Coral Drills 1.52m of 6.24 g/t Au at Robertson, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/11 -- Coral Gold Resources Ltd. (TSX VENTURE: CLH)(OTCBB: CLHRF)(BERLIN: GV8)(FRANKFURT: GV8) is pleased to announce results from the final five diamond core holes drilled at Corals Robertson property in Crescent Valley Nevada.
These holes were part of a 15 hole diamond core program.
The holes, CC10-10 to CC10-15 are vertical and range from 400 to 600 feet in depth (122 to 183 metres) hole CC10-10 was on the Altenburg Hill zone.
Hole CC10-11 was drilled on the lower Triplet Gulch zone but was abandoned at shallow depth due to very poor core recovery and slow progress.
Holes CC10-12 thru CC10-15 were drilled on the west end of the Gold Pan Zone.
The program was designed to twin 2008 RC holes in order to provide material for metallurgical test work. This will consist of column leach tests by McLelland Labs in Reno, Nevada.
All samples were collected by Robert McCusker, a qualified person as defined by N143-101 and were fire assayed by ALS Minerals Labs using an AA finish.
Results of the five holes compared to the twinned RC holes (where applicable) are as follows:
------------------------------------------------------------------------
From To Thickness Au Thickness Au
Hole ID (ft) (ft) (ft) oz/t (m) g/t
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CC10-10 30 50 20 0.014 6.10 0.48
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80 115 35 0.012 10.67 0.41
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185 275 90 0.021 27.43 0.72
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315 325 10 0.042 3.05 1.44
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CR08-19 40 115 115 0.027 35.05 0.93
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175 235 65 0.018 19.81 0.62
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265 280 15 0.071 4.57 2.43
------------------------------------------------------------------------
------------------------------------------------------------------------
CC10-11 NO RESULTS (ABANDONED)
------------------------------------------------------------------------
------------------------------------------------------------------------
CC10-12 130 165 35 0.022 10.67 0.75
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250 270 20 0.031 6.10 1.18
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285 345 60 0.024 18.29 0.82
------------------------------------------------------------------------
------------------------------------------------------------------------
CR08-18 245 265 20 0.031 6.10 1.18
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285 350 65 0.039 19.81 1.34
------------------------------------------------------------------------
------------------------------------------------------------------------
HOLES CC10-13 THRU CC10-15 DID NOT TWIN EARLIER HOLES
------------------------------------------------------------------------
------------------------------------------------------------------------
CC10-13 0 45 45 0.044 13.72 1.51
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0 15 15 0.106 4.57 3.63
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65 120 55 0.012 16.76 0.41
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245 255 10 0.019 3.05 0.65
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320 335 15 0.020 4.57 0.69
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------------------------------------------------------------------------
CC10-14 65 100 35 0.013 10.67 0.45
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145 235 90 0.019 27.43 0.65
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295 305 10 0.032 3.05 1.10
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------------------------------------------------------------------------
CC10-15 95 105 10 0.018 3.05 0.62
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150 180 30 0.019 9.14 0.65
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215 315 100 0.022 30.48 0.75
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215 220 5 0.182 1.52 6.24
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We are pleased to see grade improvement from historic RC to current diamond core holes. Also we are excited to be working towards having a new PEA by the middle of this year.
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. Coral has an inferred gold resource of 3.4 million ounces. The company notes that gold assays from drilling completed in 2008 and 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 the latest drilling and new metallurgical work will be used in a new NI 43-101-compliant independent Preliminary Economic Assessment anticipated for mid-2011. A PEA is designed to illustrate the project viability in the current cost environment.
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 & Chief Executive Officer
604.682.3701
604.682.3600 (FAX)
info@coralgold.com
www.coralgold.com