This hole is the deepest yet in the Nevara prospect ridge and reached a depth of 642.4 metres.

However, a rig that can drill more than 1000m is enroute to the project and expected to be onsite by late July or early August.

Last week the explorer announced a high grade intersection of 46m at 5.9 grams per tonne of gold, including 2m at 98.2gpt, from a 44m depth.

This hole targeted the artisanal mining zone of the Nevara prospect. A fault is between this area and the identified bulk tonnage deposit which had a recent 244m intersection at 0.52gpt gold from a depth of 198m.

Gold Anomaly executive chairman Greg Starr said the drilling of the shallow high-grade zone beneath artisanal mine workings further enhanced the appeal of the Crater Mountain project.

"The capital raising closed heavily oversubscribed with a strong response from institutional and high net worth investors in a difficult trading environment, reflecting the increasing confidence that Crater Mountain hosts a substantial gold deposit," he said.

Gold Anomaly is on its way to earning 80% of the project, while joint venture partner Triple Plate Junction expects its stake is likely to be around 19% in the future, according to its website.

Gold Anomaly shares slipped 5.9%, or 0.3c, to 4.8c this morning.