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Crater Gold Mining confirms exploration potential in Papua New Guinea

The company is targeting further ore to expand underground mining operation.
Papua New Guinea map
Crater Gold’s shares are trading higher intra-day

Crater Gold Mining Ltd (ASX:CGN) has received confirmation from an independent geologist review on the exploration potential of its Crater Mountain Gold Project in Papua New Guinea.

Exploration consultant Dorian L. Nicol, who has extensive experience in Papua New Guinea, completed a 5-day site visit to Crater Mountain last month.

His conclusion was that Crater Mountain has significant exploration potential related to several target concepts.

These include high grade ore shoots in HGZ (High Grade Zone) and additional gold mineralisation proximate to the HGZ but potentially larger tonnage and more continuous gold mineralisation.

Furthermore, the senior consultant identified potential bulk-mineable lower grade mineralisation within HGZ or elsewhere on the license and porphyry-style gold-copper mineralisation.

The geologist’s recommendations fall into two basic categories: mine/near-mine exploration and district-scale exploration. 

Mine/near-mine exploration is key in order to provide further ore for the expansion of the HGZ underground mining operation. 

District-scale exploration can be started at a relatively low cost with the objective of identifying drill targets for testing.

Crater Gold’s shares were trading circa 11% higher intra-day, at $0.01.

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