gold anomaly crater mountain4 Sep 2011 15:29
gold anomaly has completed the work required phase 2 to earn in for 70% of the joint venture. As a result the company will now be required to contribute its pro rata share (-18.6%) to maintain its interest. At the completion of phase 2, TPJ, through Terenure, together with Celtic Minerals, , owned 20% under the terms of its agreement. TPJ calculates that Celtic Minerals have indicated that they dispute this calculation. The TSX-V listed company New Guinea Gold Corporation ("NGG") which holds the remaining 10% of the project has agreed to sell its interest to Gold Anomaly, subject to certain conditions percedent which have yet tobe satisfied. Celtic and NGG were part of an earlier joint venture with TPJ. If TPJ were not to contribute & diluted further, it has a min non-diluteable share of 10% up to feasibility stage. The government of Papua New Guinea has yet to approve these changes in ownership of the Crater Mountain Licences.
Phases 2 & 3 of the programme have seen the completion of Aprox 2,650 meteres of drilling in total. Gold Anomaly are currently engaged in phase 4 of the work programme which has been announced as an additional total of 10,000 meters of drilling, budget for which is to be agreed before the Company commits to investing capital to maintain its position. In July 2011 gold anomaly announced the following results, which confirm the projects shallow high grade gold potential:
2 Meters @ 98.20 grammes per tone gold from a depth of 74 metres to 76 metres; a broad zone of 46 metres @ 5.90g per tonne gold (uncut grade) from a depth of 44 metres to 90 metres; and a second zone of 6 metres at 3.16g per tonne gold depth of 118 metres to 124 metres.