US-based institutional investor Bergen Global Opportunity Fund will invest up to $7.6 million in Gold Anomaly under a convertible security agreement. The funds will be used for progressing the company’s project exploration and capital works.
Bergen invests in high growth public and private companies around the world, with an emphasis on the Asia-Pacific region and Australian companies and projects. The terms of the agreement include four lump sum payments during the next 12 months.
Gold Anomaly’s executive chairman Greg Starr says, “Bergen’s investment provides Gold Anomaly with a substantial capital base to continue with exploration and development plans at its Crater Mountain project and at the A2 polymetallic project at Croydon, while retaining flexibility in its funding options and reducing dilution for its existing shareholders.”
In March this year, assay results from the flagship Crater Mountain project in Papua New Guinea extended the zone of copper-gold mineralization at the Nevera prospect.
Gold Anomaly says the results provide data on the possible location of a deep hot porphyry intrusion as well as the location of the mixing zone boundary. One hole is interpreted as having grazed the northern edge of the inferred mixing zone resource, which currently contains an inferred 790,000 ounces of gold.
Two new targets for drill testing were identified where drilling is now under way, targeting both the porphyry copper-gold mineralization and high grade gold in the roots of the artisanal mining system.