August 17, 2016 — New Carolin Gold Corp. (the “Company” or “New Carolin”) (TSXV: LAD and OTCBB: LADFF)
The Company is pleased to report initial results from the underground channel sampling program at the Carolin Mine. 108 samples were collected from various parts of the underground workings, with the sole purpose of establishing geological controls to the gold mineralization. Results have now been returned for 22 of these samples.
Substantially increased gold grades have been observed for mineralized zones using metallic screen analysis versus fire assays. Higher grade intervals show differences of up to 27%, suggesting the presence of a coarse gold component which was not reported or analyzed for in historical drilling. The recent inferred NI 43-101 compliant resource completed on May 29, 2015 is based upon results obtained by fire assay data and may require significant revisions to account for the coarse gold content. The Resource was reported as 607,000 oz grading 1.5 g/t with a 0.5 g/t cutoff from 12,352,000 tonnes of rock. We note the Carolin Mine processed 85,000 oz of gold between 1982 and 1984 at an average grade of 4.5 g/t, with a 2.5 g/t cutoff.
The Company will continue to analyze samples with both metallic screen and fire assay procedures to develop a statistical model which should help guide future resource modelling efforts.
The 108 samples were collected along 1.5 metre chip – channel samples. Results reported are from Channel “A”, a 31.5 metre continuous sample along a known mineralized zone at the 900 level. Samples were analyzed for gold and trace elements. Gold analysis consisted of two parts, an initial fire assay followed by metallic screen analysis. Metallic screening is a common method used to more accurately determine gold values in rocks where coarse gold is suspected. Results from Channel A analysis are shown in the table below.
|Channel A||From||To||Width*(m)||Au (g/t)**||Au (g/t)***||Percent DifferenceFrom Metallic Screen (+)|
* width does not represent true width of the mineralized zone- samples were collected along the walls of the underground workings. True width has not been determined.
** 50 g Fire Assay / AA finish.
*** Fire assay – Metallic Screen. 1000g of pulverized sample is sieved at 100 mesh with assay performed on the entire +1—mesh fraction and two splits of the -100mesh fraction. The final assay is calculated based on the weight of each fraction.
The Company also reports that it engaged Clixmox Solutions Inc. to undertake a comprehensive underground survey in July, which was completed utilizing a drone and hand held laser devices. A detailed survey had never been conducted underground and the control points have since been incorporated into the Company’s developing 3D Geological Model. Undertaking this survey was one of the key recommendations made in the current 43-101 resource report.
“The increase in grade we are seeing from the metallic screen results is very encouraging. All of the historical work on the project, including resource estimations, was based on gold results obtained using Fire Assay procedures alone. Going forward we will analyze samples including drill core using Metallic Screen and Fire Assay procedures to establish a dataset for comparison”, stated Robert Thast, CEO of New Carolin Gold.
All technical information for the Carolin Mine Project is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Underground channel samples were collected along 1.5m long hand or saw cut (battery powered saw) channels at a consistent height along the wall of the drift. Where possible, channels were oriented to cross mineralized zones at right angles to best represent true width. Hand tools and saw blades were cleaned between each sample. A quality control gold standard of known value was randomly inserted every 25 samples along with a blank (zero grade material) and a duplicate sample. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. Samples were transported to a secure storage facility in Hope B.C. and shipped to Activation Labs in Kamloops, B.C. an accredited mineral analysis laboratory for preparation and analysis utilizing both fire assay and metallic screen methods.
Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based brown fields development company focused on the exploration, evaluation and development of our 100% owned property consisting of 144 square kilometers of contiguous mineral claims and crown grants, collectively known as the “Ladner Gold Project” (Project). The Project and property are located 2 hours from Vancouver near Hope, British Columbia in the prospective and under-explored Coquihalla Gold Belt. The property hosts several historic gold producers including the Carolin Mine, Emancipation Mine, Arum Mine, Ward Mine, and Pipestem Mine, in addition to numerous artisan workings and gold prospects that typically exploit high grade visible gold mineralization.
For additional information, please visit the Company’s website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Robert L. Thast”
President & Chief Executive Officer
Web site: www.newcarolingold.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 the accuracy of this press release.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
This article was originally written by New Carolin on August 17, 2016. To view the original post, click here.