Coral Gold sees Robertson ounces grow (December 13, 2007)

Vancouver – Coral Gold Resources (CLH-V, CLHRF-O) has more than doubled inferred resources at its Robertson property in north-central Nevada’s Crescent Valley.

The study reviews 82.8 million inferred tonnes grading 0.87 gram gold per tonne – for about 2.3 million contained oz. gold hosted in ten zones. The estimate uses a 0.47 gram gold cut-off grade and is based on US$600 per oz. gold and an assumed 70% recovery.

Data from 1,160 drill holes totaling over 162,000 metres comprises the database used in the resource tally.

The resource covers six distinct and separate areas (Distal, 39A, Gold Pan, Porphyry, Altenburg Hill and Southern Area). Additionally, some of the resource blocks are broken out as oxide and sulphide mineralized.

Robertson is located in the Battle Mountain-Cortez gold trend, just north of the large Pipeline gold mine owned by Barrick Gold (ABX-T, ABX-N) and Rio Tinto (RTP-N, RIO-L) subsidiary Kennecott.

The property covers a series of vertically stacked thrust sheets – forming part of the Roberts Mountain complex and is mostly comprised of siliciclastic rocks but also contains some volcanics. Granodiorites (the Tenabo stock) intrude the complex providing the heat engine that drove the main mineralizing event. A system of low and high angle faults, and fracture zones, form the dominant control on mineralization within layered sequences of retrograde-altered biotite and calc-silicate hornfels and skarn-type rocks.

Last year Coral Gold was the target of a takeover offer by U.S. Gold (UXG-T, UXG-X) that was seeking to consolidate a large land position within the Crescent Valley region of the Cortez Trend. Although U.S. Gold did successfully acquire Nevada Pacific Gold and Tone Resources, it dropped its offer for Coral citing onerous issues relating to U.S. Securities and Exchange Commission requirements regarding past accounting items (non-capital loss carry-forwards).

Following its Robertson gold resource boost shares of Coral perked up 10% in December 13th trading – closing up a nickel at 55 apiece.