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GMN - Gold Mountain

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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.

This is from the announcement of 5 June:


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.
Click to expand...
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.
 
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.
upload_2020-7-2_22-31-11.png
 
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 ??
 
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.
 
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.
Click to expand...
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
 
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.
 
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
 
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
Click to expand...
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?
 
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.
 
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.
 
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.
 
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
 
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.
 
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.
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.
Click to expand...
vultures for sure
 
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.
 
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.
 
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.
 
I note GMN have spend $465k in exploration activities in the last quarter.
With the current rate of spending they have enough cash for just 10 months.
They have not made it clear how much has been spend in PNG and what exactly is planned there.
The focus seems to have shifted now to Brazil which shows some promise.
With drilling necessary in PNG and Brazil the cash burn will be high and another credit raising will be necessary possibly aground mid year.
They really need to get their @4#3 into gear.
Can they really manage two projects when they barely managed one.
Disgruntled shareholder.
 
Is gold turning the corner and potentially finding support this weekend whilst our American colleagues are celebrating Thanksgiving? Find out more in the weekly video link below. Could this be the catalyst to turn GMN around? Look at the volume in the stock recently as it appears to be forming a base and 'barrelling out a bottom'...

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