Drilling disappoints for Coral

Drilling at the Robertson property in the Crescent Valley area of central Nevada has proved disappointing for Coral Gold (CLH-V).

Under an exploration agreement, Cortez Gold Mines, which operates the nearby Pipeline mine, completed 46 reverse-circulation holes (totalling 57,332 ft.) in 1999.

While the drilling returned mineralization in most every hole, gold values remained low, with only a few high-grade intersections. The most significant interval occurred in hole 13, which hit 80 ft. grading 0.16 oz. gold per ton starting at a depth of 300 ft. More drilling is expected to be carried out in 2000. Placer Dome (PDG-N) owns a 60% interest in Cortez.