. Agreement has been made with a local miners cooperative to acquire 75% of the project by operating an existing gravimetric plant to process auriferous gravels mined at an initial rate of 3,000m3 per day at a conservatively low average grade target of 0.25g/m3. Studies and permits to commence operations is expected to take up to one year, within which the operating company will move to acquire similar scale projects in the immediate area. Importantly this project is seen as a bridgehead onto this world class placer deposit.

Huaraz Silver Mines – The JV is in the final stages of negotiating a farm-in based staged investment for increasing equity and operational control of two separate silver mining operations in the highlands of central Peru. These two mines are currently in production. The JV aims to initially optimise existing operations before conducting targeted internal exploration to identify mineable reserves and subsequent upscaling of mining operations, including installation of a flotation processing plant. In addition to high grades of silver (Ag), both of these deposits contain significant lead (Pb) and zinc (Zn) mineralisation with some samples reporting ore grades of copper (Cu), gold (Au) and antimony (Sb).

Piura Gold-Silver Exploration – The JV has reached the final stages of negotiating sole access to 17,000 hectares of very prospective ground in northern Peru. This highly mineralised area is prospective for epithermal and porphyry system deposits and is the focus of a number of major international mining companies. The initial phase of the project is seen as a bridgehead into the area and will include the construction of a small cyanide/flotation processing plant on a 50/50 ownership basis between the JV and the local community association. Access to prospective mining ground underwritten by support from the community is seen by the JV as removing a critical project risk, vis-Ã -vis opposition from community groups (an issue in parts of Peru). A JV operational subsidiary company set up to accommodate this project will also be actively seeking other high grade projects in the immediate area.

It should be noted that these advanced projects have been progressed to the point of executing binding Memoranda of Understanding (MOU), after lengthy geological, engineering, legal and financial due diligence by the Peru JV team in both Lima and Sydney. The actual names of these projects, mining operations and localities has not been disclosed herein in order to protect business advantage at this late stage of final negotiations with our prospective partners.

_________________

That's all folks!


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## System (22 December 2014)

On December 22nd, 2014, Commissioners Gold Limited (CGU) changed its name and ASX code to Gold Mountain Limited (GMN).


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## Gringotts Bank (18 August 2016)

Chart is strong.

No one keen on selling.  

aka - high tight flag.

Waiting for the spread to close down to 1 point.


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## Gringotts Bank (25 August 2016)

If only it could be coded.  Very hard, the high tight flag.


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## greggles (9 March 2018)

Gold Mountain Limited seeing some positive price action in recent days after announcing on 5 March that it has discovered Bonanza Grade Type Gold at its flagship Crown Ridge prospect in Papua New Guinea.

They followed up that announcement with another today providing further information and suggesting that it is possible that Crown Ridge hosts a low sulphidation epithermal system, similar to the  neighbouring Porgera Gold Mine, which has produced 24 million ounces of gold to date.

The photos of the nuggets in the announcement made today look good. 

Could be some potential here.


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## greggles (7 August 2018)

Gold Mountain dropped off my radar after that activity in early March as it didn't follow through and eventually declined to around 7c before bottoming out last month.

It started to move north again last week on increasing volume but really took off today after the company announced that the maiden diamond drill hole at Mongai Creek has confirmed diagnostic characteristics of a porphyry copper-gold system 77km north-east of 24 million-ounce Porgera Gold Mine.

Field data is now being evaluated to identify several follow-up drill targets in the Mongai Creek Porphyry Cu-Au Project.

GMN finished the day up 14.94% to 10c on volume of around 4.2 million shares.


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## greggles (8 August 2018)

Gold Mountain rapped over the knuckles by ASIC for alleged continuous disclosure breach.

https://asic.gov.au/about-asic/medi...ing-its-alleged-continuous-disclosure-breach/


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## brerwallabi (30 December 2019)

Holding licences over 2500sg kms in PNG, some semi decent results in drilling.
Results still to come from from further to two holes drilled.
Plans are to continue drilling a further four holes.
Trenching results have been encouraging.
Early indications are of good mineralization copper, gold and other.
Best to check AGM presentation late November, company seems to be progressing from almost fossicking to being a real exploration company.
After a mid year low of 4.1cents it has picked up to 8 cents as of 27th December with increased volume from October. It has been climbing since mid August despite the hesitation in the gold price in this period.
An interesting stock which has always been able to raise capital and often above the current share price, has some new management and investors on board.
Eagerly awaiting some drill results, I hold.


