Click image for aerial map of property

Madison Gold/Copper Property, Montana (November '09 update)

Coronado Resources Ltd. owns 100% interest in six patented and twenty unpatented mineral claims known as the Madison Gold Property. The property is approximately 35 miles southeast of Butte, Montana near the town of Silver Star. The property contains old surface and underground mine workings. New underground development started in 2007, shipments of gold and copper mineralization continue. A diamond drill program from level 500 underground, to test continuing gold and copper mineralization to depth, commenced in the fall of 2009.

The underground decline has been driven over 1,200 feet at a slope of 15% which was designed to access a high-grade zone of oxide gold to Level I and Level II and to allow access to a high grade Copper zone. The underground develpment also accessed a sulphide gold zone in Level 3. Drill stations have been placed at stages along the decline to provide for additional drilling from underground to further test the limits of the mineralization. The decline is large enough to accomodate ore trucks and underground drill rigs.

A crushing plant, power line, compressor and weigh scale have been installed on site to process the gold and copper mineralization encountered in underground development. The company has made three shipments in early 2008 of oxide gold mineralization to the Golden Sunlight Mine for custom milling. Copper shipments of 1304 tons grading over 20% cu were delivered to China in the Fall of 2008 to produce over 500,000 payable pounds.

In January 2009, the company signed and started shipping sulphide gold mineralization to the Kinross Mill in Washington state. In April and May of 2009, the company shipped over 1,000 tons of copper grading over 24% cu. In July, 2009 the company made a gold shipment of 400 tons grading .045 oz/ton gold, and continues to extract gold and copper mineralization from underground.

From the 1880's to the 1950's the Broadway Mine had over 6,000 feet of lateral underground workings from a 1,000 foot shaft that had a vertical depth of 750 feet. Production is estimated at 450,000 tons of ore averaging 0.32 oz. (11.0 g/t) gold. In the 1980’s, an exploration drilling conducted northwest of the main Broadway underground workings. This was above a new zone being mined at the 900 level before the mine was closed in 1952. Drill programs were undertaken to outline a resource with an open pit design using lower grade mineralization cutoffs. The majority of the drill holes only tested the mineralization up to 400 feet in depth.

A Geological Summary Report to 43-101 standards was completed in August 2005. The writer concluded that “targets with relatively high grades of gold and copper exist within contact zones at the Madison Gold Property”. The report recommends exploring for continuation of excellent gold and copper grades seen in some holes and notes that many holes ended in gold or copper mineralization without determining the limits of the zone. The report also recommended conducting geophysics and deeper drilling of the porphyry target. Drill programs were undertaken in 2005 and 2006 to expand the high grade gold and copper zones.

Five holes were completed in 2005 with gold and copper intercepts encountered in all five holes. The most exciting results were intercepts of .380 and .354 oz/ton gold over 49 feet and 54.4 feet in two holes and an intercept of 27 feet of over 41% copper in the last hole. For complete assay results from the program see print flyer. >> PRINT FLYER

Drilling in 2006 tested the vertical and eastern extension of the mineralization of Hole C05 - 6. Additional drilling was undertaken to test the limits of other high-grade zones along the mineralized contact. Eight diamond drilling holes were completed in 2006. see press for results

or more technical information refer to the Madison Gold Property Geological Summary Report

True North Property, Ungava Region, Quebec

The Company acquired a 100% interest in 304 mining claims known as the Raglan 1 Property, comprising 30,775 acres, in May 2003. This property is immediately northwest at Falconbridge’s six year old Raglan Mine site and six outlined nickel/copper deposits. The nickel deposits in the Raglan Camp consist of clusters of sulphide lenses.

The Company entered into an agreement with Novawest Resources Inc, whereby Novawest can earn a 70% interest in the property by expending $620,000 over three years in exploration expenditures. Novawest renamed the claim group the True North Property.