The geologically savvy explorer said the initial petrological studies conducted on the core of its first 1km deep hole at the Nevera prospect exhibited strong phyllic alteration, which has overprinted an earlier potassic alteration event.

"Both of these styles are associated with major porphyry deposits such as Xstrata's Frieda River and Newcrest's Wafi-Golpu," Gold Anomaly said.

The two projects are widely considered to be part of PNG's next generation of world class mines, along with Marengo Mining's Yandera copper-gold project.

"The past month has seen great progress made at Crater Mountain, capped off by our maiden resource of 790,000 ounces of gold at Nevera," Gold Anomaly executive chairman Greg Starr said.

"The study provides further confidence in our belief that Crater Mountain ultimately hosts a much larger gold deposit.

"Given that the resource to date is based only on a 400m by 150m by 150m mixing zone starting about 200m from surface, the confirmation of a porphyry system at depth could lead to the discovery of the prized feeder zone as postulated by exploration director Peter Macnab."

The highly anticipated assay results for the NEV027 maiden deep hole are expected before Christmas.

Two other holes are being drilled, while NEV027 hit the top of the now-confirmed porphyry system with a lot more expected further down.

Given the depths involved, the Nevera prospect appears to host a significant underground mining opportunity outside of the mineralisation found far closer to the surface.

Gold Anomaly shares are up 35.3% or 0.6c to 2.3c this morning.