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## brerwallabi (2 January 2020)

A lot of action in Gold Mountain today with a strong volume day over 1million shares traded and finishing 0.4cents to close at 8cents with a high of 8.6cents. Approximately 50% of shares going through at 8.6cents
Volume was nearing 4x the daily average volume.
Some quotes from CEO Tim Cameron
“I honestly believe that we are onto something massive here. That’s why this project is so exciting.”
“We are expecting the results back middle to late January on the two holes just finished”
“We have a very strong feeling that we are onto something big.”


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## brerwallabi (16 February 2020)

Results from the forth diamond drilled hole show they are still skirting possibly a large copper/moly porphyry deposit. Grades on the low side still, however the current drilling program still has another six holes to be drilled and results to come from the fifth hole.
The area is renowned for large copper/gold deposits, if their calculations are right they will find it.
The sixth hole is now underway.
The recent results did not move the share price forward and I suspect the result announced on one hole only was to show newly attracted investors progress was being made in drilling/locating a large deposit.


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## Dona Ferentes (13 March 2020)

Local fighting sees 10 killed in Porgera

https://www.abc.net.au/news/2020-03...killed-after-gunmen-open-fire-in-png/12049834


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## brerwallabi (9 April 2020)

Dona Ferentes said:


> Local fighting sees 10 killed in Porgera
> 
> https://www.abc.net.au/news/2020-03...killed-after-gunmen-open-fire-in-png/12049834



Unfortunately tribal conflict/violence is endemic in PNG.
Man, woman and child it doesn’t matter, it can be brutal, disputes can be decades old and revenge so.


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## brerwallabi (27 May 2020)

Some assay results to come in the next couple of days from two diamond drilled holes.
Company news is very confident of late and management seem to indicate they are going to hit pay dirt.
The volume in the last four days has featured three of the largest volume days seen in the past year with 12.5 mil being churned where normally only 200k.
It’s make or break time for this little explorer, if the assay results are what the company are predicting then we have another real Gold/Copper company.


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## greggles (30 June 2020)

Drilling results from GMN's Monoyal Prospect are currently outstanding and the company announced on 5 June that results from hole MCD007 were expected to be announced by 30 June. There has been no announcement today, so I assume that they are now only days away.

Results from holes MCD005 and MCD006 should also be announced in the near future.

This is from the announcement of 5 June:


> A decision was made by GMN to prioritise MCD007 ahead of MCD005 and MCD006 due to the encouraging visual indications of mineralisation observed in the hole.




That sounds very encouraging and I expect that June will be a good month for GMN's share price if the assay results live up to expectations.


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## brerwallabi (1 July 2020)

greggles said:


> Drilling results from GMN's Monoyal Prospect are currently outstanding and the company announced on 5 June that results from hole MCD007 were expected to be announced by 30 June. There has been no announcement today, so I assume that they are now only days away.
> 
> Results from holes MCD005 and MCD006 should also be announced in the near future.
> 
> ...



Results are imminent.
After sliding down from 8.5cents at the start of the year to 4.2cents at start of May it broke the downtrend late May on news and then fell back to be accumulated around the 5cents mark with the volume increasing substantially.
Over the past five days it’s moved from 5cents to 6.9cents on the expectation of positive news that the company is on the verge of discovering a large copper/moly/gold porphyry deposit possibly a la OK Tedi/Porgera.


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## brerwallabi (3 July 2020)

After a nice rise in GMN over the past five days, the announcement today that drilling results will be delayed due to lab issues created some indecision on direction.
It closed Wednesday at 6.9cents and yesterday at 6.8cents still on considerable volume and vwap of 6.7.
The long legged doji showing in the chart could result in some consolidation at current levels, it’s well worth keeping eye on to see whether it trades higher then the 7.2cents high of the doji.
These long legged dojis make me very nervous however the company management and also the potential of a major copper/moly/gold porphyry deposit suggest to me otherwise.


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## Miner (25 July 2020)

I was intrigued to find out GMN after seeing @greggles tip .
Some interesting observations I found.
Rio Tinto Executive joined the company. Looks like more to invest money. Good sign though I do not know much experience on exploration he had in Rio. But fund is welcome.
Continuous share placement like printing notes at a denomination of 6.5 cents. Current market price is 4.8 cents as on 24th July. would any one other than those seed investors and alike, would gamble to pay 6.5 cents against a market price of 4.8 cents.
Assay analysis published - IMO it is less than ordinary and some times the values are cut off values.
Is there any surprise announcement coming that market does not know OR I am reading the reports incorrectly  ??

