Crocodile Gold (CRK.TSX) announced continued high grade intersections from the exploration drilling program currently underway at the Union Reefs project in the Northern Territory of Australia. Crocodile Gold has now completed the first round of drilling on the Prospect deposit, with two diamond drill rigs now drilling the E-Lens target at the Crosscourse deposit and the Lady Alice deposit. The Company now intends to include the new results in a resource update.
* 7.1 grams per tonne (g/t) gold over 4.5 meters (m) including 11.2 g/t gold over 2.6m at Prospect
* 6.2 g/t gold over 3.6m including 67.3 g/t gold over 0.3m at Prospect
* 4.4 g/t gold over 5.5m including 23.3 g/t gold over 0.8m at Prospect
* 3.6 g/t gold over 9.0m and 8.1 g/t gold over 1.2m at Lady Alice
David Keough, COO of Crocodile Gold:
“Being at shallow depth, in close proximity to the Union Reefs Mill and on active mining leases, these zones have the potential to bring higher grade ore in the short to medium term with minimal investment, supporting our growth strategy.”
Reiterated its Buy rating and C$1.50 price target on shares of CRK.TSX