A little help please?Listed below is a copy of the last news I had found for CGR. In
the news it says it is re evaluting to determine viablity of the
depost. Does this mean they are considering entering into pre
feasability or is this actually pre feasabillity? I am also reading
not to expect much more news until this report is finished? I am
not well versed in gold stocks so please help me with easy to
understand english??
Thanks in advance,
Dennis
Coral Gold to re-evaluate Robertson resource
2005-10-13 17:42 ET - News Release
Mr. David Wolfin reports
Coral Gold Resources Ltd. has plans to update the current
indicated mineral resources at the company's
100-per-cent-owned Robertson property located in Lander
county, Nevada. The re-evaluation will include results from the
company's 2004 and 2005 drilling programs. Development of a
new block model and resource calculation will be conducted by
Barnes Engineering Services of Golden, Colo. The current
indicated mineral resource will be re-evaluated using an
appropriate geostatistical approach necessary to support an
economic study to determine viability of the deposits. Those
portions of the resource, which meet the criteria as measured,
will be reclassified as defined under National Instrument
43-101. Results from the current re-evaluation are also expected
to identify areas within or adjacent to the current mineral
resources where additional drilling is necessary before future
reclassification can be made. The new block model and
resource calculation is expected to be completed by December,
2005.
Beginning in 2004, Coral completed three reverse circulation
drilling programs at Robertson, which totalled 32 holes having a
total footage of 24,120 feet. Of the total footage drilled, 22 holes
totalling 15,315 feet were directed at defining and extending the
39A zone and six holes totalling 5,205 were drilled in the Gold
Pan zone. In addition, 2,400 feet in two holes were completed in
the distal target area and 1,200 feet in two holes were drilled in
the Porphyry zone.
In 1996, after completing over 176,000 feet of combined reverse
circulation and core drilling, Amax Gold Inc. defined a low-grade
drill-indicated resource estimated to contain 36.5 million short
tons of mineralized material averaging 0.028 ounce per ton gold,
using a 0.01-ounce-per-ton-gold cut-off grade. The historical
mineral resources cited above are presented for background
only and do not represent defined mineral resources on the
property. Additionally, the classification of these historical
mineral resources do not conform to National Instrument
43-101.
In 2001, citing low gold prices, Coral revised the 1996 Amax
Gold resource estimate using higher cut-off grades. The
resulting indicated mineral resource was estimated to contain
10.97 million short tons of mineralized material averaging 0.053
ounce gold per ton. In 2004, this indicated mineral resources
was reported in a National Instrument 43-101-compliant
technical report, "Geological Report on the Robertson Property,
Lander County, Nevada USA. (McCusker, 2004)," which is
available on SEDAR in Stockwatch.
R.T. McCusker, PGeol, a qualified person pursuant to National
Instrument 43-101, has reviewed and verified the data disclosed
in this news release.