Drilling is now underway at Triple Plate Junction’s (LON:TPJ) Crater Mountain project in Papua New Guinea.
This morning the company confirmed that its farm-in partner Gold Anomaly (ASX:GOA) has now started drilling after a slight delay, relating to logistical issues.
GOA is earning a 70 percent stake in the project. Triple Plate will retain a 20 percent interest while New Guinea Gold Corporation owns the remaining 10 percent.
It is GOA’s maiden drilling program, and it is targeting the most advanced of the four gold bearing areas identified at the Crater Mountain’s Nevera prospect.
Triple Plate referred investors to Gold Anomaly announcement on the Australian Securities Exchange.
"We are pleased to report drilling has commenced at Crater Mountain,” Gold anomaly chairman Greg Starr said.
“This is a significant milestone, beginning an aggressive program of 2,500 metres of diamond drilling to further define the Nevera prospect's potential."
The drilling is headed up by GOA’s exploration director Peter Macnab.
Macnab believes that the gold zone outlined at Nevera is analogous to the geological setting at New Crest and Harmony’s 6.5 million ounce Wafi Creek deposit – which was actually discovered by Macnab.