Crater Gold Mining Stock Market Press Releases and Company Profile
Gold Anomaly Limited (ASX:GOA) Update on Crater Mountain Gold Project in Papua New Guinea
Gold Anomaly Limited (ASX:GOA) Update on Crater Mountain Gold Project in Papua New Guinea

Sydney, July 26, 2011 AEST (ABN Newswire) - Gold Anomaly Limited (ASX:GOA) is pleased to announce results from the final hole of the Company's maiden drilling program at its flagship Crater Mountain gold project in Papua New Guinea (PNG).

NEV023 was drilled into the Artisanal Mining Zone at the Nevera prospect from the same site as NEV022 but at a different azimuth. It was drilled as a short hole to test the width of the mineralised envelope, outside the area of known mineralisation.

Whilst NEV023 did not record the same levels of high-grade gold mineralisation encountered in NEV022 (which intersected two zones, 46m @ 5.9g/t Au and 6m @ 3.16g/t Au), it intersected two distinct zones within the mineralised envelope (mirroring NEV022). Drill hole parameters and significant assay results for NEV023 are presented in Tables 1 and 2 respectively (see link: http://media.abnnewswire.net/media/en/docs/ASX-GOA-233574.pdf)

Based on recently conducted detailed geological mapping and accurate surveying, it is concluded that the majority of the productive workings and the higher grade intercepts in NEV022 and NEV023 are associated with steeply dipping northerly-trending fractures. These northerly-trending fractures, although mostly narrow, open out in vertical dilution zones, particularly where they intersect east-west fractures. Whereas NEV022 was drilled obliquely along/across the system and intersected a number of gold mineralised northerly-trending fractures, NEV023 was drilled directly across the system intersecting east-west structures largely without encountering the mineralised north-south fractures. Although the east-west fractures are important in the development of the system, they are relatively tight. The high gold grades are developed on the more-open north-south tension fractures, by deposition from descending late-stage acid ground waters.

The mineralisation is hosted within a broad envelope, which has been mapped as being between 30 to 50m wide and striking 125 degree true, with the bonanza-grade gold mineralisation associated with dilations on northerly-trending tension fractures within the envelope. Four such fractures have been identified in mapping completed to date, but the extent of the workings and results from NEV022 indicate that there are likely to be more high-grade shoots within the zone, which is open along strike and at depth.

Two short (~200m) drill holes - NEV025 and NEV026 - are planned to drill along the mineralisation envelope, targeting dilatational zones where high-grade gold mineralisation appears to occur. The aim will be to gain a better understanding of the possible average grade of the zone, whilst testing the system along strike and at depth.

NEV023 concludes the Phase 1, 2,500 metres drill program at Crater Mountain.

Following the success of its maiden campaign, Gold Anomaly has recently commenced the Phase 4, 10,000 metres drilling program. NEV024 in the "Main Zone" has recently been completed to a depth of 642.2m. NEV 025 is due to commence shortly.

In addition to the above two holes planned to test the high-grade gold zone, the program will incorporate a number of deep, ~1,000m holes to target the large intrusion at depth causing the strong baking of Chim Formation shales observed beneath the "Main Zone" mixing zone mineralisation, and test for peripheral porphyry apophyses with associated mineralisation (the postulated feeder zone to the overlying mixing zone mineralisation encountered high above), similar to that encountered in the Waruwari deposit at Barrick's (TSE:ABX) Porgera mine.

About Crater Gold Mining

Crater Gold Mining Limited (ASX:CGN) is engaged in the exploration, evaluation and exploitation of gold and other base metal projects. The Company's segments include Croydon, Fergusson Island and Crater Mountain. The Croydon project consists of two sub-projects in far North West Queensland, the Croydon Polymetallic Project and the Croydon Gold Project. The Fergusson Island project consists of two gold exploration projects at Wapolu and Gameta on Fergusson Island, in Milne Bay province, Papua New Guinea. The Gameta Deposit lies within exploration license (EL) 1972. It is located on the northeast coast of Fergusson Island. The Wapolu Deposit lies within EL 2180. The Crater Mountain is an exploration and production project located in the Papua New Guinea Highlands approximately 50 kilometers southwest of Goroka. The project consists of three contiguous ELs, straddling the border between the Chimbu and Eastern Highland Provinces.

 


Contact

Pat Smith
PNG Exploration and Country Manager
Ph: +675-532-1994

Greg Starr
Executive Chairman
Ph: +61-2-9241-4224

http://www.goldanomaly.com.au



Related Companies

Crater Gold Mining       
Barrick Gold Corporation         

ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 3) (Last 30 Days: 30) (Since Published: 7247)