Gold Anomaly’s interest in its flagship Crater Mountain project is set to increase to 80%, with one of the three companies to hold the joint venture deciding not to contribute further. Until recently, Gold Anomaly owned a 51% share, but is now progressing moves to take over the interest of London-based company Triple Plate Junction.
The company may gain a further 10% interest once an offer to acquire New Guinea Gold’s stake in the project is approved by the PNG Mines Minister and completed. This would take its holding to 90% of the project, which takes in three exploration licences in the PNG Highlands, about 50km southwest of Goroka.
The latest drill results from the Nevera prospect within the project have defined a maiden 790,000 ounce resource. Nevera is the most advanced of four prospects within Crater Mountain and mineralization has been identified 400 metres west of the existing resource, with the area of known gold mineralization now increased to a strike length of more than 800 metres.
Highlights from the latest results include 4 metres @ 0.71 grams/tonne gold from 150 metres and several wide zones of gold grading above 0.25 grams/tonne gold. There were also nine intersections of copper mineralization with samples grading 0.15% to 0.2% copper.
Gold Anomaly’s PNG exploration manager Pat Smith says, “The increasing extent of the anomalous gold mineralization at Nevera is encouraging and bodes well for defining a larger resource with further drilling.”
Drilling at two holes is continuing with rigs reaching depths of up to 1000 metres to test the porphyry intrusion below the extent at previous holes. Gold Anomaly says the deep holes will help determine the size of the porphyry and provide information as to whether it is a ‘feeder’ zone responsible for the gold mineralization defined within the shallower mixing zone.