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Additional Information
Market:ASX
Sector:Gold Mining
EPIC:CRC
Latest Price: 0.16  (10.34% Ascending)
52-week High:0.21
52-week Low:0.11
Market Cap:35.31M
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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 hits multiple high grade gold Lodes at Dargues Reef

Tuesday, May 18, 2010
Cortona Resources hits multiple high grade gold Lodes at Dargues Reef

Cortona Resources (ASX: CRC) has received further significant high-grade results at its 100%-owned Dargues Reef Gold Project in New South Wales, with the first drill hole into the Dargues Deeps exploration target intersecting a lode confirming depth potential.

The diamond drill hole (DREX225) intersected multiple high grade gold lodes between 300m and 400m vertical depth, including 8.9m @ 15.2g/t, 11.3m @ 12.4g/t, 5.3m @ 6.8g/t and 8m @ 7.7g/t.
 
The results confirm the continuity of high grade structures parallel to the Main Lode, and are expected to increase the current JORC resource of 1.44Mt @ 6.2g/t gold.

In addition, the Phase Two ‘step-out’ drilling targeting beneath the existing resource has intersected 2 lodes approximately 200m below the previous deepest holes.

Cortona said one of these intercepts measures 6.5m and confirms mineralisation at Dargues Reef extends to significantly greater depths than previously identified. The company said its plan is to wedge four or five daughter holes off this first hole.

Peter van der Borgh, chief executive officer, commented “it looks like the successful Phase One
drilling is putting upward pressure on the current resource, which is a great outcome as we move into the deep exploration drilling program. Our target of +500,000oz is realistic and on track."

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