Historical results by Central Coast Exploration (CCE) revealed that the Golden Gate deposit within EPM 8795 and EPMA 18616 hold 20 million tons at 5.5% graphite, including a high-grade zone of 6 million tons grading 10% graphite.
The company said these estimates will require substantiation by further drilling, assaying and metallurgical testwork.
Gold Anomaly executive chairman 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."
Recently, the company said that it has contracted to acquire the exploration permit the subject of current application no. EPMA 18616.
The area covered by EPMA 18616 is adjacent to two of the company’s exiting exploration permits 8795 and 9438 north of the town of Croydon.
It is anticipated that the EPM will be issued in December and the transfer of the EPM to the company would then follow in the first quarter of 2013.
The Golden Gate graphite project has undergone electromagnetic geophysical surveys and systematic drilling during the late 1980’s and limited drilling and testwork by Gold Anomaly (GOA) in 2004.
Graphite mineralization at Golden Gate project is identified of hydrothermal origin, situated along the contact between granitic rocks that intruded rhyolitic volcanic.
The deposit has a north-westerly strike and shallow easterly dip, found similar to graphitic mineralization identified at Jolly Tar, 10km to the southeast.
Gold Anomaly said its future exploration program will target collection of fresh drill core samples for metallurgical testwork.
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