Fund raised at 6.5 cents  16th March 2020 -right at Pandemic start point.
https://www.asx.com.au/asxpdf/20200316/pdf/44g2qb2zb7xw67.pdf
Fund raised  4 June - @6.5 cents
https://www.asx.com.au/asxpdf/20200604/pdf/44jdczkrx8wntm.pdf
Mark Liddy formally joins the company and declared as an investor - great stuff.
https://www.asx.com.au/asxpdf/20200611/pdf/44jk42lprk7tp7.pdf

15 June Jones joins - an exploration expert - great thing 
https://www.asx.com.au/asxpdf/20200615/pdf/44jn3k2n363vth.pdf
2 July Market Update on fund raising 6.5 cents
https://www.asx.com.au/asxpdf/20200702/pdf/44k5991v847192.pdf
3 July another fund raise @6.5 cents
https://www.asx.com.au/asxpdf/20200703/pdf/44k6qj3ks4n5b5.pdf

17 July - drilling assay result from much awaited MCD 007 . BEST INTERCEPT RESULTS - 0.04 PPM GOLD, 0.1 to 0.14 % copper  - normally these are cut off levels.
https://www.asx.com.au/asxpdf/20200717/pdf/44kmbrjxs70y4g.pdf


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## brerwallabi (25 July 2020)

The belief is that the company is on the verge of finding a large copper/gold/moly porphyry deposit which may challenge some of the other large world class finds in NG.
There has never be an issue raising capital above market price.
Assay results although nothing astounding continue to show evidence that a large deposit is present. 
Previously drilling that has taken place in areas lateral it seems to the deposit, it suggests that some expertise was missing in the company. Recent appointments to the company will see it more focused with the desired expertise now on board
The results of two previously drilled holes should be available this coming week along with hopefully a reassessment of the drilling program.


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## Miner (25 July 2020)

brerwallabi said:


> The belief is that the company is on the verge of finding a large copper/gold/moly porphyry deposit which may challenge some of the other large world class finds in NG.
> There has never be an issue raising capital above market price.
> Assay results although nothing astounding continue to show evidence that a large deposit is present.
> Previously drilling that has taken place in areas lateral it seems to the deposit, it suggests that some expertise was missing in the company. Recent appointments to the company will see it more focused with the desired expertise now on board
> The results of two previously drilled holes should be available this coming week along with hopefully a reassessment of the drilling program.



Mate - do you mind please share the source of belief ? 7 DRILL results are open and could not find the other two results. Dont get me wrong - can feel there is something between the lines probably but unable to run the coaster wheel to win lucky 7
https://www.asx.com.au/asxpdf/20200717/pdf/44kmbrjxs70y4g.pdf


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## brerwallabi (27 July 2020)

Quote from the CEO 
“We are clearly onto something potentially significant at Monoyal and with the wealth of data we have accumulated and the tantalising indicators of a large porphyry system at Monoyal, it’s now appropriate to bring in someone of Phil Jones’s porphyry expertise to help assist in the planning of the remaining holes in the drill program to locate the core of this porphyry system. Phil brings with him a wealth of experience and has been successful in exploring for various styles of mineralisation including large porphyry deposits. I am certain that with his assistance, we will maximise our chances of delineating a large porphyry deposit.”
From recent announcement to market
“GMN believes that drilling completed to date suggests that it is drilling on the margins of a large porphyry system and Mr Jones’ expertise will assist in locating the core of the porphyry system”

A bit of interest in this today must be results of hole 5 and 6 coming very soon.


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## Garpal Gumnut (30 November 2020)

GMN is my December tip in the comp. PNG has always been a bit like the Old Wild West and remains so. Multi-mineral exploration continues for GMN’s wagon train of drill holes amid the smoke signals.

gg


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## brerwallabi (30 November 2020)

Garpal Gumnut said:


> GMN is my December tip in the comp. PNG has always been a bit like the Old Wild West and remains so. Multi-mineral exploration continues for GMN’s wagon train of drill holes amid the smoke signals.
> 
> gg



The latest hole they were drilling was commenced at the start of November to be completed within four weeks. So seeing there was a bit of interest in it today volume wise and price, word might be leaking on the nature of cores obtained. They do like to show what they have acquired maybe a few photos on the way. 
This hole was significantly deeper then all previous let’s hope it has it the jackpot.
Or was the interest a result of someone tipping it in ASF?


