More scope at Crater Mountain

GOLD Anomaly has found a mineralised zone in the most northeastern hole drilled to date at the Nevera prospect of its Crater Mountain project in Papua New Guinea, with the best result being a 24m intersection at 1.3 grams per tonne gold.
More scope at Crater Mountain More scope at Crater Mountain More scope at Crater Mountain More scope at Crater Mountain More scope at Crater Mountain

The interval started from a depth of 318m and included 0.09% copper.

Of the economic-grade intersections throughout the hole, other standout results include a 10m intersection at 1.1gpt gold from a depth of 106m, 5m at 1.38gpt gold from a 94.9m depth and a 4m interval grading 1.57gpt gold starting 200m from the surface.

The hole was designed to test the northeast extension of the area Gold Anomaly called the "mixing zone" of the deposit - which hosts an inferred resource equating to 790,000 contained gold ounces.

Of the copper results from the hole, there were eight intersections grading more than 0.2% and two above 0.5%.

"It has returned a different mineralisation signature to earlier drillholes, with assay results underlining the potential value of copper along with gold in the ultimate economic definition of the prospect," Gold Anomaly exploration director Peter Macnab said.

A detailed petrographic study is underway to get a better understanding of the geology and to possibly target deeper and richer gold and copper mineralisation.

"Results to date indicate that this is a typical large and complex New Guinea Orogen mineralised hydrothermal system, with excellent potential to host a number of economic deposits within its bounds," Macnab said.

The company has drilled 11 holes at the Nevera prospect with the most recent yielding grades above 0.5gpt gold over at least 95m.

"While the mixing zone remains the most obvious source for defining an economic deposit, we believe we have only begun to scratch the surface at Nevera, having identified the halo to deeper and potentially more significant sources of the mineralisation not as yet identified," executive chairman Greg Starr said.

  • 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