Coral Gold Resources Ltd. is pleased to announce that Barrick has completed the third hole of the 2014 diamond core hole drill program on the Gold Ridge property located in Crescent Valley, Nevada.
Barrick is targeting Carlin-type mineralization in the lower plate which hosts large mines on the Carlin Gold Belt as well as the nearby Pipeline, Cortez Hills, Gold Acres and Gold Rush projects on the Cortez trend. Results of the exploration program will be made public once an analysis of the drill results has been completed by Barrick.
The drill program is pursuant to the exploration and option to joint venture agreement between Coral, Barrick Gold Exploration Inc. and Barrick Gold Corporation announced in the Company's news release dated March 5th, 2014. In the agreement, Barrick Gold has been granted an option to earn up to an undivided 60% interest on the Company's Gold Ridge Property in Nevada (consisting of a portion of the Robertson Property) in consideration for Barrick Gold incurring US$12,000,000 in exploration expenditures over a five year period. The Option Agreement provides that upon Barrick Gold exercising its option, a 60%/40% joint venture between the parties will be established in order to further explore the Gold Ridge Property. In addition, the joint venture agreement also provides Barrick Gold with the right to increase its interest by an additional 15% for an aggregate undivided 75% interest by preparing and delivering to the Company a scoping study.