Crocodile Gold Strikes More Gold in Australia's Northern Territory

Crocodile Gold Corp. said Thursday it discovered more high-grade gold at an Australian site already under development by the Canadian company.

The newly found gold is at the company's Union Reefs project, which is southeast of Darwin in the Northern Territory, Crocodile Gold said Thursday.

The Crosscourse deposit is an excellent target for the company to focus exploration efforts because of its proximity to the Union Reefs mill, the company said in a statement.

Additionally, permitting is in place and the underground infrastructure could be accessed from a single entry point from the base of one of the existing historical pits.

Crocodile Gold is also looking at other deposits in the Union Reefs area, including Orinoco, Wellington and Elizabeth.