Coronation Stakes New Ground With Assays Returning 3.88% Copper, 1.9
g/t Gold, and 8.5 g/t Silver
TORONTO, ONTARIO -- (MARKET WIRE) -- 11/27/07 -- Coronation Minerals
Inc. (TSX VENTURE: CMV) (the "Company") is issuing this press release
to correct a typographical error in a release that went out on
November 15, 2007. The Company had reported that it recently staked
265 claims totalling approximately 4300 hectares which adjoin its
Wellgreen Mine Property, located 317 kilometres north-west of
Whitehorse, Yukon, Canada. The Company is very encouraged from the
results of its initial reconnaissance sampling program of showings
encountered on its first visit to the newly staked claims.
The initial chart in the November 15, 2007 press release had the
words "east" and "west" transposed. The corrected chart, along with
the balance of the press release, follows.
MAIN SHOWING: EAST AND WEST EXPOSURES
These two showings are 100 metres apart and consist of a mineralized
skarn which appears to be very typical to other skarns of the
Whitehorse copper belt. Both exposures are in steep cliff faces which
made sampling difficult. The western most exposure consists of
several near vertical dipping lenses ranging from 0.6 metres to
approximately 5.0 metres in width and 20 to 30 metres high
disappearing under the overburden on top. This west copper showing
could not be sampled so grabs of weathered material at the base were
collected for assay.
The eastern exposure is approximately 10 metres wide, disappearing
into talus on both sides and at the top of the cliff and can be
characterized as a mineralized skarn consisting of garnet, epidote,
iron minerals and copper staining. Channel and grab samples were
taken from this exposure. The following table summarizes the sample
assay results.
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Cu Au Ag
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DESCRIPTION % g/t g/t
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Grab sample of mineralized gossan (east expos.) 0.682 0.36 2.7
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3 metre channel sample of gossan with malachite
(east expos.) 3.88 1.915 8.5
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Grab sample of gossan (east expos.) 0.0548 2.61 10.7
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Grab sample of garnet - epidote (east expos.) 0.371 1.065 6.3
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Grab of material at base of cliff (west expos.) 0.0535 0.771 1.1
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Grab of gossan (west expos.) 0.0651 0.228 1.2
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Grab sample of heavily mineralized and weathered
(magnetite/hematite/malachite rich) (east expos.) 0.905 0.373 2.7
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OTHER SHOWINGS:
Approximately 800 metres east southeast of the above Main showing,
large pieces of gossan which had worked its way out of the talus
slope was sampled. The material consists mainly of iron with copper
staining and returned the following assays.
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Cu Au Ag Co
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DESCRIPTION % g/t g/t ppm
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Grab sample of material working its way
out of the hill side 0.389 0.025 0.7 402
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A further 900 metres east of the above showing the same type of
material is exposed in the hill side. This sample was less weathered
and was cut on a diamond saw to expose the mineralization inside
which consisted of pyrrhotite, pyrite, and chalcopyrite in order of
abundance. This sample returned the following grades.
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Cu Au Ag Co Ni
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DESCRIPTION % g/t g/t ppm ppm
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Grab sample of material from hill side 0.277 0.023 0.6 470 94
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The orientation and strike length of these mineralized exposures has
not been determined by the Company's technical personnel due to
overburden. If they follow the regional strike, all are in the same
mineralized belt and would have a strike length of approximately 1.7
kilometres. The Company is planning to follow up on these mineralized
areas with geophysics, mapping, and geochemical sampling in the 2008
field season.
A local prospector made Coronation Minerals Inc. aware of the
mineralized showings present on these grounds and the Company has
agreed to compensation of $10,000 cash and 25,000 common shares of
Coronation Minerals Inc., subject to receipt of all required
regulatory approval.
The Wellgreen exploration work is being carried out under the
direction of Mr. Rory Calhoun, a qualified person within the meaning
of National Instrument 43-101. Mr. Calhoun has reviewed the
exploration results contained within this news release.
All of the routine analytical work is preformed by ALS Chemex in
Vancouver, British Columbia. Precious metal assays use the
traditional fire assay method with the exception of silver which,
along with the base metals, is done by atomic absorption.
HISTORY:
In the past a great deal of surface and underground work has been
carried out on the Wellgreen Property between the initial discovery
in 1952 and limited mining in 1972 and 1973 by Hudson's Bay Mining
Company Limited. Three zones of
Copper-Nickel-Platinum-Palladium-Cobalt-Gold have been outlined on
the property. Probable and possible resources (historical) are
calculated to be 50.03 million tones grading 0.35% copper, 0.36% Ni,
0.54 grams per tonne platinum and 0.34 grams per tonne palladium
(Preliminary Feasibility Study, Watts, Griffis and McQuat Limited.
April 21, 1989). Caution should be used when evaluating these
resources as they were calculated prior to NI 43-101 existing and a
qualified person has not done work to classify the historical
estimate as a current mineral resource.
Coronation Minerals Inc. is a Canadian based exploration and
development company. The Company presently holds interests in the
Wellgreen Mine Property, Yukon Territory and the Coppermine River
Property, Nunavut Territory. Both of these projects are described as
Copper-Nickel-Platinum-Palladium prospects.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts:
Coronation Minerals Inc.
Peter W. Holmes M.Sc.
Chairman/CEO
(520) 240-5306
Website: www.coronationminerals.com
