Papua New Guinea (PNG) and Australia are two of the most fertile locations for the mining industry. Untapped rare metals and minerals have laid dormant for millennia. Today, these regions are hubs for mining exploration activity. Investors, drawn in by the large profit potential, clamor to find the very best researched terrains and dedicated entrepreneurs to discover large, plentiful deposits. It is in this twenty-first century gold rush that Crater Gold Mining Limited hopes to strike it rich.
Crater Gold Mining Limited explores and develops gold and base metal deposits in PNG and Australia. The Company is currently undergoing two large-scale projects in PNG, Crater Mountain and Fergusson Island. Their third project, Croydon, is currently under exploration. It is located in North Queensland, Australia.
Crater Gold Mining Limited began operations in 2007 under the name Gold Anomaly Limited. After several years of successful development, the Company changed its name. As of July 2013, it was respectively known as Crater Gold Mining Limited.
Striking Gold in Crater Mountain
Crater Gold Mining Limited’s flagship project, Crater Mountain, is located near the start of the southwestern peninsula of Papua New Guinea (about 50 kilometres southwest of Goroka). It is believed this area may hold some of the world’s largest gold and copper deposits.
Crater Mountain has been explored for over thirty years. Kennecott and CRA initially began exploration for copper porphyry mineralization. In the 1980s, Esso, City Resources, and Highlands Gold explored for epithermal gold mineralization. Through these efforts, four key locations have been identified: Nevera, Nimi, Awanita and Masi. Nevera is currently the most advanced prospect, with a Tier 1 prospectively rating.
Since its inception, Crater Gold Mining Limited has taken on several initiatives on Crater Mountain. The Company has constructed an access road into the project, completed over 6km of bulldozer benching, and drilled 22 diamond holes within the Nevera Prospect.
The Northern portion of the Nevera Prospect is a potential high grade zone. Here, it is estimated there could be gold in the fractures and ore shoots extending down at least 100 metres below the surface. The gold in this zone could potentially be reached through surface mining, and provide small-scale production with high cash flow return.
Crater Mountains three other prospects – Nimi, Awanita, and Masi – are all in exploration and sampling stages. Located within a 12 kilometre radius of Nevera, these locations have identified anomalous gold in stream sediment samples.
The four prospects on Crater Mountain potentially offer both short-term return and long-term world class potential. Led by a management team experienced in exploration, production, and corporate activities, the Crater Mountain project is poised for growth.
Other Areas of Interest
Crater Gold Mining Limited holds non-core assets in two other key regions: Fergusson Island, PNG, and Queensland, Australia.
The Fergusson Island project has identified two gold deposits, Wapolu and Gameta, about 30 kilometres apart on the northern coast. Although several attempts have been made since discovery in the 1980s, few have had success. Crater Gold Mining Limited believes gold ore bodies could be mined through selective open cut mining techniques. It is estimated there are over 5.1 million tonnes of recoverable resources at 1.8g/tonne for 295,000 ounces of gold.
Crater Gold Mining Limited’s third project is located in the Croydon region of North Queensland, Australia. Here, Crater Mountains is undertaking exploration stage procedures in order to locate polymetallics, graphite, and/or gold. They believe there to be large deposits of several base metals in this area.
Should the Fergusson Island and Croydon project prove successful, investors and involved parties may receive substantial monetary return. However, as both are still in the exploration stage, the potential value remains hypothetical and conceptual in nature.
On April 29, 2014, Crater Gold Mining Limited revealed initial high grade gold results in the High Grade Zone on Crater Mountain. These results are all within the planned mining zone. The project is currently set to begin planned gold production once the outcome of Crater Gold Mining Limited’s mining lease application is determined.
The Fergusson Island and Croydon projects will continue to operate under exploration phase until further information on potential deposits is retrieved.