Cortona Resources Limited (ASX:CRC) Drilling Results At Dargues Reef Gold Project Reveals Bonanza Gold Lode.Perth, Australia, April 12, 2010 - (ABN Newswire) - Cortona Resources Limited (ASX ASX
See: Australian Stock Exchange :CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. ) is pleased to report further drilling results at its 100%-owned Dargues Reef Gold Project in NSW NSW New South Wales
Noun 1. NSW - the agency that provides units to conduct unconventional and counter-guerilla warfare
Naval Special Warfare , which highlight the discovery of a bonanza lode which remains open along strike and at depth. The intersections in DREX226 include 5.7m @ 97.1g/t Au (including 3.8m @ 143.6g/t), 2.8m @ 39.1g/t Au and 5.5m @ 14.4g/t Au. This exceptionally high-grade zone has the potential to increase the indicated and inferred JORC JORC Joint Ore Reserves Committee resource, which stands at 1.44Mt @ 6.2g/t Au for 286,000oz. "This is a great result which highlights the opportunity to grow this resource even further," said Cortona's Managing Director, Mr Peter van der Borgh. "The width and grade of the intersection within this bonanza zone is amongst the best you'll see anywhere in the gold sector and testament to the quality of the Dargues Reef mineralised system. "The widths and grades of mineralisation elsewhere in the system are also excellent, as reflected by the results we continue to receive from ongoing resource drilling." The latest RC and diamond drilling results also include hole 225W1, which intersected 13.2m @ 10.9g/t gold, 18.5m @ 4.9g/t gold and 8.4m @ 4.5g/t gold and hole 223, which intersected 13m @ 8.6g/t gold. Holes 223 and 226 are on the western end of the resource, and 225W1 is towards the middle and deeper. All three holes have intercepted the Main lode, while the two deeper holes (223 and 225W1) have also intercepted the multiple lode system which is developing at depth and includes the bonanza zone. Previous intercepts on this lode include 7.5m @ 10.9g/t and 8.5m @ 7.5g/t. Hole 226 is expected to enhance the lode and improve the grade and resource category. Cortona currently has five drill rigs on site. Approximately 30 holes have been completed as part of its Phase 1 drilling at Dargues Reef, with Phase 2 exploration drilling currently underway. This phase of drilling, which will comprise a parent hole with five or six "daughter" holes wedged from it, is targeting depth extensions to the current resource, and is expected to be completed by mid-June. Dargues Reef Feasibility Update Cortona has completed the acquisition of a further 120 hectares of freehold farmland as outlined in the Company's 2009 Rights Issue Prospectus. The farmland adjoins Cortona's existing freehold property, and provides the Company with a range of significant strategic benefits relating to water, mine infrastructure, access and exploration. This successful outcome is yet another positive step along the road to developing Dargues Reef. The mine site layout plan has been completed. Cortona recently submitted a Preliminary Environmental Assessment (PEA) for its proposed mine, and then met with representatives from various NSW Government agencies and Council at a planning focus meeting to discuss the site layout and the PEA. Metallurgical test work is nearing completion, and Cortona is finalising a process design flow sheet that is estimated to deliver ~50% of the gold to a gravity circuit and ~48% to a sulphide concentrate grading ~30.0g/t gold with silver and copper credits. This announcement releases the Company from the trading halt Trading Halt
A pause in the trading of a particular security on one or more exchanges, usually in anticipation of a news announcement or to correct an order imbalance. During a trading halt, open orders may be cancelled and options may be exercised. . For the complete Cortona Resources announcement, please click the link below: http://www.abnnewswire.net/media/en/docs/62598-ASX-CRC-486851.pdf About Cortona Resources Limited: Cortona Resources Limited (ASX:CRC) is an emerging Australian gold company with a portfolio of advanced gold projects in New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. and Western Australia. The Company is focused on the exploration and development its 100%-owned Majors Creek Project, located 60km east of Canberra in New South Wales, where it is currently undertaking a Definitive Feasibility Study (DFS (Distributed File System) An enhancement to Windows NT/2000 and 95/98 that allows files scattered across multiple servers to be treated as a single group. With Dfs, a network administrator can build a hierarchical file system that spans the organization's LANs and ) on the Dargues Reef Gold deposit (1.44Mt @ 6.2g/t gold for 286,000oz). Majors Creek was the largest historic alluvial goldfield Goldfield, small town, SW Nev., a former gold-mining center. Gold was discovered there in 1902, and after an early period of disappointment, large yields of high quality gold were extracted. in NSW producing more than 1.25 million ounces. The Dargues Reef deposit is expected to be the Company's first operating mine following positive scoping study results indicating average annual production of 45,000 ounces over an initial mine life of 5 years. Cortona's multi-pronged plan is to progress the Dargues Reef DFS in conjunction with aggressive near- mine and regional exploration programs to underpin a long-term gold business.
Copyright 2009 ABN Newswire
Provided by Syndigate.info an Albawaba.com company