Sign up Australia
Proactive Investors - Run By Investors For Investors

Gold Anomaly uncovers even larger potential at PNG project, 4Moz target

Gold Anomaly uncovers even larger potential at PNG project, 4Moz target

Gold Anomaly (ASX: GOA) has uncovered the potential for a much larger gold deposit at its Nevera prospect in Papua New Guinea, outlining a target of up to 4 million ounces.

The exploration potential for the Main Zone at Nevera is 100 to 200 million tonnes at 0.5 to 1 gram per tonne (g/t) for 2 to 4 million ounces of contained gold.

The Main Zone already hosts an Inferred Resource of 24 million tonnes at 1g/t for 790,000 ounces of contained gold, but additional drilling has demonstrated the potential for much more.

Anomalous economic gold intersections were returned from drill holes outside the identified Main Zone envelope.

The Nevera Main Zone is a low-sulphidation epithermal carbonate – base metal sulphide – gold deposit of the “mixing zone” style.

Other Pacific Rim examples include Kelian in Indonesia and Hidden Valley and Wafi in the Morobe Goldfield of Papua New Guinea.

Three distinct zones of mineralisation – the gold mixing zone, high grade zone and porphyry copper-gold zone – have now been identified at the Nevera prospect, part of the company’s flagship Crater Mountain project.

The company also revealed today it has received a final report on the petrology and mineralogy of drill core from one hole at the Nevera Prospect, confirming the hole’s proximity to a nearby major porphyry copper-gold system.

The study verifies and highlights the presence of strong porphyry copper-gold mineralisation underlying the northern end of the prospect.

An area of at least 800 metres long by 400 metres wide lying at depth under the northern end of the prospect ridge is interpreted as being proximal to a porphyry copper-gold system.

The widest intersection of strongly anomalous copper and gold values in the recent drill hole is 124 metres from 704 metres down-hole, with average values over the interval 900 parts per million copper and 0.38g/t gold.

Gold Anomaly is planning to undertake detailed airborne geophysics as well as further drilling to convert the mixing zone mineralisation into defined resources.

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

Register here to be notified of future CGN Company articles
View full CGN profile

Crater Gold Mining Ltd Timeline

Related Articles

September 15 2016
As well as RHA and Zulu, the firm has assets in Mozambique and a stake in private firm Circum Minerals
August 31 2016
Cancana Resources Corp. and its joint venture partner Ferrometals BV, said on Tuesday that it had increased production capacity at Brazil Manganese Corp
October 27 2015
Tim Coughlin describes it as a "necessary and logical" step

© Proactive Investors 2016

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.