Coronado's Madison estimate of 18,000 t at 0.4 opt Au
Ticker Symbol: C:CRD
Coronado's Madison estimate of 18,000 t at 0.4 opt Au
Coronado Resources Ltd (C:CRD)
Shares Issued 23,069,048
Last Close 2/2/2010 $0.22
Wednesday February 03 2010 - News Release
Mr. Eugene Larabie reports
CORONADO'S UNDERGROUND DRILL PROGRAM PROVES AN IN-HOUSE ESTIMATE OF 18,000 TONS AVERAGING .481 OZ/T GOLD; SYSTEM IS OPEN AT DEPTH ON ITS MADISON GOLD COPPER PROJECT IN MONTANA, USA
Coronado Resources Ltd. has released gold estimates from its recent diamond-drill program on its wholly owned Madison gold/copper property in Montana. The results from this drilling allowed Coronado's chief on-site geologist/engineer to calculate an in-house estimate of 18,000 tons grading 0.481 ounces per ton gold (16.50 grams per million tonnes Au). The bulk of the gold from this estimate is at a vertical depth of 60 feet below the recently mined gold zone. Underground work is presently under way to allow this block to be extracted. The decline will be advanced 360 feet, which will take approximately two months. The mining, trucking and processing is estimated to be in the order of $325 per ton.
Drilling also confirms that the gold zone continues to plunge 70 degrees to the southwest and remains open to depth, below the deepest drill hole. Coronado is extremely pleased with these results as they allow the company to move forward with limited share dilution. Several new copper zones have been encountered and are presently being assayed evaluated for additional drilling or mine-development consideration.
The recent drilling consisted of five holes designed to test the size and grade of the advancing mineralization within the main gold zone with an additional three holes being exploration holes testing other promising areas. All holes reported gold intercepts as reported in Stockwatch on Jan. 25.
? 2010 Canjex Publishing Ltd.
