Gold Anomaly optimistic about Crater Mountain
9th Mar 2012
SYDNEY, Mar 9 -- Gold Anomaly, sitting on a maiden inferred resource of 790,000oz of gold at its flagship Crater Mountain Project in Papua New Guinea, has posted a December 2011 half-year loss of $A7.85M (2010: $1.04M).
The company says that as exploration continues, the more confident the company becomes that Crater Mountain (80% holding) will ultimately be shown to host a substantial gold deposit.
Porphyry system confirmed at the Nevera Prospect, with positive results from first 1000m-plus deep drill hole indicating potential for multiple major mineralisation events and assays of 1,046m @ 0.25g/t Au extending the gold mineralisation zone 200m to south and at depth by 500m.
Inferred resource of 24Mt @ 1.0 g/t Au for 790,000oz defined for the Nevera Prospect, with upgrades expected.
Anomaly had $758,150 in cash at the end of the half-year.
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