Completes Phase I at Carolin & Outlines Gold Targets Along a 6 kilometre Corridor
September 29, 2016 / TheNewswire / New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD ) (OTCBB LADFF) - is pleased to announce that it has completed a Phase I surface mapping and sampling program. The results of the program outline a consistently mineralized geological environment extending for at least 6 kilometres, including the Carolin mine which is one of several strongly gold-mineralized targets.
Highlights of this work program include:
-Channel sample results up to 4.08 g/t Au over 9.0 m including 7.45 g/t Au over 4.5 m at the McMaster Zone and 1.69 g/t over 4.5 m including 2.46 g/t Au over 1.5 m at the Pipestem Mine Zone.
-Structural and geological continuity across at least 6 kilometres of the mapped area. Gold mineralization is associated with shallow northwest plunging folds within coarse grained sediments (siltstone, sandstone and wacke).
-Gold mineralization is located proximal to a regional scale serpentinite sequence which extends for the entire length of the property (27+ kilometres);
The mapping program was initiated to follow-up on historical work programs which identified structures, folding and gold mineralization in several areas across the property. While historical work did not provide a geological link between the zones, the new mapping program indicates a clear relationship between the various zones and will provide targets for future drill programs.
In total, New Carolin has identified numerous areas where gold mineralization of greater than 1 g/t is present over more than a metre in drill core or trench assays. A summary of significant new and historical results matching these criteria are presented below in Table 1 .
|Area||Result Type||Gold Value (g/t)||Interval||Historic Mining||Best reported assay (g/t)||Collected by|
|Underground Carolin||Channel Sample||4.501||25.5m||yes||10.2||New Carolin|
|Underground Carolin||Drill hole||10.852||21.4m||yes||57.282 g/t||Historic|
Table 1: Highlighted gold results from various targets across 6 kilometres of the property
1 Metallic screen assay from 2016 exploration.
2 Historical Drilling - results were included in the current 43-101 compliant resource but have not been verified by New Carolin Gold
3 Historical drilling - result have not been verified by New Carolin Gold
Drill Program Update:
To date 7 holes have been completed and sent to the Laboratory for analysis. All results for these holes are pending. The company plans to complete an additional three holes during this phase of drilling. Once all results are received, reported and compiled the company will make preparations for a Phase II drill program.
Underground Sampling Update:
The underground mapping and sampling program is currently halted to allow field crews to focus on the drill program. Once drilling is completed crews will resume mapping and sampling of underground areas.
All samples collected from the drill program will be analyzed by both Fire Assay and Metallic Screen procedures. Recent re-analysis of underground channel samples showed up to +27% difference between the Fire Assay and Metallic screen results suggesting the presence of a coarse gold component which was not analyzed for in historical work programs (see news release dated Aug 17, 2016 at the company's website).
"With phase 1 surface sampling and mapping completed, we have a much better understanding of the geological and structural controls associated with gold mineralization. Surface samples taken between the Carolin and Pipestem Mines (the 6 km strike length ) confirm our initial interpretation of the potential for multiple horizons which will continue to be the focus of future exploration. In respect to 10-hole surface drill program currently underway at the Idaho Zone (which hosts the Carolin Mine), we look forward receiving and announcing assays over the coming months," stated Robert Thast, CEO.
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 kilometres 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 .