Gold Anomaly has applied for a new exploration licence at a 501sqkm block adjoining its current three exploration licences from the south, in Papua New Guinea’s Crater Mountain area. Once the licence is granted, the company’s holdings will total 681sqkm.
The company says the licence is underlain by volcanic rocks that exhibit the same geological characteristics as the 790,000 ounce Nevera gold and copper deposit. Historic regional exploration has returned gold, silver and base metals anomalies over a wide area.
Gold Anomaly believes the licence area is an under-explored province with potential for a number of new gold and copper deposits. The company’s exploration director Peter McNab says, “I am very pleased to be able to say that in applying for this licence, Gold Anomaly is looking to extend its tenements to take in all of the historic anomalous areas in the Crater Mountain range.
“These anomalies are a product of magmatic and hydrothermal activity related to Crater Mountain’s volcanic activity. Airborne geophysical surveys coupled with detailed exploration on the ground can be expected to generate many new interesting targets.”
Gold Anomaly’s application for the southern licence is timely given the company is moving into the second phase of its exploration strategy at Crater Mountain, which will include a concerted regional program aimed at defining and locating new prospects. The company believes the flagship Nevera prospect is only one of a number of gold-copper deposits in a large system.
Peter McNab says he is negotiating with several airborne geophysical companies operating in Papua New Guinea to commission a magnetics and radiometrics survey over its Crater Mountain licenses.
“Gold Anomaly has high hopes for discovering further major prospects in this highly underexplored ground,” he says.