Market Cap: $41,699,554
Price Book Value: 0.21
Shares Issued: 170,202,260
CRC ASX
Bonanza Gold Hits at Dargues Reef
Intercepts up to 97g/t gold reveal the presence of a bonanza gold
lode, paving the way for a resource upgrade
Results include 5.7m @ 97.1g/t Au, 2.8m @ 39.1g/t Au, 5.5m @
14.4g/t Au, 13.2 @ 10.9g/t Au and 13m @ 8.6g/t Au
Cortona Resources Limited (ASX: CRC) is pleased to report further drilling
results at its 100%-owned Dargues Reef Gold Project in NSW, which
highlight the discovery of a bonanza lode which remains open along strike
and at depth.
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 (Figure 1). 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.
-ENDSFor
further information please contact:
Cortona Resources Limited
Peter van der Borgh (Managing Director) on +618 6380 1093
Email: admin@cortonaresources.com.au
Media
Nicholas Read (Read Corporate) on +618 9388 1474 or +61 419 929 046
Email: nicholas@readcorporate.com.au
ABOUT CORTONA
Cortona 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.
Price Book Value: 0.21
Shares Issued: 170,202,260
CRC ASX
Bonanza Gold Hits at Dargues Reef
Intercepts up to 97g/t gold reveal the presence of a bonanza gold
lode, paving the way for a resource upgrade
Results include 5.7m @ 97.1g/t Au, 2.8m @ 39.1g/t Au, 5.5m @
14.4g/t Au, 13.2 @ 10.9g/t Au and 13m @ 8.6g/t Au
Cortona Resources Limited (ASX: CRC) is pleased to report further drilling
results at its 100%-owned Dargues Reef Gold Project in NSW, which
highlight the discovery of a bonanza lode which remains open along strike
and at depth.
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 (Figure 1). 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.
-ENDSFor
further information please contact:
Cortona Resources Limited
Peter van der Borgh (Managing Director) on +618 6380 1093
Email: admin@cortonaresources.com.au
Media
Nicholas Read (Read Corporate) on +618 9388 1474 or +61 419 929 046
Email: nicholas@readcorporate.com.au
ABOUT CORTONA
Cortona 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.
