News

April 09, 2010

Cortona Resources Is Re-Awakening Interest In A Unique Piece Of Australia’s Mining History

By Our Man in Majors Creek

The last time gold and Australia’s capital, Canberra, were mentioned in the same breath was back in the 1990s when the Australian Government followed Britain’s example and sold most of its gold reserves for a pittance. On Monday, that will change because a small Australian explorer is expected to report bonanza drill results which should guarantee the return of gold mining to Majors Creek, site of one of the country’s original gold rushes and located an hour’s drive from central Canberra. Cortona Resources has, so far, attracted limited interest to a project which has outlined a modest resource of 286,000 ounces. That will change as the latest drill results are factored in, with assays tipped to top 100 grams to the tonne, and Minesite’s Man in Oz is confident that he saw some of that remarkably rich drill core when visiting Majors Creek earlier today.

Investors have not had a chance to act on the speculation swirling around Cortona, though, as the company placed itself in a trading halt yesterday as it drafted a report which management says will be filed at the ASX before trading starts on Monday. After it reports, Australian investors will get first crack at Cortona, which last traded at A15.5 cents, but London investors also have a long-standing interest, because Majors Creek is far more than a modern gold discovery in a curious location,...