Cortona Resources Limited (ASX:CRC) Drilling Results At Dargues Reef Gold Project Reveals Bonanza Gold Lode
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 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.
For the complete Cortona Resources announcement, please click the link below:
Cortona Resources Limited