Gold Anomaly discovers 900m drill target

THE BOURSE WHISPERER: Gold Anomaly has claimed the discovery of a 900 metre long Induced Polarisation (IP) anomaly parallel to the existing gold zone at the company’s Jolly Tar gold project located near Croydon in north Queensland.

The discovery stems from the company’s 2011 field season of IP gradient array and dipole‐dipole surveys conducted at the Jolly Tar and the Gilded Rose‐Jumbo gold project in the same area.

Gold Anomaly said the surveys revealed an anomalous IP chargeability anomaly paralleling and west to the existing drilled gold zone at Jolly Tar.

Source: Company announcement

“The new IP anomaly extends for over 900 metres along strike and remains open to the northwest and southeast,” Gold Anomaly said in its ASX announcement (see figure 1).

“Based on the past drill hole gold assay data and recent IP surveys, drilling to test the new IP anomaly is warranted in order to define the extent of the deposit which will complement gold mineralisation already outlined at Jolly Tar.”

Gold Anomaly described the Jolly Tar prospect to be marked by prospecting pits and shallow shafts from artisanal miners.

The company said the prospect consists of several quartz veins and quartz zones hosted by granite.

“A small area of the Jolly Tar prospect has been drilled in the past by vertical aircore, RC and diamond core methods,” Gold Anomaly said it is ASX announcement.

“Assay results defined a body of gold mineralised quartz bearing material along strike for 480 metres that has been drilled down dip for approximately 140 metres (vertical depth approximately 60 metres) where it appears to have been faulted off as drilling further east failed to locate similar mineralisation.”

The company explained that drilling has shown the hanging wall of what is referred to as a ‘quartz zone’ hosts gold mineralisation and that up to 50 per cent graphite is also present in the footwall granitic rocks of this mineralisation.

The single diamond drill hole that has been drilled through this zone contains an intercept of 16.5 metres at 2.65 grams per tonne gold from 18.5m.