Gold Anomaly announces PNG Resource

THE BOURSE WHISPERER: Gold Anomaly has completed a maiden resource estimate in accordance with JORC guidelines for its Nevera prospect, part of the company’s Crater Mountain gold project in Papua New Guinea.

The Inferred Resource at Nevera comprises 24 million tonnes at 1.0 grams per tonne gold for 790,000 ounces of gold.

“This maiden resource marks a major milestone for the company, confirming the potential for Crater Mountain to ultimately become PNG’s next major gold discovery,” Gold Anomaly executive chairman Greg Starr said in the company’s announcement to the Australian Securities Exchange.

“This is truly an exceptional result given that we only launched our maiden drilling program some 12 months ago.

“We are excited that several of our drill holes have encountered extensive gold mineralisation mirroring that of previous exploration at Nevera.

“As such, our efforts today are confirming the views of previous owner BHP that considered Crater Mountain as a tier‐1, highest prospectivity asset.”


Drill locations of Nevera prospect. Source: Company announcement

The maiden resource estimate at Nevera only considers drilling the company has carried out within approximately 60 per cent of the Main Zone identified to date, and does not include the artisanal zone.

The company said that this zone is still partly open along strike, and it anticipates it will be able to increase the resource with more drilling in the coming months.

Gold Anomaly plans to extend its exploration activities to adjacent prospects Masi Creek and Nimi in 2012, which it considers to have similar surface geology, mineralisation and alteration to that at Nevera.

Now that the company has established an initial resource for Nevera, it has planned preliminary metallurgical testwork for early in the New Year.