Carlin Gold Corporation
TSX VENTURE : CGD

September 08, 2014 09:00 ET

Carlin Gold Corporation: Cortez Summit Property Geological Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 8, 2014) - Carlin Gold Corporation (TSX VENTURE:CGD), ("Carlin" or the "Company") is pleased to report the geological assessment of its limited core drilling program completed in fall 2013 on its Cortez Summit property ("Cortez Summit" or the "Property"), Eureka County, Nevada.

In September-October 2013 the Company re-entered vertical reverse circulation hole CS12-2 and deepened it by core drilling. Carlin geologists were encouraged that the core hole established the presence of favorable 'Lower Plate' rocks and retained the services of Dr. Harry Cook, President/CEO of Carbonate Geology LLC to review the core. Dr. Cook is a well known geologist specializing in carbonate stratigraphy in the major gold districts in Nevada and is very familiar with the Cortez area. He has been acknowledged for his role in developing an understanding of the gold-hosting Paleozoic stratigraphy, including the neighboring Goldrush discovery. Dr. Cook examined the lower 984.5 feet (300 m) of the core hole CS12-2C and interpreted the bottom 650 feet (198 m) of the hole to contain Devonian age strata.

Dr. Cook states that "Core CS12-2C strata are comprised of very favorable gold-host rocks within both the Wenban Formation and Horse Canyon Formation. These strata are coeval (of the same age) with the nearby Wenban Formation and Horse Canyon Formation carbonate gold-host strata that comprise the gold hosts in Barrick's Goldrush Discovery." Dr. Cook's interpretations of the core are based on fossil and sedimentologic observations in context with his extensive field, pit and core experience at many locations and mine sites throughout Nevada. Additional drilling is recommended by Dr. Cook.

K. Wayne Livingstone, President/CEO of the Company, commented: "The information Dr. Cook has provided indicates that Carlin's core hole intersected the stratigraphic section containing the main gold-bearing horizons as the neighboring Goldrush discovery. This is important as it clearly demonstrates the exploration potential of the project and helps to set the stage for additional drilling evaluation."

Hole CS12-2C was deepened by core drilling from 1,760 ft. (537 m) to 4,032 ft. (1,229 m) and contains short intervals of anomalous gold values to 0.667 grams per tonne, along with longer intervals of anomalous arsenic values greater than 100 ppm in the Devonian Lower Plate section. These core also display Carlin-style alteration features such as decalcification, clay alteration, and calcite veining.

The 2012 reverse circulation drill program of seven vertical holes, totaling 11,720 feet (3,573 m.) ranging in depth between 1500 and 1800 feet (450 and 550 m.), 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 in close proximity to the projected Fourmile structural zone, a north-northwest trending corridor which trends for 4,500 feet (1,370 m) along the west side of the Property. This structural corridor will be targeted in future drilling.

In addition to the recent geological studies, the Company has reviewed existing ground and airborne geophysical survey data in an effort to enhance future drill targeting. This information has been helpful in defining several structural zones of interest on the property, including the Fourmile structure.

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 100% owned Property consists of 142 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, 2013, the estimated measured and indicated resources reported by Barrick stood at 10.0 million ounces, with a grade of 0.132 oz. per ton gold (4.5 grams/tonne) and the inferred resource was estimated to be 5.6 million ounces, with a grade of 0.141 oz. per ton gold (4.8 grams/tonne). The mineralization is open in several directions and the currently defined northern extent lies adjacent to the west side of Cortez Summit.

Barrick has announced they are advancing their Goldrush Project through the prefeasibility stage, scheduled for completion in mid-2015. Barrick has reported encountering deep mineralization along the northern extension of the Goldrush, including an intercept of 103 feet (29 m.) containing 0.725 oz. per ton gold (24.9 grams/tonne) and have applied for a permit to construct an exploration decline in order to better define the existing resource and to test for additional mineralization to the north (Barrick Q2 2014 Report). Surface infill drilling continues.

CARLIN'S PROPERTIES

Carlin has three properties in northern Nevada including Cortez Summit, all of which represent Carlin-type gold targets. The 100% owned JDS property consists of 77 unpatented claims located in Eureka County, in the Cortez Trend approximately 13 miles southeast of Cortez Summit. The Willow property, 100% owned, consists of 89 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 65,000 hectares (250 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"
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.

Contact Information

  • Carlin Gold Corporation
    K. Wayne Livingstone
    President and Chief Executive Officer
    (604) 638-1402
    www.carlingold.com