Gold Anomaly said the results from hole NEV027 provided further confidence that Crater Mountain hosts a much larger gold deposit
Shares in Triple Plate Junction (LON:TPJ) surged in early trade after its partner Gold Anomaly (ASX:GOA)reported positive study results from the Nevera prospect at the Crater Mountain project in Papua New Guinea.
Gold Anomaly said the results of studies completed on a sample of core from hole NEV027 provided further confidence that Crater Mountain, which is 18.7 percent owned by Triple Plate Junction, hosts a much larger gold deposit.
The studies found that NEV027 intersected what appears to be a typical porphyry system, some of which Gold Anomaly said are responsible for some of the largest copper gold deposits in Papua New Guinea and around the world.
The intrusive intersected by the hole was geologically similar to major porphyry deposits such as Xstrata‘s Freida River and Newcrest’s Wafi Golpu, the company added.
All of the samples taken from NEV027 have completed sample prep and may already be en-route to the laboratory with the results expected before Christmas.
Two holes are currently being drilled at Crater Mountain, including NEV030, which is targeting the intrusive identified by NEV027 at a lower depth.
The other hole, NEV031, is testing the north-eastern extent of the mixing zone and is expected to be completed in the next couple of days.
Only last month, Triple Plate Junction announced a maiden resource at the Nevera prospect, which now has 24 million tonnes grading 1 gram per tonne (g/t) for 790,000 ounces of gold in the inferred category.
The two companies expect the ongoing drilling programme of over 1,000 meters to lead to a significant expansion of the resource within the new few months.
Gold Anomaly plans to extend exploration activities to adjacent prospects Masi Creek and Nimi in 2012, which have similar surface geology, mineralization and alteration to that seen at Nevera.
Triple Plate Junction traded at 5.88 pence this morning, up 7 percent from Tuesday’s close. The company currently has a market cap of £20.35 million....
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