Crater Gold Mining (ASX:CGN) is producing gold from its Crater Mountain - High Grade Zone Project in Papua New Guinea.
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.