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Resource Company Announces Drill Results Of Up To 13.36 g/t Gold Over 5 Metres
By: AllPennyStocks.com News
July 12, 2010
Despite increasingly higher prices, gold is a metal with many hiding places, spots out of which companies have to devote more of their resources to finding.
One of those locations is Northern Australia, where Toronto-based Crocodile Gold Corp. (TSX:CRK) has been exceptionally busy. In early July, the company unveiled results from the latest reverse circulation drill results from its Howley project in the “land of Oz”.
CRK was truly excited by what it found, most notably, one hole that produced near surface mineralization of 8.93 grams per ton (g/t) Gold over six metres . Numerous wider mineralized intersections have also been reported, from existing resources in another hole with 5.02 g/t Gold (uncut) and 4.78 g/t Gold (cut) over nine metres, and in yet another hole with 13.36 g/t Gold (uncut) and 7.46 g/t Gold (cut) over five metres. CRK also says mineralization remains open to the north, south and west and also at depth.
The company operates gold mines in the Northern Territory of Australia with a land package of over 2,500 square kilometres. CRK is currently producing from the Howley and North Point open pit mines and the Brocks Creek underground mine.
Crocodile – whose name calls up the main character in a hit 1980s movie set in Australia -- has 3.09 million ounces of NI 43-101 compliant measured and indicated resources and 1.94 million ounces of inferred resources. What’s more, the firm has an aggressive exploration program in place with a budget in 2010 of $23 million U.S.
CRK is keeping its eye on the stars; earlier last week, the firm’s management announced it remains on track to produce 100,000 ounces of gold in 2010. In June alone, Crocodile Gold milled 174,000 tonnes of ore at an average grade of 1.57 g/t Gold, with gold poured in June registering 8,700 ounces. Year-to-date gold sales totaled 32,200 ounces. Clearly, this is a company bringing the precious metal out of “hiding”.
Best of all for gold watchers looking for something economical, CRK is in the bottom half of a 52-week trading range that hit its low point on July 5 at 99 cents. The news from Down Under caused a sufficient buzz to drive the price up around the $1.30 mark on July 12, still a far cry from January’s peak of $2.40. Evidently, the word is getting around that now is just the right time for prospective investors to consider this resource Company.
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