Perth, Feb 3, 2009 (ABN Newswire) - Australian gold Company Cortona Resources Ltd (ASX:CRC) is pleased to announce the discovery of a highly significant gold-in-soils anomaly at its 100%-owned Majors Creek Gold Project in NSW. The anomaly is located 1.3km south east of the Dargues Reef deposit, where the Company is completing a Scoping Study based on a high grade resource of 1.44Mt grading 6.2g/t (286,000 contained oz). The discovery of the new Dreadnought gold exploration target is the result of an ongoing regional soil sampling program at the Majors Creek Project. Samples were collected on a 50m by 50m grid.
The anomaly is outlined by a +100ppb gold contour measuring approximately 500m by 150m containing thirty data points.
Eight samples returned values greater than 500ppb (0.5g/t Au). Low level silver enrichment is associated with the gold anomalism. Significantly, there are no historic workings nor has there been any previous exploration in the area.
Detailed geological mapping indicates that outcrop in the area is sparse and covered by a thin veneer of soil. A range of rock types have been identified in the vicinity, including porphyry dykes, granodiorite and granite occuring in an area of interpreted intersecting structures akin to those at Dargues Reef. The prospect is interpreted to be within the roof zone of the Braidwood Granite Complex, a highly favourable geological position for further intrusion related gold mineralisation.
Cortona's Managing Director Peter van der Borgh said: "The discovery of significant surface gold within the shadow of the Dargues headframe is another major find for Cortona. The extent and enrichment of the anomaly is at least as big as the soil anomaly surrounding Dargues (Figure 1).
"This opens up an exciting new exploration front for the Company alongside our ongoing activities at the 286,000oz Dargues Reef deposit, which is likely to be our initial production centre in the area," he said.
"A discovery like this is testament to the outstanding prospectivity of the Majors Creek Project, which is shaping up to meet our objective of developing a long term gold mining industry in the region."
Furthermore, a drilling program is currently being planned to follow up last year's deep drilling at Plums lode on the Dargues structure, where hole number DREX119 intercepted 10.5m @ 8.17g/t gold and 11m @ 6.98g/t gold approximately 100m below the resource envelope.
Cortona Resources Limited (ASX:CRC) is an emerging Australian gold company with a portfolio of advanced gold projects in New South Wales 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) on the Dargues Reef Gold deposit (1.44Mt @ 6.2g/t gold for 286,000oz).
Majors Creek was the largest historic alluvial goldfield 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.
Contact
Peter van der Borgh (Managing Director) TEL: +618-6380-1093
Cortona Resources Limited
