Coral Gold Resources Ltd.: Strong Evidence that Robertson Property has Excellent Potential for Expansion
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 18, 2005--Coral Gold Resources Ltd. (the "Company") (TSX VENTURE:CGR)(OTCBB:CGREF) is pleased to announce the results of the Company's latest drilling program at it's 100% owned Robertson Property, located in eastern Lander County, NV. The purpose of the drilling was to expand the 39A Zone and Porphyry Zone resources.
The 2004 drilling program, which began November 29, 2004 and was completed December 21, 2004, consisted of 10 vertical reverse-circulation (RVC) drill holes, CR04-11 through CR04-20, totaling 7,200 ft. Depth of the holes ranged from 500-ft to 850-ft-deep. Eight of the RVC holes were directed at expanding the 39A Zone resources and two holes were aimed at assessing a potential northwest extension of mineralization in the Porphyry Zone resource area.
Nine of ten holes encountered ore-grade interval over thicknesses ranging from 75 ft to 230 ft. A summary of assay results are presented below in Table 1. The latest 2004 drilling resulted in a modest increase to the high-grade portion of the 39A resource and two step-out holes, CR04-13 and CR04-18, expanded it over 100 ft to the north and 150 ft east, respectively. Results from these holes provide strong evidence that the mineralization remains robust with excellent potential for significant expansion both to the east and north.
Table 1. Summary of assay results for drill holes CR04-11 through
CR04-20 using a 0.01 oz Au/t cutoff grade and a 10 ft
minimum thickness.
Total From To Thickness Gold
Hole No. Depth (ft) (ft) (ft)(i) (oz/ton)
CR04-11 500 345 380 35 0.020
CR04-12 500 295 395 100 0.063
Including 305 350 45 0.086
CR04-13 800 320 370 50 0.139
including 330 345 15 0.395
465 480 15 0.027
535 545 10 0.067
615 735 120 0.046
including 620 635 15 0.169
655 675 20 0.097
CR04-14 770 330 345 15 0.184
Including 335 340 5 0.512
365 380 15 0.021
435 455 20 0.033
585 605 20 0.029
625 700 75 0.054
including 650 680 30 0.089
720 740 20 0.057
CR04-15 800 50 60 10 0.029
85 95 10 0.036
525 760 235 0.092
including 600 610 10 0.282
including 670 720 50 0.209
CR04-16 800 380 390 10 0.053
515 690 175 0.075
including 550 575 25 0.136
including 590 635 45 0.153
CR04-17 800 50 60 10 0.011
180 190 10 0.014
340 370 30 0.014
400 420 20 0.029
435 450 15 0.014
480 710 230 0.105
including 615 690 75 0.195
CR04-18 850 600 615 15 0.154
Including 605 610 5 0.415
740 850 110 0.068
including 765 820 55 0.098
CR04-19 600 35 160 125 0.024
320 335 15 0.021
CR04-20 600 105 140 35 0.023
160 215 55 0.018
230 340 110 0.026
Of the eight holes, CR04-11 through CR04-18, drilled in the 39A Zone, all holes but one (CR04-11) cut significant mineralization. Holes CR04-15 through CR04-17 extended higher grade mineralization intersected previously in drill holes AT-39A (95'/0.134 oz Au/t), AT-49 (200'/0.124 oz Au/t), CAT-6 (150/0.163 oz Au/t) and CAT-59 (155'/0.149 oz Au/t) to the south and east. Results of offsetting these holes by the recent Coral drilling, using a 0.02 oz Au/t cutoff grade, include: 160 ft averaging 0.114, starting at 600 ft, in CR04-15; 145 ft averaging 0.092 oz Au/t, from 545 ft, in CR04-16; and 200 ft averaging 0.121 oz Au/t, from 510 ft, returned in CR04-17.
Important results were also returned from holes CR04-13 and CR04-18, which extended 39A mineralization over 100 ft north and 150 ft east. Hole CR04-13, which offset drill holes AT-302 and 99401, encountered much stronger strong chlorite-quartz flooding-sulfide alteration and a thicker mineralized zone than was cut in the earlier holes. These results also suggest that mineralization intersected in hole 99403 (100'/0.028 oz Au/t), collared 250 ft to the northwest of CR04-13, may represent the low-grade western edge of the 39A Zone. Hole CR04-18, which offset drill holes AT-40 (115'/0.088 oz Au/t) and 99410 (no ore-grade intervals) also encountered very strong chlorite-quartz flooding-sulfide alteration and nearly the same thickness of mineralization. These results suggest excellent potential for expanding 39A mineralization eastward.
The drilling contractor for this program was Lang Exploratory Drilling Co., of Elko, NV. Drill samples were prepared and assayed by ALS Chemex of Reno, NV. Down-the-hole gyroscopic surveys were conducted in holes CR04-13 through CR04-18 by Well Bore Navigation of Elko, NV. Measured deviation in bottoms of these holes ranged from 11 ft to 24 ft to the north-northeast. The drilling program was directly supervised by R.T. McCusker, a qualified person as defined under the National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
David Wolfin, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Coral Gold Resources Ltd. (TSX VENTURE:CGR) (OTC Bulletin Board:CGREF)
Contacts
Coral Gold Resources Ltd.
David Wolfin
Director
(604) 682-3701
Fax: (604) 682-3600
Email: ir@coralgold.com
Website: www.coralgold.com
