Sydney, Australia, Nov 7, 2012 - (ABN Newswire) - Gold Anomaly Limited (ASX:GOA.AX - News) is pleased to announce that diamond drilling has commenced at the company's Croydon polymetallic project (EPM 15989) in North Queensland. The tenements cover gravity and/or aeromagnetic anomalies selected by GOA as potentially metallic mineral deposits.
Drilling will target the G1 anomaly where a coincident gravity high and IP conductivity high anomaly have been delineated by ground geophysics (see figure 2 in link below). The purpose of the drilling is to determine whether the G1 anomaly is a possible feeder system for the significant lead, zinc, silver, tin and copper mineralisation encountered at the A2 prospect.
Gold Anomaly's Executive Chairman Mr Greg Starr commented, "We are excited to be drilling for the intrusive source of the polymetallic mineralisation encountered at the prospect. To date, eight of nine holes at A2 have identified polymetallic mineralisation represented by massive sulphide filled fractures with interesting assay results for a range of metals, but primarily lead, zinc and silver.
"Should this drilling confirm that G1 is indeed the feeder source for the A2 prospect, then this would expand the potential for polymetallic massive sulphide mineralisation over a 5km strike length."
The drilling is conducted under a Collaborative Drilling Initiative grant from the Queensland Government. The target was located during ground follow-up of the G1 airborne gravity anomaly during the 2011 field season (see figure 1 in link below).
Previously, GOA has drilled aeromagnetic anomalies designated A1 and A2, both of which were found to contain metal sulphides of interest. The epigenetic polymetallic massive sulphide mineralisation at A2, located approximately 5 km SE of the G1 anomaly produced particularly important assay results.
The presence of elevated tin associated with zinc, silver, lead and copper in massive sulphide filled fractures at A2 indicates that an intrusive granitic source nearby may be the source of the metals. The higher density of the basement rocks producing the gravity anomaly at G1 could be caused by an intrusive that has a higher density than the enclosing Proterozoic metasediments. A coincident IP conductivity anomaly may be indicating the presence of conductive sulphide mineralisation in or emanating from an intrusive.
The drill hole underway (G1-001) will test these coincident anomalies to a vertical depth of approximately 400m. If intrusive and/or sulphide mineralisation of interest is discovered, this will greatly expand the size, potential and value of the project.
For assay results, maps and tables, please visit:
About Gold Anomaly Limited:
Gold Anomaly Limited (ASX:GOA.AX - News) is an ASX-listed junior company focussed on exploration and pre-development projects in Papua New Guinea. Based on the results to date and the experience of Peter Macnab, Gold Anomaly's Director of Exploration, the company's flagship project is the Crater Mountain gold project which has the potential to become a multi-million ounce gold deposit. This potential should be considered recognising that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.
Gold Anomaly Limited T: +61-2-9241-4224 F: +61-2-9252-2335 WWW: www.goldanomaly.com.au
Gold Anomaly Limited
Copyright (C) 2012 ABN Newswire. All rights reserved.