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## brerwallabi (30 January 2021)

GMN completed their drilling of an eighth hole in mid December and assay results are due they stated by the end of this month. A ninth hole is underway going deeper then previous holes in the hope to find a large porphyry system they believe is in the locale.
Hopefully the assay results will proof evidence of the system or offer further knowledge to its location.
The share price has been held back under 4.5cents most of the time over the last five months, with small increases on news, never breaking 5cents only to fall back to under 4.5cents.
Lately I feel this stock was being capped in the mid 4’s with large parcels coming on just above the current price holding it down, makes me think they are finally on to something.
It never seems to have a problem raising capital always above its current price to drill more holes, results so far have disappointed though.


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## brerwallabi (1 March 2021)

Still no assay results from GMN, due a month ago, not sure what the hold up is.
Investor presentation released today seems the same old with a little insight on the future of copper.
Looks like they need some cash to find what they keep saying is somewhere there.
It could be a few more holes till they finally find what we and the whole world know is there.
Forgive my sarcasm if that is what it is.
We might find as the investor presentation starts to circulate we get some promising assay results.
My patience is starting to wear thin though.


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## brerwallabi (4 August 2021)

I still hold some Gold Mountain shares why I don’t know.
It seemed quite promising a couple of years ago, average assay results and delays in drilling have seen the price drop from 8 cents to 2 cents.
The company has identified six new drill targets in its Mt Wipi project with drilling to commence they state later this month.
Cash should be arriving via a $5million renounceable rights placement.
Shares issued will one for every three at $0.02.
Offer closes 9th August.
I have decided to take 20,000.
Not sure if I am throwing good money after bad, however I have stuck with GMN believing their story.
I have stuck with other goldies to good avail and also gone down the drain.
When the overall market is doing so well one can afford a risk or two.


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## brerwallabi (12 August 2021)

The rights offer was oversubscribed with $5.4mil raised announced today.
On news share price jumped from 2 cents to 2.4 cents.
Now it’s wait and see from a company that has totally disappointed over the last couple of years.
The exit door in the last chance saloon is wide open.
Over 200million more shares on issue next Monday, pretty sure it’s now over a billion on issue, expect this to be traded far more frequently then in the past.
The location of the porphyry system has been as been as elusive as the search for the holy grail


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## brerwallabi (6 October 2022)

Gold Mountain have decided to jump on the lithium bandwagon.
After years of fossicking and getting lost in the PNG jungle drilling for gold and copper it looks like they might be moving on from PNG. 
They say they will recommence drilling in PNG but sometimes it doesn’t eventuate, never known a company that has been so slow to drill, my grandfathers hand bradawl was faster.
Gold Mountain are just about to acquire four tenements in north east Brazil with visible showing of spodumene confirmed by a local geologist.
The share price which was down at .004cents rose quickly up to a high of 1cent, it now has seemed to have settled at .007 awaiting confirmation of acquisition.
Over a billion shares on issue and just a handful cash they need to get a drill spinning and some results quickly.


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## Miner (6 October 2022)

brerwallabi said:


> Gold Mountain have decided to jump on the lithium bandwagon.
> After years of fossicking and getting lost in the PNG jungle drilling for gold and copper it looks like they might be moving on from PNG.
> They say they will recommence drilling in PNG but sometimes it doesn’t eventuate, never known a company that has been so slow to drill, my grandfathers hand bradawl was faster.
> Gold Mountain are just about to acquire four tenements in north east Brazil with visible showing of spodumene confirmed by a local geologist.
> ...



vultures for sure


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## brerwallabi (8 November 2022)

Still throwing money away I took 100000 at $0.006.
AGM coming up 18th Nov and possibly more detailed reports from their geo’s returning from Brazil.
The areas they are sampling have never been probed for any lithium mineralisation, results are expected four weeks from submission, however they have not stated if submission has occurred.
If reports are positive there is a good chance this could take off, it’s previous track record has been dismal though.
Seems a bit of interest in it and it closed today at $0.009.


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## brerwallabi (18 December 2022)

GMN procrastinating again, no news, although the price is holding at $0.009.


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## brerwallabi (21 December 2022)

GMN in a trading halt pending an announcement on a capital raising.
Probably another 500million shares to be issued.
They used to be successful at raising money above they current share price I wonder if they can do it this time.
Current share price $0.009.


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## brerwallabi (22 December 2022)

Well they raised $2million at $0.0075 with attached placement options.
It means another 266million new shares.
With two projects on the go they will need another couple of million dollars in the not to distant future.
That will mean close to 2billion shares out there.
Rights issue to come with one option for every five shares held at a price of $0.001 exercisable at $0.01 three years from date of issue which quite interests me which Is worth the punt for me.
Price steady today at $0.09, one to watch I think.


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