Results from a third drill hole at Gold Anomaly’s flagship Crater Mountain project have confirmed it is shaping up as Papua New Guinea’s next large-scale bulk tonnage gold deposit.
The company’s maiden drill program confirmed the discovery of a new high grade gold zone in July. The latest hole, drilled in the artisanal mining zone, intersected 1 metre @ 16.2 grams/tonne gold in addition to a 41 metre interval which assayed 0.68 grams/tonne gold. Within this 41 metre interval, numerous narrow veins that assayed more than 1.5 grams/tonne gold were also intersected.
A number of steeply dipping, northerly-trending gold-bearing pyrite veins were drilled through in this hole, but no bonanza grades were intersected. Gold Anomaly says these latest results confirm the gold at the artisanal zone is not just supergene in nature and that high grade gold veining does occur in both the sulphide and oxide zones.
A third drill rig will be brought to the site in early 2012 to focus solely on the artisanal zone. Drilling at the project’s main zone is down to a depth of 1054 metres in one hole and is showing signs of a porphyry system at depth.
The Crater Mountain project takes in three exploration licences in the PNG Highlands, about 50km southwest of Goroka which is the regional centre for the Eastern Highlands province. It is a joint venture between Gold Anomaly, who owns a 51% share, and London-based company Triple Plate Junction.
Crater Mountain has been actively explored for more than 30 years for epithermal gold mineralization. These past efforts defined four main prospects: Nevera, Nimi, Awanita and Masi. Despite efforts from the company and the PNG government, the Nevera soil anomaly continues to be mined by artisanal miners who have reportedly recovered 250kg of gold in shallow underground workings during the past five years.