Crocodile Gold Continues to Extend Howley Mineralization-Up to 13.36 g/t Au Over 5 Metres in Hole HSRC142 Within a Larger Mineralized Envelope of 1.82 g/t Au Over 40 Metres
TORONTO, ONTARIO--(Marketwire - July 8, 2010) - Crocodile Gold Corp. (TSX:CRK - News; OTCQX:CROCF)(PINK SHEETS:CROCF - News; FRANKFURT:XGC - News; "Crocodile Gold" or the "Company") is pleased to announce the latest reverse circulation drill results from its Howley project in the Northern Territory of Australia (refer to Figure 1 below for location map). The project is currently the site of an ongoing reverse circulation drill program, which is part of the exploration program being conducted on the Company's extensive landholdings in the Northern Territory.
Highlights of these drill results are: -- Near surface mineralization of 8.93 g/t Au over 6 metres in hole HSRC014; -- Numerous wider mineralized intersections down dip from existing resources in hole HSRC150 with 5.02 g/t Au (uncut) and 4.78 g/t Au (cut) over 9 metres, in hole HSRC142 with 13.36 g/t Au (uncut) and 7.46 g/t Au (cut) over 5 metres, in hole HSRC151 with 2.44 g/t Au over 7 metres and in hole HSRC147 with 22.7 g/t Au (uncut) and 5.81 g/t Au (cut) over 9 metres; -- Higher grade intercepts continue to be intersected on the east anticlinal limb of mineralization with up to 12.17 g/t Au over 2 metres in hole HSRC127 at a vertical depth of approximately 24 metres; -- Mineralization continues to be intersected in the West Zone Area with up to 5.60 g/t Au over 6 metres in hole HSRC336 at approximately 40 metres below surface; -- Mineralization extended more than 600 metres north of existing resources with 6.14 g/t Au over 2 metres in hole HSRC238; and -- Mineralization remains open to the north, south, west and at depth. The Howley mineralization occurs within an anticlinal structure that is the southern part of a more than 25 kilometre mineralized system within the Company's tenements and with existing shallow NI 43-101 compliant resources located along this entire trend. The Howley open pit is located immediately north of the Cosmo pit with mineralization present more than 5 kilometres to the north of Cosmo. The majority of work to date at Howley has focused on the west limb of the anticline which is also the location of the majority of the current known resources. The majority of previous drilling and known resources have extended less than 100 metres below surface, and drill testing the extent of mineralization in all directions including extensions at depth are the main focus of the existing drill program at Howley.
Crocodile Gold is pleased to report that these current drill results continue to confirm that mineralization is present in several key areas as previously reported (refer to Crocodile Gold press releases dated January 14, 2010 and May 3, 2010). These areas include:
1. Mineralization at depth beneath existing resources; 2. Mineralization in areas of no existing resources and minimal drilling; 3. Higher grade mineralization on the east anticlinal limb; 4. Further mineralization in the West Zone Area; and 5. Potential upgrade of mineralization within existing pit shells. Area 1: Mineralization at depth beneath existing resources
These results demonstrate that mineralization exists down dip of current resources as shown in hole HSRC150 with 5.02 g/t Au (uncut) and 4.78 g/t Au (cut) over 9 metres, a higher grade intercept within a zone of mixed mineralization and waste of 1.58 g/t Au over 47 metres (refer to Figure 2 below for a plan view of recent Howley drill hole collars). The majority of current resources at Howley are less than 100 metres below surface, and as part of the current drill program, Crocodile Gold drilled several holes to vertical depths beyond 200 metres to continue to test for mineralization at depth. Some higher grade intercepts were encountered at depth including 13.36 g/t Au (uncut) and 7.46 g/t Au (cut) over 5 metres in hole HSRC142, a higher grade intercept within a zone of mixed mineralization and waste of 1.82 g/t Au over 40 metres, and 22.7 g/t Au (uncut) and 5.81 g/t Au (cut) over 9 metres in hole HSRC147. Hole HSRC151 intersected 2.44 g/t Au over 7 metres. Mineralization continues to remain open at depth.
Area 2: Mineralization in areas of no existing resources and minimal drilling
As part of these current results, mineralization has been intersected more than 600 metres north of the existing resources and 100 metres north of mineralization found in previously reported drill results (refer to Crocodile Gold press release dated May 3, 2010). In the area between approximately 6000N to 6600N, no resources have been defined due to lack of adequate drilling to calculate a resource (refer to Figure 2). Hole HSRC238 intersected 6.14 g/t Au over 2 metres 600 metres north of the existing resources. Additional intersections in this area include 1.78 g/t Au over 6 metres in hole HSRC232 and 4.06 g/t Au over 5 metres in hole HSRC237.
Area 3: Higher grade mineralization on the east anticlinal limb
The majority of historical exploration at Howley has focused on the west limb of the anticlinal structure, at the location of the bulk of existing resources. The east limb has previously received little attention, and Crocodile Gold has been drilling on this limb and has been successful in intersecting higher grade mineralizaton, as previously reported (refer to Crocodile Gold press release dated May 3, 2010). As part of the current program, hole HSRC127 intersected 12.17 g/t Au over 2 metres at approximately 24 metres below surface, continuing to confirm that higher grade mineralization is present on the east limb.
Area 4: Further mineralization in the West Zone Area
One objective of this drill program is to better define the West Zone Area and the extent of the mineralization. Crocodile Gold identified the West Zone Area in January 2010 and has made this area a priority with the goal of possibly extending the existing open pit located to the east of this area. Mineralization continues to be intersected in this region. For example, hole HSRC336 intersected 5.6 g/t Au over 6 metres at a depth of approximately 40 metres below surface. In addition, hole HSRC264 intersected 3.38 g/t Au over 3 metres.
Area 5: Potential upgrade of mineralization within existing pit shells
Several holes intersected mineralization within the existing pit shells near surface and should assist in potentially upgrading the existing resource categories. Hole HSRC014 intersected 8.93 g/t Au over 6 metres only a few metres below surface. Some wider intervals were also intersected including 1.81 g/t Au over 15 metres in hole HSRC084 and 1.64 g/t Au over 11 metres in hole HSRC078.
Summary
In releasing this information, Crocodile Gold's Chief Operating Officer, David Keough, commented, "Our exploration efforts at Howley have continued to demonstrate that Howley could be significantly larger than what is currently defined by the current resource estimate. This is one of our highest priority areas and we are actively drilling to further define the extent of mineralization. We continue to better understand the Howley mineralization as our drill program advances and we are pleased to report that the mineralization continues to remain open particularly to the west and north and at depth. The next phase of our drill program will focus on defining the extent and potential of the newly discovered ore lenses."
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