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 more high grade gold at Dargues Reef
Wednesday, June 16, 2010
Emerging Australian gold company Cortona Resources (ASX: CRC) has reported further "excellent" results at its 100%-owned Dargues Reef Gold Project in New South Wales with drilling extending and strengthening the northern node and high grade gold intercepts expected to increase the resource.
Intercepts extended the high grade lode parallel to the Main Lode with results including: 9.9m @ 32.2g/t (including 3m @ 101.3g/t); 1m @ 21.5g/t , 1.5m @ 18.2g/t; and 9.8m @ 8.42g/t (Main Lode).
The parallel lode currently measures ~145m x 170m and is open at depth and along strike.
Peter van der Borgh, managing director, said the results are expected to increase the current indicated and inferred resource of 1.44Mt @ 6.2g/t for 286,000oz gold (comprising 175,200oz inferred and 110,800oz indicated categories).
Drilling has now extended the northern lode for 150m along strike and for a vertical distance of 175m. Estimated true widths are up to 5.8m and the lode remains open along strike and at depth. Drilling will test the continuity of this new lode.
The company said the Definitive Feasibility Study on the Dargues Reef Gold Project is proceeding as planned. Many of the independent studies have been received and are being compiled into the final EIA for submission to the NSW State Government.
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