* working capital of $0.12 per share with no LT debt
* multiple light oil well drilling locations in Viewfield, SK
* carried interests with no drilling costs
* natural gas at Pembina – 10-12 additional locations identified
Displaying thread: 'Coronado Resources Ltd.: Initial Phase of Underground Diamond Drilling at Masdison Gold\Copper Project in Montana USA Proves Successful'
Coronado Resources Ltd.: Initial Phase of Underground Diamond Drilling at Masdison Gold\Copper Project in Montana USA Proves Successful!
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2010) - Coronado Resources Ltd. (TSX VENTURE:CRD) has completed its initial phase of the underground diamond drill program at the Madison Gold/Copper Project located near Butte in Montana, USA. Gold highlights from the program are as follows:
Au Au
Hole Intercept Feet oz/t gm/mt
09-U1 12.5-42.5 30 .313 10.74
Including 12.5-27.5 15 .528 18.11
09-U2 22-58 36 .468 16.05
Including 26.5-44 17.5 .607 20.82
09-U3 25-70 45 .741 25.44
Including 25-47 22 1.274 43.68
09-U4 48-73 25 .588 20.95
09-U5 0-21 21 .191 6.55
09-U6 0-18.5 18.5 .153 5.25
09-U7 158-163 5 .308 10.56
10-U1 29-94 65' .560 19.20
Including 36-64.5 30.5' .881 30.21
The main purpose of the underground drill program was to confirm the downward extension of the mineralized gold zone at the bottom of the decline. The program established that without a doubt the zone does extend below the current level with excellent gold grades. The most significant results were from hole 09-U3 of a 22 foot intercept running 1.274 oz/ton au and from hole 10-U1 a 30.5 foot intercept that ran .881 oz/ton au. Holes 09-U1 through U4 and 10-U1 were concentrated below the current gold zone.
An internal resource calculation is being prepared. We will commence the next phase of the underground drilling once all the data is obtained and assessed. Drill holes 09-U5 through U7 were drilled to test different zones indentified on the property.
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. Our proven management team is actively pursuing new mining opportunities for its shareholders.
Assay work was completed by Norris Labs, a local Montana lab using the dry assay method. Norris Labs is not registered by the international standards organization and are used due to proximity and quick turnaround results. Eugene Larabie, P. Eng. is the "qualified person" overseeing the project.
On Behalf of the Board
Eugene Larabie, P. Eng., President
The foregoing information may contain forward-looking statements relating to the future performance of Coronado Resources Ltd. Forward-looking statements, specifically those concerned with future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in filings with the appropriate securities commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
