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CGD Carlin Gold Corporation

0.265
0.00 (0.00%)
15 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Carlin Gold Corporation TSXV:CGD TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.265 0.165 0.265 0 21:00:05

Carlin Reports on Cortez Summit Drilling

16/01/2014 1:00pm

Marketwired Canada


Carlin Gold Corporation (TSX VENTURE:CGD), ("Carlin" or the "Company") is
pleased to report that it has completed a limited core drilling program on its
Cortez Summit property ("Cortez Summit" or the "Property"), Eureka County,
Nevada. The program consisted of entering and deepening one of the reverse
circulation holes completed in 2012 on the west side of the Property and
successfully established the presence of deeper, favorable 'Lower Plate'
carbonate rocks within a prospective structural setting. Lower Plate rocks host
the bulk of the gold mineralization in the Cortez district. 


In September 2013 the Company re-entered vertical reverse circulation hole
CS12-2 and deepened it from 1,760 ft. (537 m) to 4,032 ft. (1,229 m). Drilling
was completed on October 25, 2013. Short intervals of anomalous gold values to
0.667 grams/tonne and Carlin-type pathfinder elements were encountered, as well
as longer intervals of anomalous arsenic values (greater than 100 ppm) ranging
up to 130 ft. (40 m) of drilled thickness. The bottom 900 feet (274 m) consisted
of variably calcareous mudstone/sandstone, and silty/sandy, laminated, variably
carbonaceous limestone. This material locally displays Carlin-type alteration
features such as decalcification, clay alteration and calcite veining. Carlin
geologists are encouraged that favorable Lower Plate carbonate rocks are present
near the projection of the gold-bearing Fourmile structural corridor, at depths
consistent with some of the holes in the north portion of Barrick Gold
Corporation's neighboring Goldrush discovery.


The Company's initial drill program in 2012 consisted of seven vertical reverse
circulation holes totaling 11,720 feet (3,573 m.) ranging in depth between 1500
and 1800 feet (450 and 550 m.). All holes encountered Paleozoic sedimentary
rocks which are now considered to be structurally and stratigraphically above
the calcareous Lower Plate units. Short intervals of anomalous gold up to 0.534
grams/tonne with Carlin-type pathfinder elements were present in six of the
seven holes drilled. Two holes with the longest anomalous arsenic intervals were
drilled 1,900 feet (580 m) apart, and are located near the Fourmile structure. 


The Company's primary target is Carlin-style mineralization in a structural and
stratigraphic setting in Paleozoic sedimentary rocks similar to that at the
nearby Cortez Hills mine and the adjacent new Goldrush resource. Most of the
target is blind, covered by Miocene-age post-mineral gravel and basaltic
andesite. The most prominent structure identified to date at Cortez Summit is
the Fourmile fault zone, a north-northwest trending structural corridor which
trends for 4,500 feet (1,370 m) along the west side of the Property. 


The Company is evaluating the recent core drilling program in the context of the
2012 reverse circulation drilling information, and is also reviewing existing
ground and airborne geophysical survey data in an effort to enhance future drill
targeting. 


Cortez Summit Property Setting on Cortez Trend

Cortez Summit is centrally located in Eureka County on the Cortez Trend, in the
middle of what has become the most active gold exploration area in Nevada. The
Property consists of 142 100%-owned unpatented claims located in the southern
Cortez Mountains between the historic Buckhorn and Horse Canyon mines. The east
edge of the Property lies 2/3 mile (1 km) west of the Buckhorn mine, and the
west edge of the Property lies 1.5 miles (2.5 km) east of the Horse Canyon mine.
Barrick's Cortez Hills operation (11 million oz gold pre-production
reserve/resource) lies 4 miles (6.4 km) west of the Property. The Goldrush
discovery has grown rapidly since the initial announcement on September 7, 2011,
and as of December 31, 2012, the estimated resources reported by Barrick stood
at 14.1 million ounces, with a grade of 0.129 oz per ton gold (4.4 grams/tonne).
The resource is open in several directions, and Barrick has tracked
mineralization northward towards the west side of Cortez Summit. Barrick has
announced that they are advancing the project through prefeasibility, with a
number of development options being considered (Barrick's Q3 2013 report).


