Gold Anomaly surges on Crater Mountain results

SHARES in Gold Anomaly skyrocketed on Monday after reporting “outstanding” gold intercepts from drilling at the Nevera prospect within its flagship Crater Mountain gold project in Papua New Guinea.
Gold Anomaly surges on Crater Mountain results Gold Anomaly surges on Crater Mountain results Gold Anomaly surges on Crater Mountain results Gold Anomaly surges on Crater Mountain results Gold Anomaly surges on Crater Mountain results

Its second drillhole at Nevera intersected a section of 215 metres at 1.46 grams per tonne gold from 181m including 26m at 4.6gpt gold from 217m and 46m at 2.42gpt gold from 272m.

News of the results saw the company's shares jump as much as A1.9c to an intraday high of 5.7c with over 396.5 million shares changing hands by day's end.

The results complemented the first drillhole at Crater Mountain which intersected 286m at 0.82gpt gold from 22m, which included 16m at 1.92gpt gold, 4m at 2.1gpt gold, 4m at 2gpt gold, and 19m at 3.37gpt gold and 44m at 1.52gpt gold within 82m at 1.62gpt gold.

Gold Anomaly said better grades from the second drillhole may indicate a closer proximity of this hole to the interpreted deep-seated intrusion-related feeder zone, reinforcing the decision to drill several 1000m drillholes in the next phase of drilling.

Gold Anomaly's exploration director Peter Macnab said the results support the possibility that a multi-million ounce gold deposit exists at Crater Mountain.

"The upside of the project is tremendous, given that we have just started exploring the area and have currently drill tested less than 10 per cent of the anomalous gold zone at the Nevera prospect, which accounts for less than 4 per cent of the entire Crater Mountain tenement," Macnab said.

So far, the company has completed five holes on the Nevera prospect for a total of 2537m.

Drilling at the final hole of the current campaign has begun.

The company is planning to complete a further 10,000m of drilling by year's end. A second rig to undertake this work is currently being sourced.

This story first appeared in PNGIndustryNews.net's sister publication, MiningNews.net

loader
  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more