Australia-listed Gold Anomaly announced a 46 metre high-grade intersection at 5.9 grams per tonne gold from 44m down a new hole at the project this week and is on its way to earning 80% of the project.
London-based TPJ expects that going forward its stake is likely to be around 19%, according to its website, but even this involvement has not gone unnoticed.
Daniel Stewart set a target price of 10.3 pence for TPJ, 71.6% upside from when the stock was 6p, although the investment bank disclosed its research was not impartial in this assessment.
The Crater Mountain project is southeast of the Hidden Valley gold mine in PNG's highlands and the tenement was once owned by BHP Billiton before the company divested its 52% stake of the Ok Tedi mine in 2002 and exited the country.
