*NEWS*Coronation Drills 46.94 Metres of 1.11 g/t Pt+Pb+Au
TORONTO, ONTARIO, Mar 23, 2007 (MARKET WIRE via COMTEX News Network) --
Coronation Minerals Inc. (TSX VENTURE: CMV) (the "Company") is pleased to report last three drill hole results from diamond drill program completed on its Yukon Territory, Wellgreen Mine Property in the 2006 field season.
---------------------------------------------------------------------------- From To LengthHole # (m) (m) (m) Cu% Ni% Pt ppm Pd ppm Au ppm Co%----------------------------------------------------------------------------WS-06-151 3.05 242.39 239.34 0.11 0.27 0.20 0.28 0.03 0.01---------------------------------------------------------------------------- Including 225.35 240.18 14.83 0.29 0.38 0.48 0.39 0.07 0.02----------------------------------------------------------------------------WS-06-152 16.76 146.30 129.54 0.08 0.25 0.18 0.23 0.02 0.01----------------------------------------------------------------------------WS-06-153 1.22 480.67 479.45 0.17 0.25 0.30 0.29 0.06 0.02---------------------------------------------------------------------------- Including 1.22 108.74 107.52 0.05 0.18 0.12 0.12 0.02 0.01---------------------------------------------------------------------------- 108.74 120.40 11.66 1.13 0.55 1.13 0.95 0.19 0.04---------------------------------------------------------------------------- 120.40 144.07 23.67 No significant values.---------------------------------------------------------------------------- 144.07 433.73 289.66 0.16 0.29 0.32 0.34 0.05 0.02---------------------------------------------------------------------------- 433.73 480.67 46.94 0.36 0.19 0.56 0.35 0.20 0.02----------------------------------------------------------------------------
The Company is pleased with the results from all the holes drilled to date. The most surprising hole, WS-06-153, with the wider then expected intersection of mineralized ultramafics returning better than expected values in the lower part of the hole. The Company's technical personnel are most encouraged by this as the last 46.94 metres from 433.73 m to 480.67 m grading 0.36% Cu, 0.19% Ni, 0.56 g/tonne Pt, 0.35 g/tonne Pd, and 0.20 g/tonne Au. The Cu and Pt values have increased almost 50% with depth and the technical personnel believe this trend will continue with depth. This hole was shut down for the season because of inclement weather and will be finished in the 2007 field season.
The table below was previously reported in a press release dated October 18, 2006 and November 27, 2006.
---------------------------------------------------------------------------- From To LengthHole # (m) (m) (m) Cu% Ni% Pt ppm Pd ppm Au ppm Co%----------------------------------------------------------------------------WS-06-143 3.05 82.14 79.1 0.09 0.18 0.19 0.15 0.03 0.01----------------------------------------------------------------------------WS-06-144 45.97 84.68 38.71 0.64 0.27 0.85 0.41 0.27 0.02---------------------------------------------------------------------------- Including 60.96 76.2 15.24 0.91 0.36 1.28 0.65 0.39 0.03----------------------------------------------------------------------------WS-06-145 3.05 161.85 158.8 0.54 0.25 0.61 0.3 0.19 0.02---------------------------------------------------------------------------- Including 78.74 89.76 11.02 0.97 0.37 0.88 0.62 0.42 0.03---------------------------------------------------------------------------- 89.76 92.96 3.20 3.60 3.10 6.57 2.46 0.71 0.12---------------------------------------------------------------------------- 92.96 138.79 45.83 0.68 0.24 0.81 0.47 0.3 0.02----------------------------------------------------------------------------WS-06-146 10.59 89.00 78.41 0.26 0.17 0.4 0.22 0.11 0.02---------------------------------------------------------------------------- Including 56.76 66.82 10.06 0.53 0.25 0.78 0.38 0.22 0.02----------------------------------------------------------------------------WS-06-147 3.66 95.1 91.44 0.23 0.17 0.36 0.22 0.06 0.02----------------------------------------------------------------------------WS-06-148 27.88 168.35 140.47 0.15 0.20 0.32 0.26 0.06 0.02----------------------------------------------------------------------------WS-06-149 5.18 97.35 92.17 0.38 0.26 0.61 0.4 0.11 0.02---------------------------------------------------------------------------- Including 75.99 97.35 21.36 0.62 0.23 1.01 0.54 0.22 0.02----------------------------------------------------------------------------WS-06-150 1.52 107.36 105.84 0.17 0.29 0.28 0.31 0.04 0.02---------------------------------------------------------------------------- Including 101.19 107.36 6.17 0.61 0.33 0.60 0.47 0.17 0.02----------------------------------------------------------------------------
The Wellgreen Mine Property is located 317 kilometers north-west of Whitehorse, just 10 kilometers off the Alaska Highway. A great deal of surface and underground work has been carried out on the property between the initial discovery in 1952 and limited mining in 1972 and 1973 by Hudson Bay Mining Company Limited. Three zones of Copper-Nickel-Platinum-Palladium-Cobalt-Gold have been outlined on the property. Probable and possible resources (historical) are calculated to be 50.03 million tonnes grading 0.35% copper, 0.36% nickel, 0.54grams/tonne platinum and 0.34 grams/tonne palladium (Preliminary Feasibility Study, Watts, Griffis and McQuat Limited, April 21, 1989). Caution should be used when evaluating these resources as they were calculated prior to NI 43-101 existing and a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource.
The Wellgreen exploration and drilling program is being carried out under the direction of Mr. Rory Calhoun, a qualified person within the meaning of National Instrument 43-101. Mr. Calhoun has reviewed the exploration results contained in this news release. Core is split, with half sent to ALS Chemex (Vancouver) for preparation and analysis using fire assay. The Company maintains an archive of half core samples and a photographic record of all drill core for future reference. Sample blanks, duplicates and recognized standards were inserted into the sample stream at regular intervals.