New Carolin Gold Corp Drills 93 Meter Intersection, Discovers New Mineralized Zone
TSX VENTURE: LAD
Vancouver, BC / TheNewswire / September 4, 2018 - New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD | OTCBB: LADFF): New Carolin is pleased to announce assay results from the latest phase of underground drilling at the Company's 100% owned Ladner Gold Project, which includes the Carolin Gold Mine, just 18 kms northeast of Hope, British Columbia.
Building upon historical data gathered from previous production, drilling and sampling, the recently completed phase of 13 diamond drill holes totalling 1,489 metres was designed to expand the known resource within the bulk tonnage sedimentary gold emplacement model, specifically to confirm select high grade historic drill intercepts cutting in-situ Main Zone mineralization directly in front and down plunge of existing Carolin Mine open stopes between the 800 meter and 875 meter levels; cut the northern extent of the East Zone mineralization; and provide confirmation and select step-out drilling below the Lower Zone mineralization (Figure 1).
The drilling results appear to confirm the historical data and the continuation of the Company's exploration strategy (Table 1).
However, of particular note is drill hole 18NC10 which, in addition to confirming expected geology and mineralization in the Main Zone, pierced an additional lower zone offset 200 metres to the southwest, referred to as the Hozameen Zone. Drill hole 18NC10 intersected 93 meters averaging 1.39 grams-per-tonne gold (g/t Au); including 7 meters of 5.75 g/t Au (Table 1). This hole was drilled diagonally across two widely spaced historic holes, 11050-60 and 11000-71 that returned significant broad gold mineralized intercepts that until now had never been followed up (Table 2).
Table 1: 2018 Carolin Mine Phase 1 Significant Drill Intercepts
|Drill Hole||Mine Level||From (m)||To (m)||Interval (m*)||Au (g/t)|
*True widths are estimated to be 70-90% of the drilled intercept. Due to the limited nature of previous drilling, the true width of drilled intercepts for drill holes 18NC09, 18NC10, and 18NC13 are not known
The current and historic drilling confirms the presence of a significant new zone of gold mineralization, offset to the southwest and distinct from Carolin Mine Main Zone. Within the context of the Company's Main Zone geological model, which interprets mineralization as hosted within a shallowly northwest plunging anticlinal hinge zone, the discovery of a broad zone of gold mineralization within drill hole 18NC10 is significant in that it may represent a parallel fold structure, or potential fault offset of the Carolin Mine Main Zone. The current Hozameen Zone gold intercept represents a near-mine "blind" discovery that warrants additional follow-up diamond drilling to establish its geometry, vertical, and lateral continuity.
Table 2: Hozameen Zone Historic Drill Intercepts
|Hole||From (m)||To (m)||Interval (m)||Au (g/t)|
Work on the Lander Gold Project is supervised by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a qualified person as defined by National Instrument 43-101. Mr. Raffle has reviewed and approved the scientific or technical content of this news release as it relates to the Carolin Mine and Ladner Gold Project. The 2018 core holes were drilled using NQ tooling to produce 4.76 cm diameter dill core. Core samples were half sawn and submitted to ALS Minerals (North Vancouver) or Activation Laboratories Ltd (Kamloops); both ISO 17025 and 9001:2015/2008 (ALS/Actlabs) accredited geo-analytical laboratories that are independent of the Company. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250 gram split to 85% passing 75 microns (ALS) or 95% passing 105 microns (Actlabs). Gold determination was via standard 30 gram fire-assay (FA) analysis. A quality assurance/quality control (QA/QC) program is in place, with the insertion of standard, blank and duplicate samples into the sample stream to confirm the accuracy of the reported results.
For more details regarding the Company's Ladner Gold Project and Mineral Resources, see the Company's National Instrument 43-101 Technical Report for the Ladner Gold Project dated May 29, 2015 (the "Company's Technical Report") and filed on SEDAR.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior 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 is located near Hope, BC in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine and Pipestem Mine, and numerous gold prospects.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth R. Holmes"
Phone: (778) 379-1275
Toll Free: 1(855) 891-9185
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.
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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.