Underground Work Underway At Madison Gold Copper Project
VANCOUVER, BC – Coronado Resources Ltd. reported gold estimates from its recent diamond drill program on its wholly owned Madison Gold/Copper property in Montana. The results from this drilling allowed Coronado‘s chief onsite geologist/engineer to calculate an in-house estimate of 18,000 tons grading .481 oz/t gold (16.50 gm/mt au). The bulk of the gold from this estimate is at a vertical depth of 60 feet below the recently mined gold zone. Underground work is underway to allow this block to be extracted. The decline will be advanced 360 feet, which will take approximately two months. The mining, trucking and processing is estimated to be in the order of $325 per ton.
Drilling also confirms that the gold zone continues to plunge -70 degrees to the southwest and remains open to depth below the deepest drill hole. Coronado is extremely pleased with these results as they allow the company to move forward with limited share dilution. Several new copper zones have been encountered and are presently being assayed evaluated for additional drilling or mine development consideration.
The recent drilling consisted of five holes designed to test the size and grade of the advancing mineralization within the main gold zone with an additional three holes being exploration holes testing other promising areas. All holes reported gold intercepts.
About Coronado: Coronado Resources Ltd. is a Canadian based mineral exploration and development company that is focused on its 100% owned Madison Gold/Copper property in Montana, USA. Madison is a former producer that is now producing cash flow from high grade copper and gold shipments which commenced in 2008. The company remains focused on expanding the Madison project with continued exploration and development drilling being funded from the cash flow.
The company’s address is 507, 595 Howe St., Vancouver, BC V6C 2T5, (604) 683-6338, fax: (604) 681-2161, email: [email protected].
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