New Carolin Options 20 Mining Claims Covering 30 Sq. Kilometers
March 22, 2016 / TheNewswire / New Carolin Gold Corp. (the “Company” or “New Carolin”) (TSXV: LAD) is pleased to announce it has completed an Option agreement with Crucible Resources Ltd (Crucible) in respect to acquiring mining claims adjoining the Company’s Ladner Gold Project (the Project). The Company entered into a previous option agreement in 2012 with Crucible in respect to seventeen (17) mining claims and revisions to that agreement have resulted in a new Option, which now consists of a total of twenty (20) claims, covering an area of 30 sq km. These claims are situated in the southern portion of the Project below the Coquihalla Hwy.
Three (3) of the new Crucible claims adjoin a prospective new gold zone which has been traced to a length of approx. 1 kilometer to date, where a sampling program was carried out in the 1980’s. Reported soil samples from this historic program ranged between 20 and 1000 ppm, with one sample of 5900 ppm (close to 6 g/t). It has been noted that gold returns of 20-50 ppm are considered high in soils and this zone has wide areas with numerous samples between 100-1000 ppm. The assay of 5900 ppm and other sporadic higher grade samples reported are unusual in soils and we note this may indicate placer-type gold particles in the soil cover. The Company intends to engage Crucible to carry out a new sampling program in 2016 to confirm historic sample locations and assay results, and expand the sampling program on the three new claims with the expectation of extending the gold zone and locating the source. Very little exploration work has been carried out on the lower 72 square kilometer section of the Project to date, which includes the former high grade Emancipation Mine and one of the Company’s other prospective gold zones. The Company plans to step up efforts this year and explore lower claim zones where gold on surface is present. The designated area with elevated gold values spread consistently over a wide area is of immediate interest and will be the focus of further exploration on the lower claim block. Further details will be provided in this regard when exploration plans are finalized. Please note that goldvalues mentioned are based on historical reports and have not been verified by the Company.