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Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	CRC
Latest Price:	0.16 (10.34% )
52-week High:	0.21
52-week Low:	0.11
Market Cap:	35.31M

1 year chart

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Cortona Resources

Cortona Resources (ASX: CRC) main focus is the Dargues Reef Gold Project at Majors Creek in New South Wales.

At a spot price of A$1,550 per ounce the project is forecast to deliver free cash flows of around A$112 million and a post-tax NPV (8% discount) in excess of A$75 million dollars.

Cortona Resources shares surge on extended high-grade gold resource at Dargues, NSW

Monday, March 15, 2010

Cortona Resources shares surge on extended high-grade gold resource at Dargues, NSW

Cortona Resources (ASX: CRC) has reported that latest resource drilling has returned significant high-grade gold intersections both within and outside of the current 286,000oz resource at its 100%-owned Dargues Reef Gold Project in New South Wales.

The latest Reverse Circulation (RC) and diamond drilling included diamond hole 221, which intersected 12m @ 16.4g/t Au (including 3.5m @ 44g/t Au), 5m @ 15.6g/t gold (with 3m @ 0.27% Cu), 3.5m @ 12.7g/t gold (with 0.3% Cu), and 11m @ 4.3g/t gold, indicating the potential to increase the current resource of 1.44Mt @ 6.2g/t Au for 286,000oz.

“These are great results which continue to reinforce the thickness, continuity and grade of the gold mineralisation at Dargues,” said Cortona’s Managing Director, Peter van der Borgh.

“The presence of coarse gold associated with quartz veining is very significant suggesting that we may have discovered a bonanza lode within the Dargues mineralised system,” van der Borgh said.

"This is similar in the style of mineralisation exploited by the old timers in the district where records show that these quartz rich lodes graded up to 10 ounces per tonne."

The three reported diamond holes have intersected multiple mineralised lodes both within and outside of the current stope designs with the potential to further expand the mineable resource.

A further recent diamond hole (#226) has intersected coarse visible gold associated with narrow quartz veining on the margin of a sulfide lode. The results for this hole and several others are pending.

Cortona Resources shares rose 12% to 14 cents in trading today.

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