News Release today....Coral cuts 0.04 ounce per ton over 20 feet in Nevada
2005-11-07 13:24 ET - News Release
Mr. David Wolfin reports
Coral Gold Resources Ltd. has received results of Agnico Eagle (USA) Ltd.'s 2005 drilling programs on the Norma Sass and Lander Ranch properties in the Crescent Valley area of Nevada. The first year of Agnico Eagle's lease required that a total of 13,000 feet be drilled on the claims. The Norma Sass and Lander Ranch drill footage totalled 13,890 feet. Based on the encouraging results, Agnico Eagle plans to continue its lease agreement with Coral Gold, which has a minimum work commitment of 15,000 feet in the second year.
At the Norma Sass property, which adjoins Cortez GML's Gold Acres mine, the drilling program from April 23 to July 8, 2005, consisted of six vertical drill holes spaced across the property. These holes explored two major fault structures (the Gold Acres and Island faults), which are considered to be conduits for gold mineralization in the Gold Acres mine. In addition, holes NS0502 and NS0503 explored an area in the northeast corner of the Norma Sass property, where shallow drilling by Coral Gold in 1995 had intersected gold values.
The results for each hole are summarized in the following table.
SIGNIFICANT ASSAY INTERVALS,
VALUES AND COMMENTS
Hole Depth From To Length Average
No. (ft) (ft) (ft) (ft) Au grade
(opt)
NS0501 1,975
Drilled in the hangingwall of the Island
fault. Lower plate Wenban Fm intersected
at 1,100 feet.
NS0502 1,800 610 630 20 0.04
Located NE corner claim block, close to
hole NS95-6. Closest hole to the Gold
Acres pit. Intersected lower plate
limestone at 470 feet bottomed in Gold
Acres stock. Gold was above detection
over the length of the hole with a
10-foot intercept of 0.07 ounce per ton
at 610 feet. Silver was as high as 1.02
ounces per ton.
NS0503 1,700 400 410 10 0.03
Located NE corner of the claim block,
close to hole NS95-2. Intersected lower
plate limestone at 250 feet bottomed in
the Gold Acres stock. Silicification,
sulphidation, quartz and calcite veining
and skarning were present over the length
of hole.
NS0504 1,665
In the hangingwall of the Gold Acres
fault, lower plate intersected at 730
feet.
NS0505 1,780
Drilled NW side of the claim block.
Collared in Gold Acres fault hangingwall
close to the intersection of a north-
trending fault. Lower plate intersected
at 1,090 feet.
NS0506 1,730
Drilled in the hangingwall of the Island
fault. Lower plate intersected at 1,090.
Total: 10,650
At the Lander Ranch property, Agnico Eagle drilled two vertical holes totalling 3,240 feet. These explored an area of gold mineralization at intersections of major fault structures in Upper Plate siltstones and sandstones in a similar geologic setting to Coral Gold's Robertson property (which adjoins Lander Ranch on its south side). This area of gold mineralization was discovered by Cortez Gold Mines in 1999 with the drilling of a single vertical 1,500-foot reverse circulation hole located on intersecting faults. This intersected gold mineralization as follows:
From To Length Average
(ft) (ft) (ft) Au grade
(opt)
1,140 1,200 60 0.051
1,270 1,380 110 0.037
The Agnico Eagle program extended the area of gold mineralization originally discovered by Cortez GML.
Results for the two holes are summarized as follows:
Hole Depth From To Length Average
No. (ft) (ft) (ft) (ft) Au grade
(opt)
LR0501 1,300 465 470 5 0.01
1,090 1,100 10 0.01
LR0502 1,940 1,035 1,080 45 0.05
1,365 1,385 20 0.02
The Norma Sass property is owed 66.6 per cent by Coral Gold and 33.3 per cent by Levon Resources Ltd.
The foregoing information has been compiled by Chris Sampson, PEng, vice-president exploration at Coral Gold.
tutank