Click here to close now.




















Welcome!

News Feed Item

Crocodile Gold Reports Drilling Results at Fostervile Gold Mine Extending Gold Mineralization on the Phoenix Structures

TORONTO, ONTARIO -- (Marketwired) -- 03/12/14 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC)("Crocodile Gold" or the "Company") reports on high-grade intersections from drill holes completed on the Phoenix and Lower Phoenix structures at the Fosterville Gold Mine (FGM) in the State of Victoria, Australia. Highlights of the drilling include:

Phoenix Structure Drill Intercepts


--  12.66 g/t Au over 6.90m (ETW(i) 5.40m) in hole UDH0501
--  6.40 g/t Au over 9.65m (ETW 7.90m) in hole UDH0503
--  10.41 g/t Au over 5.30m (ETW 3.80m) in hole UDH0505
--  6.00 g/t Au over 15.90m (ETW 11.70m) in hole UDH0750

Lower Phoenix Structure Drill Intercepts


--  24.00 g/t Au over 33.80m (ETW 7.00m) in hole UDE110
--  32.86 g/t Au over 3.60m (ETW 3.00m) in hole UDH0561
--  12.89 g/t Au over 14.35m (ETW 8.00m) in hole UDH0575
--  19.15 g/t Au over 6.85m (ETW 6.30m) in hole UDH0617
--  16.67 g/t Au over 11.90m (ETW 8.60m) in hole UDH0643
--  122.35 g/t Au over 6.80m (ETW 6.60m) in hole UDH0755

(i)ETW - Estimated True Width. Full drill results can be found in Table 1

2013 Phoenix and Lower Phoenix Drilling Program

The Company's 2013 drilling campaign at Fosterville Gold Mine targeted known estimated Mineral Resources associated with the Phoenix and Lower Phoenix structures as well as extension opportunities, believed to provide excellent potential for Mineral Resource growth. Progressive drilling and geological modeling of the Phoenix Fault System has confirmed the presence of two favourable structural zones (Phoenix and Lower Phoenix) below the 4500mRL, which host significant gold mineralization. Both the Phoenix and Lower Phoenix Zones are proximal to fold axial plane offsets along the Phoenix Fault System.

Lower Phoenix Structure

Crocodile Gold has drilled 225 metres south along strike (down plunge), 275 metres north along strike (up plunge) and 75 metres down dip from the existing Lower Phoenix estimated Mineral Reserve (See Figures 1, 2, 3 & 4). Drill results have provided evidence that significant gold mineralization associated with the Lower Phoenix structure is continuous over a 1 kilometre strike length and an approximate 100 metre down dip length, between Mine Grid northings 6700mN and 7700mN. Drill intercepts that fall outside of the current estimated Mineral Reserve and that, in management's view, present opportunity for Mineral Resource extension are reported in Table 1. Drilling is absent south of 6700mN and there is no drilling north of 7700mN for a distance of 500 metres on the Lower Phoenix structure. Crocodile Gold expects to complete additional drilling in 2014 south of 6700mN and north of 7700mN along the interpreted orientation of the Lower Phoenix structure, where there is potential to define further zones of significant gold mineralization.

Phoenix Structure

Crocodile Gold has also continued definition drilling into the Phoenix structure during 2013. Drill results continue to reaffirm good continuity of the known estimated Mineral Resources in this area (see Figures 1, 2 & 3). There is no drilling on the Phoenix structure south of 6500mN for a distance of 450 metres in strike length. The Company expects to complete additional exploration drilling on the Phoenix structure south of the 6500mN during 2014. Crocodile Gold currently has three underground diamond drill rigs conducting work on various targets at Fosterville Gold Mine.

