Coral Set to Commence Drilling in Nevada
May 06 2010 - 8:00AM
Marketwired
Coral Gold Resources Ltd. (TSX VENTURE: CLH)(OTCBB: CLHRF)(BERLIN:
GV8)(FRANKFURT: GV8) (the "Company") announces that SRK Consulting
(US) Inc., the Company's environmental compliance and permitting
consultants, have submitted an amended Plan of Operations (PoO) to
the US Bureau of Land Management (BLM) and the Nevada Department of
Environmental Protection (NDEP).
This 121 page amendment to the PoO when approved by the BLM and
NDEP will permit Coral to drill 36 core holes and 22 Reverse
Circulation (RC) holes on the Gold Pan, Porphyry, Altenburg Hill
and Triplet Gulch Zones at the company's Robertson Property in
Crescent Valley, Nevada.
The 36 core holes will allow comparison of assays from core with
previous reverse circulation holes. They will also provide material
for column leach tests (to establish leachability of the zones) and
also specific gravity tests to accurately determine potentially
mineable tonnages.
In addition Coral will drill a further 10 RC holes in the zone
between Porphyry and Altenburg Hill in an effort to determine
continuity between the zones. Coral will also drill 12 RC holes on
the Triplet Gulch Zone.
The 36 core holes will be drilled by Major Drilling and the RC
Holes by Lang Division of Boart Longyear. The program will be
directed by Bob McCusker, qualified person as defined by N143-101.
The metallurgical test program will be directed by Jasman Yee,
Coral's metallurgical consultant, qualified person as defined by
N143-101.
Beacon Hill Consultants (1988) Ltd. are currently updating the
geostatistical computer block model by incorporating results from
the 2008 reverse circulation drilling. The program of drilling and
metallurgical test work planned for 2010 has been designed in
consultation with Beacon Hill and is intended to increase
confidence and develop greater continuity and potentially move part
of the current inferred resource of 87 million tons grading 0.017
oz Au/ton (0.583 g/t) at a cut-off grade of 0.0106 opt for a total
approximately 1.5 million ounces at Gold Pan, Porphyry and
Altenburg Hill into the measured and indicated categories.
This resource of 87 million tons grading 0.017 opt (0.583 g/t)
at a cut-off of 0.0106 opt is calculated from the shallow depth
resources outlined in the October 9, 2009 news release, as
follows:
Summary of selected near-surface inferred resources at the
Robertson Property:
ZONE SHORT TONS ORE GRADE, OZ AU/TON CONTAINED OZ
---------------------------------------------------------------------------
Gold Pan oxide 12,566,599 0.020 251,332
Altenburg Hill oxide 12,873,976 0.015 195,684
Porphyry oxide 39,049,182 0.017 652,121
Porphyry sulfide 12,535,861 0.016 198,067
L. Triplet Gulch 9,993,131 0.021 208,585
---------------------------------------------------------------------------
Total 87,018,749 0.017 1,505,789
Note that the remaining deeper resources at Distal, 39A of
91,905,439 inferred tons (which together with the shallow resource
of 87,018,749 tons total 178,924,188 tons) will not be evaluated by
the 2010 program. The deeper resource will remain in the inferred
category.
The first program of drilling 12 RC holes at Triplet Gulch is
expected to start in the last week of May. The entire drill and
metallurgical test work program will take the whole of 2010 and
will result in a Preliminary Economic Assessment Report scheduled
for Q2 of 2011.
This news release was prepared by Chris J. Sampson, P. Eng.,
Vice President Exploration Coral Gold in consultation with Garth
Kirkham P. Geo. and Peter Stokes, P. Eng. of Beacon Hill
Consultants (1988) Ltd. and Jasman Yee metallurgical consultant and
Bob McCusker geological consultant.
Inferred Resources are considered too speculative geologically
to have economic considerations applied to them. Inferred Resources
require further exploration to upgrade them to the higher Measured
and Indicated categories.
While the current work program is designed to upgrade the level
of confidence in the oxide mineral resource base and provide the
basis for a Preliminary Economic Assessment Report that determines
or analyses economic viability, Coral cannot guarantee that
additional drilling will upgrade Inferred Resources to a higher
level of confidence.
For more information on the Robertson Property and Coral Gold's
other Nevada projects, visit the company's website at
www.coralgold.com.
ON BEHALF OF THE BOARD
David Wolfin, President
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Coral Gold Resources Ltd. David Wolfin President
604.682.3701 604.682.3600 (FAX) info@coralgold.com
www.coralgold.com
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