Cortona Resources Limited (ASX: CRC) announced last week that the first two drill holes completed at its 100%-owned Dargues Reef Project in 2010 have intersected significant widths of high-grade gold mineralisation immediately adjacent to the current mineable resource.
The RC (Reverse Circulation) holes represent the first phase of a major near-mine drilling program at Dargues designed to convert resource ounces to reserve and increase the existing JORC resource of 1.44Mt @ 6.2g/t Au for 286,000oz.
Significant drilling intersections from the first two holes at Dargues Reef in 2010 have shown 12m @ 6.3g/t gold from 73m with 8m @ 0.43% Cu, and 13m @ 4.8g/t gold from 75m with 7m @ 0.15% Cu.
The drilling program continues as planned. Four rigs are active on site, and results are pending for a further seven completed RC holes and several diamond holes. Visible gold, which is rarely seen at Dargues, was observed in diamond core in one intercept.
Other key aspects of the Dargues Reef Feasibility Study such as water, power, metallurgy and flora/fauna are also proceeding well.
Cortona also reported that it has been advised that the NSW Director General’s Office has confirmed that the Dargues Reef development has qualified as a Major Project for State Planning Approvals under Section 3A of the Environmental Planning and Assessment Act, 1979.
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