Carlin Gold Corporation

TSX VENTURE : CGD


January 16, 2014 09:00 ET

Carlin Reports on Cortez Summit Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 16, 2014) - Carlin Gold Corporation (TSX VENTURE:CGD), ("Carlin" or the "Company") is pleased to report that it has completed a limited core drilling program on its Cortez Summit property ("Cortez Summit" or the "Property"), Eureka County, Nevada. The program consisted of entering and deepening one of the reverse circulation holes completed in 2012 on the west side of the Property and successfully established the presence of deeper, favorable 'Lower Plate' carbonate rocks within a prospective structural setting. Lower Plate rocks host the bulk of the gold mineralization in the Cortez district.

In September 2013 the Company re-entered vertical reverse circulation hole CS12-2 and deepened it from 1,760 ft. (537 m) to 4,032 ft. (1,229 m). Drilling was completed on October 25, 2013. Short intervals of anomalous gold values to 0.667 grams/tonne and Carlin-type pathfinder elements were encountered, as well as longer intervals of anomalous arsenic values (greater than 100 ppm) ranging up to 130 ft. (40 m) of drilled thickness. The bottom 900 feet (274 m) consisted of variably calcareous mudstone/sandstone, and silty/sandy, laminated, variably carbonaceous limestone. This material locally displays Carlin-type alteration features such as decalcification, clay alteration and calcite veining. Carlin geologists are encouraged that favorable Lower Plate carbonate rocks are present near the projection of the gold-bearing Fourmile structural corridor, at depths consistent with some of the holes in the north portion of Barrick Gold Corporation's neighboring Goldrush discovery.

The Company's initial drill program in 2012 consisted of seven vertical reverse circulation holes totaling 11,720 feet (3,573 m.) ranging in depth between 1500 and 1800 feet (450 and 550 m.). All holes 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 near the Fourmile structure.

The Company's primary target is Carlin-style mineralization in a structural and stratigraphic setting in Paleozoic sedimentary rocks similar to that at the nearby Cortez Hills mine and the adjacent new Goldrush resource. Most of the target is blind, covered by Miocene-age post-mineral gravel and basaltic andesite. The most prominent structure identified to date at Cortez Summit is the Fourmile fault zone, a north-northwest trending structural corridor which trends for 4,500 feet (1,370 m) along the west side of the Property.

The Company is evaluating the recent core drilling program in the context of the 2012 reverse circulation drilling information, and is also reviewing existing ground and airborne geophysical survey data in an effort to enhance future drill targeting.

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 Property consists of 142 100%-owned 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, 2012, the estimated resources reported by Barrick stood at 14.1 million ounces, with a grade of 0.129 oz per ton gold (4.4 grams/tonne). The resource is open in several directions, and Barrick has tracked mineralization northward towards the west side of Cortez Summit. Barrick has announced that they are advancing the project through prefeasibility, with a number of development options being considered (Barrick's Q3 2013 report).

CARLIN'S PROPERTIES

Carlin has three projects in northern Nevada including Cortez Summit, all of which represent Carlin-type gold targets. The JDS property consists of 77 100% owned unpatented claims located in Eureka County, in an active exploration area approximately 13 miles southeast of Cortez Summit. The Willow property consists of 89 100% owned 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 72,000 hectares (278 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, 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