Coronation Minerals Inc.
TSX VENTURE : CMV

March 23, 2007 09:00 ET

Coronation Drills 46.94 Metres of 1.11 g/t Pt+Pb+Au

TORONTO, ONTARIO--(CCNMatthews - March 23, 2007) - Coronation Minerals Inc. (TSX VENTURE:CMV) (the "Company") is pleased to report last three drill hole results from diamond drill program completed on its Yukon Territory, Wellgreen Mine Property in the 2006 field season.



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From To Length
Hole # (m) (m) (m) Cu% Ni% Pt ppm Pd ppm Au ppm Co%
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WS-06-151 3.05 242.39 239.34 0.11 0.27 0.20 0.28 0.03 0.01
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Including 225.35 240.18 14.83 0.29 0.38 0.48 0.39 0.07 0.02
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WS-06-152 16.76 146.30 129.54 0.08 0.25 0.18 0.23 0.02 0.01
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WS-06-153 1.22 480.67 479.45 0.17 0.25 0.30 0.29 0.06 0.02
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Including 1.22 108.74 107.52 0.05 0.18 0.12 0.12 0.02 0.01
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108.74 120.40 11.66 1.13 0.55 1.13 0.95 0.19 0.04
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120.40 144.07 23.67 No significant values.
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144.07 433.73 289.66 0.16 0.29 0.32 0.34 0.05 0.02
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433.73 480.67 46.94 0.36 0.19 0.56 0.35 0.20 0.02
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The Company is pleased with the results from all the holes drilled to date. The most surprising hole, WS-06-153, with the wider then expected intersection of mineralized ultramafics returning better than expected values in the lower part of the hole. The Company's technical personnel are most encouraged by this as the last 46.94 metres from 433.73 m to 480.67 m grading 0.36% Cu, 0.19% Ni, 0.56 g/tonne Pt, 0.35 g/tonne Pd, and 0.20 g/tonne Au. The Cu and Pt values have increased almost 50% with depth and the technical personnel believe this trend will continue with depth. This hole was shut down for the season because of inclement weather and will be finished in the 2007 field season.

The table below was previously reported in a press release dated October 18, 2006 and November 27, 2006.




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From To Length
Hole # (m) (m) (m) Cu% Ni% Pt ppm Pd ppm Au ppm Co%
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WS-06-143 3.05 82.14 79.1 0.09 0.18 0.19 0.15 0.03 0.01
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WS-06-144 45.97 84.68 38.71 0.64 0.27 0.85 0.41 0.27 0.02
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Including 60.96 76.2 15.24 0.91 0.36 1.28 0.65 0.39 0.03
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WS-06-145 3.05 161.85 158.8 0.54 0.25 0.61 0.3 0.19 0.02
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Including 78.74 89.76 11.02 0.97 0.37 0.88 0.62 0.42 0.03
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89.76 92.96 3.20 3.60 3.10 6.57 2.46 0.71 0.12
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92.96 138.79 45.83 0.68 0.24 0.81 0.47 0.3 0.02
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WS-06-146 10.59 89.00 78.41 0.26 0.17 0.4 0.22 0.11 0.02
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Including 56.76 66.82 10.06 0.53 0.25 0.78 0.38 0.22 0.02
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WS-06-147 3.66 95.1 91.44 0.23 0.17 0.36 0.22 0.06 0.02
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WS-06-148 27.88 168.35 140.47 0.15 0.20 0.32 0.26 0.06 0.02
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WS-06-149 5.18 97.35 92.17 0.38 0.26 0.61 0.4 0.11 0.02
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Including 75.99 97.35 21.36 0.62 0.23 1.01 0.54 0.22 0.02
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WS-06-150 1.52 107.36 105.84 0.17 0.29 0.28 0.31 0.04 0.02
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Including 101.19 107.36 6.17 0.61 0.33 0.60 0.47 0.17 0.02
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The Wellgreen Mine Property is located 317 kilometers north-west of Whitehorse, just 10 kilometers off the Alaska Highway. A great deal of surface and underground work has been carried out on the property between the initial discovery in 1952 and limited mining in 1972 and 1973 by Hudson 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 tonnes grading 0.35% copper, 0.36% nickel, 0.54grams/tonne platinum and 0.34 grams/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 sufficient work to classify the historical estimate as a current mineral resource.

The Wellgreen exploration and drilling program 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 in this news release. Core is split, with half sent to ALS Chemex (Vancouver) for preparation and analysis using fire assay. The Company maintains an archive of half core samples and a photographic record of all drill core for future reference. Sample blanks, duplicates and recognized standards were inserted into the sample stream at regular intervals.

Forward Looking Statement

The statements made in this News Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements.

Coronation Minerals Inc. is a Canadian based exploration and development company. The Company presently holds both 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Coronation Minerals Inc.
    Peter W. Holmes MSc.
    President/C.E.O.
    (520) 240-5306
    or
    Coronation Minerals Inc.
    141 Adelaide Street West, Suite 301
    Toronto, Ontario M5H 3L5
    Website: www.coronationminerals.com