Fresh pickings at Crater Mountain

GOLD Anomaly has found a new area of gold mineralisation about 400m southwest of the existing Nevera deposit resource at its Crater Mountain project in Papua New Guinea.
Fresh pickings at Crater Mountain Fresh pickings at Crater Mountain Fresh pickings at Crater Mountain Fresh pickings at Crater Mountain Fresh pickings at Crater Mountain

The best intersection from the hole in the new area was 4m at 0.71 grams per tonne gold, but the explorer said there were multiple zones grading more than 0.25gpt gold, while there were nine 2m intersection which graded more than 0.15% copper.

The deepest significant intersection was 4m at 0.42gpt gold and 0.132% copper starting from a depth of 630m.

Copper mineralisation seems to become more persistent at depth, the explorer said.

Gold Anomaly is not yet sure if this new zone is part of the Nevera system or is a different mineralised system.

Drilling is underway for two other deep holes at the project.

Gold Anomaly's ownership of the project is expected to increase from 70% to 80% as joint venture partner Triple Plate Junction has opted out of contributing further project funding, while another yet to be finalised transaction with New Guinea Gold could lift Gold Anomaly's stake to 90%.

The explorer has also advanced a share purchase plan to raise at least $A2million for further Crater Mountain exploration. The new shares and options are expected to be allotted on February 29.

The 24 million tonnes of inferred resources at Crater Mountain equate to 790,000 contained gold ounces.

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