September 8, 2011 / 2:28 PM / 7 years ago

Crocodile Gold finds more high-grade deposits; shares climb

Sept 8 (Reuters) - Canada’s Crocodile Gold Corp said on Thursday it continued to find high-grade gold deposits at its Union Reefs project in Australia.

The company’s shares rose 7 percent to a two-week high of 73 Canadian cents on the Toronto Stock Exchange.

Crocodile Gold, which owns and operates mines in the northern territory of Australia, found 27 grammes of gold a tonne (g/t) over a 4.23 metres at the Prospect deposit, while the Crosscourse deposit showed 10.16 g/t of gold over 8.1 metres.

The company currently has two diamond rigs drilling at the Union Reefs project where an additional minimum of 3,500 meters is planned to be drilled by year-end.

Historical resource calculation for the mineralization under the Prospect pit indicated 144,000 tonnes with an average grade of 11.7 g/t of gold, the company said.

The company started mining at the Union Reefs project in November 2009 and announced its first gold pour the next month. (Reporting by Aftab Ahmed in Bangalore)

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