PAPUA NEW GUINEA - Major multiple zones at Crater Mountain

Gold Anomaly says results from the latest drill hole at its Crater Mountain Gold Project have confirmed several significant zones of mineralization with an average grade of between 0.25 – 1.0 grams/tonne gold.

The company says the highlight of the results is the pervasive nature of the mineralization through both the overlying Nevera volcanics and the entire Chim formation to a depth of 1046 metres. This is the deepest level of gold mineralization seen at Crater Mountain to date and highlights the sheer size of alteration systems at the Nevera prospect.

Gold Anomaly says the results have extended the known gold mineralization by 500 metres depth and 200 metres to the south, and confirmed the potential for increased copper grades at greater depth. Very strong base metal and silver mineralization was also intersected in the hole, with several zones assaying over 0.50% of combined lead and zinc.

The next deep hole Gold Anomaly is planning will drill 200 metres further into the porphyry and the company now expects to intersect even higher copper grades with additional depth.

Gold Anomaly’s exploration director Peter Macnab says, “The extent of the mineralization and alteration in (this hole) further confirms our belief that the mineralization system we are seeing at Nevera is very extensive and we are making significant steps in our understanding of the geology of this prospect which will aid us with our future drilling programs.

“The mineralizing system we are seeing is very similar to prototype porphyry copper and copper/gold systems around the world with a large central intrusion surrounded by variably mineralized multiple porphyry apophyses, sitting at the base of a large mineralized hypothermal system with multiple mineral deposits, and this bodes well for future drilling.”

These results have resulted in Crater Mountain becoming Gold Anomaly’s flagship project and with further exploration the company hopes to determine a mineral resource which has the potential to become a multi-million ounce gold deposit.

The project is in the highlands of Papua New Guinea, about 50km southwest of the Eastern Highlands provincial centre of Goroka. It covers three contiguous exploration licences over 307sqkm which straddles an extensive geological zone that hosts the world-class Porgera, OK Tedi and Grasberg mines.

www.goldanomaly.com.au