Progressive geological modeling and mining studies on both the Phoenix and the Lower Phoenix mineralized structures have resulted in the development of two independent mining areas, Central and Phoenix (See Figures 2, 3 & 4). The Central decline will continue to provide access to the existing Phoenix estimated Mineral Reserves and southern estimated Mineral Resource extensions, which are now the subject of upcoming reserve studies. The Phoenix decline development, which commenced in February 2013, will provide access to the Lower Phoenix Mineral Reserve. Anticipated resource extensions north and south of the Lower Phoenix estimated Mineral Reserve will also be accessed from this decline. Ventilation upgrades are ongoing throughout 2014, to service the future operation of the Central and Phoenix mining areas.

Rodney Lamond, President and CEO of Crocodile Gold, commented on the recent results: "The Company continues to focus its exploration strategy on near-term drilling targets as part of our planning for sustainable production and I am very encouraged with the recent drilling results from the Phoenix exploration program. The results confirm the down plunge extension of the Phoenix orebody and suggest that we may be able to extend our current Life of Mine (LOM) plans. In addition, the mineralization appears to separate into two distinct mining zones: the Phoenix and Lower Phoenix ore zones. As the mining focus moves towards these new ore zones, the Company has already commenced a $4.5 million underground ventilation upgrade that will service the growing Phoenix orebody and facilitate the increased mining activity on the two new mining horizons."

The Company is in the process of updating its Mineral Reserve and Mineral Resource estimate at Fosterville, which will incorporate the encouraging drill results obtained throughout 2013. The work is expected to be finalized in the second quarter and management is optimistic that additional estimated Mineral Resources identified will continue to extend the mine life of Fosterville.

About Fosterville Gold Mine

FGM commenced commercial production in April 2005 and up to the end of December 2013 has produced 771,266 ounces of gold. The ore is refractory and gold is recovered through a state-of-the-art BIOX® processing plant that produces approximately 90,000 to 100,000 ounces annually. The mill is capable of processing approximately 830,000 tonnes of ore annually.

Qualified Persons

F. W. Nielsen, P. Geo, a technical consultant to Crocodile Gold Corp., Troy Fuller, Geology Manager and Simon Hitchman, Exploration Manager of Fosterville Gold Mine are "qualified persons" as such term is defined in National Instrument 43-101 and have reviewed and approved the technical information and data included in this press release.

QAQC

All diamond drill hole collars (Table 2) are accurately surveyed using a Leica Total Stations instrument and down hole deviations are also verified by electronic multi-shot cameras. All equipment is regularly calibrated.

Drill samples were assayed at On Site Laboratories in Bendigo, Victoria. Assay results are based on 25 gram charge fire assays. All reported intersections are from NQ2 sized diamond drill core that was cut longitudinally in half with a diamond saw. One half of the drill core was sent for assay and the other half retained for reference. Drill core sample intervals are determined using logged sulphide controls, vary between 0.3 and 1.5m in length.

Mean grades have been calculated using a variable lower cut-off (generally 2 g/t Au) and maximum 2m internal dilution. No upper gold grade cut has been applied. All intersections are down-hole intervals. Assay QA/QC for these drill holes was checked and verified through the use of blind and laboratory standards, laboratory duplicates, repeats and insertion of blind blanks. Between laboratory jobs barren flushes are carried out to remove job to job contamination. QAQC results are within expected limits. Drill intercepts containing visible gold are annotated in Table 1.

About Crocodile Gold

Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in the Northern Territory and the State of Victoria, Australia. The Company has a combined land package in excess of 4,000 sq. km. The objective of Crocodile Gold is to continue production from its three operating mines, Cosmo, Stawell and Fosterville, while also exploring and developing the Company's resources to ensure sustainable production in the future. For additional information, please visit our website www.crocgold.com.

Follow us on Twitter @crocgold_crk or Facebook www.facebook.com/CrocodileGoldCorp.

Cautionary Note

Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations for future performance based on current drill results and past production, expected gold prices, and mineral resource and reserve estimates, and are based on Crocodile Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Crocodile Gold's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Crocodile Gold's inability to obtain required mine licences, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events that could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Crocodile Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

To view the tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/933019tab.pdf

To view the figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/933019i.pdf

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.