Graphite Over 50% At Jolly Tar Prospect, Croydon Project QLD

July 19, 2012 (Source: ABN Newswire) — Gold Anomaly Limited (ASX:GOA) is pleased to announce that a recently completed study of all historical drilling results at the Jolly Tar prospect has revealed the substantial graphite potential of the area.

GOA's Jolly Tar project covers two Exploration Permits (EPM8795 & EPM9438) at Croydon in North Queensland. The Jolly Tar gold prospect has undergone drilling for gold in the past by Pancontinental Mining in 1989. However, there has been no further drilling at Jolly Tar for 23 years.

Substantial intercepts of graphite were recorded to be present at the prospect during the historic drilling. Graphite over 50% was logged in 53 of 59 holes drilled and over a strike length of in excess of 800 metres. The graphite occurs near surface in a gently eastward dipping zone with thicknesses recorded of in excess of 10 metres (see Figures 1, 2, and 3 in full announcement below).

During 2011, gradient array and dipole-dipole Induced Polarisation (IP) surveys were conducted at Jolly Tar by GOA. These surveys resulted in detection of a new, over 900m long, strong and persistent IP chargeability anomaly west of and parallel in strike to the historical Jolly Tar graphite and gold zone (see Figure 3).

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The new IP anomaly is west of the smaller eastern IP anomaly that in part overlies the historic Jolly Tar gold workings and detailed historic drilling. The area of the new IP anomaly is prospective for undiscovered graphite and gold in an area not yet drill tested. Figure 5 shows a cross section through the gold zone and how gold spatially relates to the graphite mineralisation.

As an example of past gold results at Jolly Tar, Table 1 presents a summary of important gold intercepts at the prospect. Intercepts of greater than 2 m in width and with a weighted average of greater than 1g/t Au are tabulated.

GOA is now planning a drilling program to test the new geophysical target for both its graphite and gold potential. Half core samples of graphite intercepts will be submitted for carbon assay as well as analytical determination of its commercial qualities.

Graphite Classification at Jolly Tar

Graphite mineralisation at Jolly Tar is closely associated with granitic intrusives and quartz veined auriferous zones of hydrothermal origin. Hydrothermal or magmatic graphite deposits are being mined in Sri Lanka and Sweden and can produce both flake and amorphous graphite.

Should a commercial graphite deposit be proven, 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 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.

For the full release including tables and charts, visit:
http://media.abnnewswire.net/media/en/docs/ASX-GOA-243630.pdf

About Gold Anomaly Limited

Gold Anomaly Limited (ASX:GOA) is an ASX-listed junior company focussed on exploration and pre-development projects in Papua New Guinea. Based on the results to date and the experience of Peter Macnab, Gold Anomaly’s Director of Exploration, the company’s flagship project is the Crater Mountain gold project which has the potential to become a multi-million ounce gold deposit. This potential should be considered recognising that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource.

Contact
Gold Anomaly Limited
T: +61-2-9241-4224
F: +61-2-9252-2335
WWW: www.goldanomaly.com.au


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