|By Marketwired .||
|March 12, 2014 06:00 PM EDT||
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.
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.
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.
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.
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
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 10, 2016 11:00 AM EST Reads: 179
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 10, 2016 11:00 AM EST Reads: 251
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 10, 2016 11:00 AM EST Reads: 204
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 10, 2016 10:45 AM EST Reads: 387
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 10, 2016 10:45 AM EST
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 10, 2016 10:45 AM EST Reads: 242
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 10, 2016 10:45 AM EST Reads: 218
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 10, 2016 10:30 AM EST Reads: 211
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 10, 2016 10:04 AM EST
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 10, 2016 09:30 AM EST Reads: 185
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 10, 2016 09:30 AM EST
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Feb. 10, 2016 09:20 AM EST
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 10, 2016 09:00 AM EST Reads: 180
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 10, 2016 09:00 AM EST Reads: 381
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 10, 2016 08:00 AM EST