High-grade surprise in PNG

GOLD Anomaly has identified a 46 metre intersection at 5.9 grams per tonne of gold, including 2m at 98.2gpt, from a 44m depth at its Crater Mountain project in Papua New Guinea’s highlands.
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Outside of these results, the hole also hit a second zone of 6m at 3.16gpt gold further down from 118m.

Targeting the ground beneath artisanal mine workings on the west side of the Nevara prospect ridge, the hole was about 200m northwest of the previously identified "main zone" of the project.

The grades were substantially different too, with the explorer's last hole at the project yielding a 244m intersection at 0.52gpt gold from a depth of 198m, which was indicative of a large bulk-tonnage deposit.

"The discovery of this new high-grade gold zone further enhances the prospects of Crater Mountain ultimately becoming the next major gold discovery in PNG," Gold Anomaly executive chairman Greg Starr said.

"Whilst most of the excitement to date has arisen from drill results that point to the presence of a large bulk tonnage deposit at the main zone, the project will certainly benefit from the existence of supplementing a main deposit with a near surface, high-grade gold deposit, akin to the development at Barrick's Porgera mine."

The final hole of the maiden drilling program also targeted the artisanal mining area and Starr said results were expected within a week.

Gold Anomaly shares were up 7% to 4.6c by 2:30pm (AEST).


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