Significant Graphite Deposit at Golden Gate Project, Croydon
Sydney, July 24, 2012 AEST (ABN Newswire) - Gold Anomaly Limited (
ASX:GOA) is pleased to announce that a large graphite deposit is located within EPM 8795 and EPMA 18616 at the Golden Gate Project at Croydon, North Queensland.
The "Golden Gate" deposit contains 20Mt @ 5.5% graphite, including a high-grade zone of 6Mt grading 10% graphite. Note that these estimates are historical results reported by Central Coast Exploration (CCE) that require substantiation by further drilling, assaying and metallurgical testwork by Gold Anomaly.
The Golden Gate deposit was systematically drilled as part of a gold exploration program in the late 1980's by Central Coast Exploration (CCE), who estimated the deposit of 20Mt @ 5.5% graphite, including a high-grade zone of 6Mt grading 10% graphite. [Further drilling, assaying and metallurgical testwork is required to substantiate these estimates and upgrade to a JORC compliant resource. GOA is now preparing plans to re-commence exploration activities.]
The Golden Gate graphite project is located partially on Exploration Permit Mining EPM8795 and continues onto the contiguous EPMA18616. The graphite deposit has undergone electromagnetic geophysical surveys and systematic drilling during the late 1980's and limited drilling and testwork by GOA in 2004. Typical RC drill intercepts from CCE drilling in 1989 are presented in Table 1 (see link below).
GOA Executive Chairman, Mr Greg Starr said, "The Company has certainly been active in identifying the graphite potential of our Croydon prospects and nearby areas, and now has the opportunity to add further value to our Croydon project assets."
Gold Anomaly Limited ("GOA") recently advised (on 18 July) that it has contracted to acquire the Exploration Permit the subject of current application no. EPMA 18616 ("the EPM"). The area covered by EPMA 18616 is contiguous to two of GOA's exiting Exploration Permits (8795 and 9438) north of the town of Croydon in Northern Queensland. It is anticipated that the EPM will be issued in December if there are no native title objections and that the transfer of the EPM to GOA would then take place in the first quarter next year.
Graphite Deposit Classification at Golden Gate
Graphite mineralisation at Golden Gate is probably of hydrothermal origin and is located along the contact between granitic rocks that intruded rhyolitic volcanics (see figures 2 & 3).
The deposit has a north-westerly strike and shallow easterly dip, which is similar to graphitic mineralisation identified at Jolly Tar, approximately 10 kilometres to the southeast.
Hydrothermal or magmatic graphite deposits are an important source of graphite with examples being mined in Sri Lanka and Sweden that produce both flake and amorphous graphite.
Since the Golden Gate graphite deposit is reasonably well defined, Gold Anomaly's exploration program will focus on collection of fresh drill core samples for modern metallurgical testwork. Past testwork done on RC chip samples and near surface grab samples with contradictory results.
The area is well served by infrastructure with the port of Karumba on the Gulf of Carpentaria that services the Century Pb-Zn mine being within 150 kilometres from regional centre of Croydon Graphite Market Recent demand and price increases for graphite products have been driven by new industrial applications, particularly battery technology. Graphite is a critical component of lithium batteries, which are used widely in electronics and hybrid motor vehicle market.
Traditional uses of graphite are in the steel and automotive industries. Other applications for graphite include fuel cells and nuclear reactors. Other major consumers are in refractory and lubricant materials.
To view the complete Gold Anomaly announcement including Tables and Figures, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-GOA-243725.pdf
Contact
Gold Anomaly Limited
T: +61-2-9241-4224
F: +61-2-9252-2335
WWW: www.goldanomaly.com.au
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