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Coronado Resources Ltd
Symbol CRD
Shares Issued 23,069,048
Close 2010-01-22 C$ 0.235
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Coronado completes initial phase of drilling at Madison
2010-01-25 11:00 ET - News Release
Mr. Eugene Larabie reports
CORONADO RESOURCES LTD.: INITIAL PHASE OF UNDERGROUND DIAMOND DRILLING AT MASDISON GOLD\COPPER PROJECT IN MONTANA USA PROVES SUCCESSFUL!
Coronado Resources Ltd. has completed its initial phase of the underground diamond drill program at the Madison gold/copper project located near Butte, Mont.
GOLD HIGHLIGHTS FROM MADISON PROJECT
Au Au
Hole Intercept Feet oz/t gm/mt
09-U1 12.5-42.5 30 .313 10.74
Including 12.5-27.5 15 .528 18.11
09-U2 22-58 36 .468 16.05
Including 26.5-44 17.5 .607 20.82
09-U3 25-70 45 .741 25.44
Including 25-47 22 1.274 43.68
09-U4 48-73 25 .588 20.95
09-U5 0-21 21 .191 6.55
09-U6 0-18.5 18.5 .153 5.25
09-U7 158-163 5 .308 10.56
10-U1 29-94 65' .560 19.20
Including 36-64.5 30.5' .881 30.21
The main purpose of the underground drill program was to confirm the downward extension of the mineralized gold zone at the bottom of the decline. The program established that without a doubt the zone does extend below the current level with excellent gold grades. The most significant results were from hole 09-U3 of a 22-foot intercept running 1.274 ounces per ton gold and from hole 10-U1 a 30.5-foot intercept that ran 0.881 ounce per ton gold. Holes 09-U1 through U4 and 10-U1 were concentrated below the current gold zone.
An internal resource calculation is being prepared. The company will commence the next phase of the underground drilling once all the data are obtained and assessed. Drill holes 09-U5 through U7 were drilled to test different zones indentified on the property.
Assay work was completed by Norris Labs, a local Montana lab using the dry assay method. Norris Labs is not registered by the international standards organization and are used due to proximity and quick turnaround results. Eugene Larabie, PEng, is the "qualified person" overseeing the project.
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