CARLIN'S PROPERTIES

Carlin has three projects in northern Nevada including Cortez Summit, all of
which represent Carlin-type gold targets. The JDS property consists of 77 100%
owned unpatented claims located in Eureka County, in an active exploration area
approximately 13 miles southeast of Cortez Summit. The Willow property consists
of 89 100% owned unpatented claims located in northeast Nevada, northwest of the
new 2.6 million ounce Long Canyon gold deposit in the Pequop Mountains, owned by
Newmont Mining Corporation. Newmont has recently staked claims adjacent to the
Willow property.


Carlin also owns approximately 72,000 hectares (278 square miles) distributed
over 12 project areas in Yukon, in a 50/50 joint venture with Constantine Metal
Resources Ltd. (TSX VENTURE:CEM). The properties are early stage, with the
initial field evaluation program completed in 2011. Several significant gold
anomalies have been identified to date. 


K. Wayne Livingstone, President and Chief Executive Officer 

Notes: 

Robert Thomas CPG, Vice President of Carlin and a qualified person as defined by
Canadian National Instrument 43-101, has reviewed and approved the technical
information contained in this news release on behalf of Carlin. Mr. Thomas
supervised the QA/QC controls. TonaTec Exploration, LLC completed the core
drilling. Core logging was completed on site and core was stored at a secure
facility prior to being transported to Elko for core sampling. Carlin Trend
Mining Services in Elko completed the core sampling under the supervision of
Carlin personnel. Sampling consisted of cutting core with a diamond blade rock
saw or splitting the material, depending on rock coherence. Core samples ranged
from 2.7 to 6.5 feet and following cutting half the material was placed in
polypropylene bags, with the other half placed back in their original core boxes
for permanent storage. Samples were delivered to American Assay Laboratories
facility in Sparks, Nevada for preparation and assay/geochemistry. Sample
delivery was completed by either Carlin or American Assay Laboratories
personnel. Gold was determined on prepared pulps by fire-assay fusion of a 30
gram sub-sample by ICP (American Assay Laboratory procedure Au FA30). 0.5 gram
splits were analyzed for multi-element inductively-coupled plasma (ICP) atomic
emission spectroscopy (American Assay Laboratory procedure ICP-2BX), following
multi-acid digestion. The Company's standards and blanks were regularly inserted
into the sample stream. 


Forward looking statements: This news release includes certain "forward-looking
information" within the meaning of Canadian securities legislation and
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively "forward looking
statements")." Forward-looking statements include predictions, projections and
forecasts and are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect",
"potential", "project", "target", "schedule", budget" and "intend" and
statements that an event or result "may", "will", "should", "could" or "might"
occur or be achieved and other similar expressions and includes the negatives
thereof. All statements other than statements of historical fact included in
this news release are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements.  


Forward-looking statements are based on a number of material factors and
assumptions. Important factors that could cause actual results to differ
materially from Carlin's expectations include availability of capital and
financing in connection with future private placements, regulatory approval,
actual exploration results, changes in project parameters as plans continue to
be refined, results of future resource estimates, future metal prices,
availability of capital and financing on acceptable terms, general economic,
market or business conditions, uninsured risks, regulatory changes, defects in
title, availability of personnel, materials and equipment on a timely basis,
accidents or equipment breakdowns, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to remedy same, and
other exploration or other risks detailed herein and from time to time in the
filings made by the Company with securities regulators. Although the Company has
attempted to identify important factors that could cause actual actions, events
or results to differ from those described in forward-looking statements, there
may be other factors that cause such actions, events or results to differ
materially from those anticipated. There can be no assurance that
forward-looking statements will prove to be accurate and accordingly readers are
cautioned not to place undue reliance on forward-looking statements. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Carlin Gold Corporation
K. Wayne Livingstone
President and Chief Executive Officer
(604) 638-1402
www.carlingold.com

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