Gold Anomaly has announced its first mineral resource estimate for the Nevera prospect at its flagship Crater Mountain gold project. The estimate confirms an inferred resource of 790,000 ounces of gold at Nevera, which is one of four defined at the project area during exploration spanning 30 years.
Preliminary results from the drill program at Nevera show a zone of 1046 metres of gold mineralization to depths not previously encountered at a weighted average of 0.25 grams/tonne gold with no cut-off grade. Drill results have also shown elevated copper grades from the commencement of the intrusion zone at 1046 to 1104 metres.
In July 2011, the company’s maiden drill program confirmed the discovery of a new high grade gold seam with a 41 metre interval which assayed 0.68 grams/tonne gold revealed in the artisanal mining zone. A third drill rig is about to arrive at the site to focus on the artisanal zone.
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, which owns a 51% share, and London-based Triple Plate Junction.
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.
Gold Anomaly’s executive chairman Greg Starr says the project has the potential to host a world-class multi-million ounce deposit and a small gold mine in the near future.