On 24 November 2011, Gold Anomaly Limited (ASX: GOA), the Company's joint venture partner in the Crater Mountain Project, announced the completion of a maiden inferred resource estimate of 24Mt at 1.0 g/t gold, using a 0.5 g/t cut-off grade for 790,000 ounces at Nevera Gold Prospect. In addition, the drilling program is underway with a view to extending the resource significantly over the next few months. To this end, further drill holes of more than 1,000m are planned.
The text of the announcement made by Gold Anomaly Limited is reproduced below and the entire announcement can be found at the Company's website: www.tpjunction.com. TPJ holds an 18.9% interest in the Crater Mountain Project.
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Fraser McGee +44 (0)7775 693 237
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GOLD ANOMALY ANNOUNCES MAIDEN 790KOZ GOLD
RESOURCE AT CRATER MOUNTAIN, PNG
· Maiden Inferred resource of 24Mt @ 1.0 g/t Au, using a 0.5 g/t Au Cut off Grade1 for 790,000 ounces (oz) at Nevera Gold Prospect, Crater Mountain Project, PNG
· Ongoing drilling program under way with a view to extending the resource significantly over the next few months
· Hunt for prized deep feeder zone continues with additional 1000m+ holes planned
Gold Anomaly Limited (ASX: GOA)( "GOA" or "the Company") is pleased to announce the completion of a maiden resource estimate in accordance with JORC guidelines for its Nevera Prospect, part of the Crater Mountain Gold Project in Papua New Guinea (PNG).
The Inferred Resource at Nevera comprises 24Mt @ 1.0 g/t Au for 790,000 oz. GOA's Executive Chairman, Mr Greg Starr commented:
"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.
"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, and supporting Exploration Director Peter Macnab's mineralisation model.
"As such, our efforts today are confirming the views of previous owner BHP that considered Crater Mountain as a tier-1, highest prospectivity asset."
The maiden resource estimate only considers drilling within approximately 60% of the Main Zone identified to date, and does not include the artisanal zone. Further step out drilling success will likely increase the resource significantly. Given that this zone is still partly openalong strike, there is significant upside to increase the resource with more drilling in the coming months.
The upside potential to upgrade and increase the resource is also considered substantial given that drilling to date has been confined to the Nevera prospect. GOA plans to extend exploration activities to adjacent prospects Masi Creek and Nimi in 2012, which has similar surface geology, mineralisation and alteration to that seen at Nevera.
The resource estimate was completed by Dr Andrew Richmond, an independent resource consultant. Details of how the resource was estimated and the various parameters used in the estimation are included in a letter to GOA by Dr Richmond appended to this release. Grade-tonnage information at several cut-off grades (COGs) in addition to the stated Inferred Resource for Nevera is presented in Table 1 below.
Table 1 Grade Tonnage Data
Cut of Grade
Additional significant figures provided in this table does not imply a higher level of confidence than the stated Mineral Resource
The resource was calculated using an inverse distance squared method.
A top cut of 4 g/t Au was used
Now that GOA has an initial resource for Nevera, preliminary metallurgical testwork is planned on core from the mixing zone for early in the new year. In addition, samples from the intrusive intersected in NEV027 will be sent away for petrological analysis.
NEV021 has not been included in the initial resource estimate as additional infill drilling is required to confirm the continuity of the mineralisation between NEV025 and NEV021. Other areas where infill or step out drilling is required to enhance the resource will be identified and this drilling will be undertaken in the coming months. The drilling of these infill holes, if successful, should lead to a significant increase in the resource.
Results for hole NEV028 were received yesterday. NEV028 targeted a southwestern extension to the Main Zone, however it failed to intersect wide zones of gold mineralisation within the mixing zone with the best intercept recorded being 1m @ 3.38 g/t Au. A complete list of drill intercepts at a grade greater than 0.50 g/t Au is presented in Table 2 following.
Table 2: NEV028 Results
The above intercepts were calculated using a 0.20g/t Au COG, using a minimum intercept width of 1m, and a maximum of 4m of internal dilution. The intercepts were calculated using a weighted average, whereby the summation of the individual sample grade is multiplied by the sample width then divided by the intercept length. Each sample is of half core and each sample length is 1m.
The identification of the intrusion together with the results of NEV028 leads to an interpretation that the mixing zone does not form a tabular body as previously depicted, instead forms a semi - circular body above the deep intrusive which has now been intersected in NEV027.
This revised interpretation of the mixing zone does not rule out the potential of hole NEV029 which, from visual inspection of the core, looked mineralised. We also note that NEV029 was drilled adjacent to NEV012, (drilled by TPJ) which intersected anomalous gold, ending in 13m @ 1.80 g/t Au from 264.80m with the last 1.5m assaying at 12.55 g/t Au. Results from NEV029 should be due out in mid to late December.
For further information contact:
PNG Exploration and Country Manager
P +675 532 1994
P +61 2 9241 4224
For media and investor relations enquires, contact
P +61 2 8264 1003
or visit the GOA website www.goldanomaly.com.au
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