Coral Starts Diamond Drilling at Robertson, Nevada
September 16 2010 - 6:43PM
Marketwired
Coral Gold Resources Ltd. (TSX VENTURE: CLH)(OTCBB: CLHRF)(BERLIN:
GV8)(FRANKFURT: GV8) is pleased to announce that it commenced
drilling 15 HQ diameter vertical diamond core drill holes at its
Robertson property in Crescent Valley, Nevada on Thursday September
16th.
The holes will range from 400 to 600 feet in depth, the program
will total 6,700 feet and will focus on the Gold Pan and Altenburg
Hill Zones. This represents the first phase of the core drilling
program announced in Coral's February 2 , 2010 News Release.
Drilling by Coral's contractor Major Drilling should take six to
eight weeks to complete.
At the Triplet Gulch zone, Coral previously announced initial
results of 9 holes of this year's RC drilling program of 12
vertical holes (See News Release dated July 07, 2010).
Coral has now received gold assay results from holes CR 10-10
through CR 10-12 and results from the deepened holes CR 10-7 and CR
10-8. Intersections over cut off grade 0.010 oz/ton (0.34 g/tonne)
are as follows:
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Total
Hole No. Depth(ft) From(ft) To(ft) Thickness(ft) Au, g/t Au, oz/t
----------------------------------------------------------------------------
CR10-7 1,000 80 85 5 1.64 0.0476
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95 100 5 14.32 0.418
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380 405 25 0.43 0.0125
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570 575 5 0.42 0.0123
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605 630 25 0.41 0.0119
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705 715 10 1.07 0.0313
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840 845 5 0.5 0.0146
----------------------------------------------------------------------------
870 885 15 0.49 0.0142
----------------------------------------------------------------------------
940 945 5 1.35 0.0389
----------------------------------------------------------------------------
970 975 5 0.70 0.0205
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995 1,000 5 1.77 0.0516
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CR10-8 1,000 60 65 5 1.59 0.0463
----------------------------------------------------------------------------
75 80 5 0.48 0.014
----------------------------------------------------------------------------
185 210 25 2.31 0.0673
----------------------------------------------------------------------------
365 380 15 0.66 0.0195
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525 530 5 0.74 0.0217
----------------------------------------------------------------------------
540 550 10 0.94 0.0274
----------------------------------------------------------------------------
560 565 5 0.38 0.011
----------------------------------------------------------------------------
610 670 60 0.62 0.0182
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735 745 10 0.59 0.0172
----------------------------------------------------------------------------
765 770 5 0.57 0.0167
----------------------------------------------------------------------------
780 810 30 0.56 0.0164
----------------------------------------------------------------------------
855 870 15 0.66 0.0193
----------------------------------------------------------------------------
925 930 5 0.52 0.0152
----------------------------------------------------------------------------
990 995 5 0.60 0.0174
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CR10-10 600 120 125 5 0.89 0.0259
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CR10-11 600 385 395 10 0.40 0.0118
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CR10-12 600 100 105 5 0.68 0.0197
----------------------------------------------------------------------------
500 505 5 0.74 0.0216
----------------------------------------------------------------------------
All Samples were collected by Robert McCusker, a qualified
person as defined by NI 43-101 and were fire assayed by ALS Chemex
Labs using an AA finish in Elko, Nevada.
The Company notes that gold assays from drilling completed 2008
& 2010 are not included in the current 3.4 million ounce gold
inferred resource. This data is being input into a new resource
estimate. All drilling and metallurgical work completed by the end
of 2010 will be used in a new NI43-101 compliant independent
Preliminary Economic Assessment ("PEA"). A PEA is designed to
illustrate the projects viability in the current cost
environment.
The Company also wishes to announce that it has granted
incentive options for the purchase of up to 690,000 common shares
at a price of $0.45 per share exercisable on or before September
17, 2015 to Directors, Officers, Employees and Consultants.
Coral Gold, incorporated in 1981 continues to explore and
develop a series of strategic claims along the Cortez Gold trend
known as the Robertson Project. Through independent exploration and
joint venture partnerships with Amax, and Placer Dome, Coral has
established an inferred gold resource of 3.4 million ounces.
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 & Chief Executive Officer
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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