Carlisle Goldfields Limited
CNSX : CGJ

Carlisle Goldfields Limited

April 18, 2011 10:51 ET

Carlisle Goldfields Initiates Drill Program in Lynn Lake

TORONTO, ONTARIO--(Marketwire - April 18, 2011) - Carlisle Goldfields Limited (Carlisle or the Company) (CNSX:CGJ) announces that the Company has commenced its 2011 drill program on the MacLellan Project in the Lynn Lake, Manitoba area consisting of a minimum 45,000 metres of drilling or approximately 100 holes. Drilling is being undertaken by Blackhawk Drilling and will commence initially with 1 drill rig and expand to 4 drills by early June.

This first rig has started drilling on the western edge of the MacLellan deposit where drill permits were obtained about three weeks ago. This Phase 1 program will consist of drilling a minimum 20,000 metres with two objectives. The first objective is to improve confidence in the zone originally defined in the MacLellan Resource 43-101 Report (NI-43-101 & 43-101F1, No. 184 – Technical Report and Updated Resource Estimate on the MacLellan Gold Property, Lynn Lake Area, Northern Manitoba issued August 3, 2010) The second objective is the preliminary definition of MacLellan Extension Area (former Dot, K 1,2,4,5,and 6 zones). These zones, along strike to the west of the MacLellan Mine were initially identified as a result of historic drilling from over twenty years ago.

This MacLellan Extension Zone (formerly Dot and the K zones) was previously drilled by Sherritt Gordon during exploration in the 1970's and 80's. An historical resource was published for this area in 1989 outlining the existence of gold mineralization over 1000 meters of strike, which was similar to the MacLellan deposit in both style and grade. In the fall of 2010, Carlisle completed a ground IP survey undertaken by Quantec Geosciences over the MacLellan Deposit as well as nearly 4 kilometres to the west along strike over the MacLellan Extension zones. Results of this IP program indicated a continuation of the chargeability high found over the MacLellan Resource area into the Extension area. Results of the current survey, however, did not completely delineate this strike extension of the chargeability anomaly. Therefore, the IP survey will be extended further along strike in both the east and west directions to further delineate the chargeability anomaly. This will occur in early June 2011.

Initial drilling of the Phase 1 portion of the program is designed to upgrade the defined resource from the Inferred resource category to the Indicated category, within the shell of the preliminary open pit area as defined in the 43-101 Technical report. The remainder of the drilling will be focussed on defining the possible zone west along the strike extension of the chargeability high anomaly and gold mineralization into the MacLellan Extension Area.

Compilation work is continuing on the historic data for the overall MacLellan area. Preliminary results from this compilation have indicated the possibility of additional gold mineralized zones approximately 400 metres to the south of MacLellan resource area as outlined by historical drilling. This Southern area will also receive a limited amount of new drilling to follow-up on the historic data during the Phase 1 portion of the program.

Later in 2011, the Phase 2 drill program will address the former BT or Burnt Timber Mine area which over its 2 year life produced just over 1.1 million tonnes at a grade ranging between 2.75 and 3.24 g/t. Phase 3 will focus on the Dunlop Deposit project area (formerly known as the Last Hope Property, see press Release dated February 15, 2011), and Phase 4 will be focussed on the former Farley Mine area. This mine produced a total of 1.45 million tonnes grading 3.90g/t during its 2 year life.

Results will be released on a regular basis as they become available.

Peter Karelse P.Geo, the Company's Vice-President of Exploration commented "This is an exciting time for the Company. In 2011 Carlisle will produce a considerable amount of new drill results which we believe will significantly add to critical mass of this project."

Bruce Reid, President of Carlisle Goldfields stated "This starts a new phase in the history of Carlisle Goldfields. For the first time the Company has both the Financial and Geological capability to move this Company and its Lynn Lake Projects to the next level of development."

This press release has been reviewed by Mr. Peter Karelse, P.Geo, a Qualified Person under the National Instrument 43-101 guidelines.

About Carlisle:Carlisle Goldfields Limited is a Canadian based gold exploration and development company, focused on development of its mining leases and claims in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares which include the former MacLellan Gold mine and two other former producing gold mines as well as numerous other historically identified Gold Zones all within close distance to the Town of Lynn Lake. The Company currently has approximately $12.5 million in Working Capital.

Forward-Looking Statement:

Some statements in this news release that are not historical facts, including statements about plans and expectations regarding future exploration programs and resource reports, are forward-looking. Investors are cautioned that the forward-looking statements of the Company may include certain estimates, assumptions and other forward-looking information. The actual future events, performance, developments and/or results may differ materially from any or all of the forward-looking statements, which include current expectations, estimates and projections, in all or part attributable to general economic conditions, and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including resource estimates, drilling activities, future costs and expenses related exploration and development programs, financing availability and other activities associated with the mineral exploration industry.

Contact Information

  • CARLISLE GOLDFIELDS LTD.
    Bruce Reid
    President
    647-500-4495

    CARLISLE GOLDFIELDS LTD.
    Carl McGill
    V.P. Corporate Development
    416-278-8406

    CARLISLE GOLDFIELDS LTD.
    2702 - 401 BAY STREET
    TORONTO, ONTARIO, CANADA
    info@carlislegold.com
    www.carlislegold.com