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Northward Extension of the Ore-hosting Pipeline Fault
The Excluded Claims venture with Barrick Gold is strategically located approximately 4,000 ft north of Barrick's flagship Pipeline open pit mine. The claims encompass a number of important structural elements including the northward extension of the ore-hosting Pipeline fault.
Earn-in Agreement with Barrick Gold
The project is subject to an Earn-In Agreement and Mining Venture Agreement with Barrick Gold, the manager of the joint venture, in which Coral owns a 39 percent carried interest in 219 unpatented lode claims.
Major Feeder Structures for Carlin-type Mineralization
Portions of the Excluded Claims are located within the northern half of the Gold Acres structural window, a wedge-shaped horst block bounded on the east by the regionally significant Pipeline fault and the northeast-striking Gold Acres fault along the west. Both faults are thought to have acted as major feeder structures for Carlin-type mineralization at the Pipeline and Gold Acres mines. These important ore-controlling structural features are known to extend onto the Excluded Claims.
Deep, Carlin-style Mineralization discovery Potential
In 1997 and1998, Cortez Gold Mines (under the previous joint venture with Barrick and Placer Dome)conducted a series of exploratory drilling programs on the Excluded Claims which produced limited success. In 2002, Coral conducted a limited follow up drilling program on the claims with mixed results. To date, no significant mineral resources have been discovered on the claims. However, the wide-spaced deep drilling has established the presence of scattered significant gold values, anomalous levels of Carlin-type trace elements, key structural components and the occurrence of a preferred host strata. Together with the wide-spaced nature of the drilling, these features indicate there is potential for the discovery of deep Carlin-style mineralization.
Qualified Person
Coral's projects are under the supervision of Chris Sampson, P.Eng, BSc, ARSM Coral Gold VP and Director, who is a qualified person within the context of National Instrument 43-101. Mr. Sampson has reviewed and approved the technical data herein.
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