(TheNewswire)
April 5, 2018 / TheNewswire / New Carolin Gold Corp. (the “Company” or “New Carolin”) (TSXV: LAD OTCBB: LADFF ): The Company reports that a Channel Sampling Program is now underway at the Carolin Mine.
The Company’s geological consultants APEX Geoscience Ltd. (APEX) commenced a channel sampling program at the Carolin Mine on March 28, 2018. This sampling program is a part of Phase One exploration at the Carolin Mine Zone. Two underground channel sample areas totaling approximately 80 metres (m) were planned based on the data review competed by APEX indicating that Carolin Mine underground workings intersect mineralized vein zones at several areas that have not been mined out. APEX crews have completed an initial 33 m of saw-cut channel sampling within the 840 m mine level targeting the lower Carolin Mine Zone. Channel samples targeting a mineralized zone offset northeast of the main Carolin Mine Zone within the 975 m level will proceed following additional scaling and ground preparation, which will allow crews to safely access the upper mine levels.
Aside from a small channel sampling program by the Company in 2016, there are no records of historic channel sampling within the Carolin Mine. The Company’s existing 3D model of the Carolin Mine comprises over 600 drill holes and 40,000 metres of drilling, interpreted gold grade shell models at various cut-offs levels, and a high-resolution laser scan model detailing over 10 kilometres of historic underground development. The presence of exposed vein zones underground represents a unique opportunity to assess the geometry and grade of in-situ Carolin Mine mineralization.
The initial 840 m level channel samples targeted an approximately 30 m true width northwest striking, 45 degree dipping mineralized zone comprising stockwork to planar and locally brecciated quartz-chlorite veins ranging from less than 1 to 20 centimetres in width. Quartz veining was associated with 1-5% pyrite, and local zones of 1% arsenopyrite and pyrrhotite mineralization. APEX has also commenced a program of targeted underground mapping designed to improve the Companies understanding of the geologic and structural controls on gold mineralization at the Carolin Mine. Continued review of the 3D geological model, and historic exploration and mining records is underway and any potential additional channel sampling areas will be verified underground.
Kristopher Raffle, P. Geo., Principal of APEX commented: “during our evaluation of historical drill data and subsequent Carolin Mine underground site investigation of target areas selected by our geological team, several mineralized areas were noted for which there is no record of previous sampling. As such APEX recommended that the Company sample the locations identified to determine the value of further exploration at these areas. Initial samples from this work have been shipped to Vancouver in preparation for analysis.”
Following the completion of planned 2018 underground channel sampling, geologic mapping, and diamond drill programs the Company intends to update its geological model and sample database in preparation for completion of an updated mineral resource estimate specific to the Carolin Mine Zone.
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed the portion of the technical content of this news release as it relates to the Carolin Mine and Ladner Gold Project .
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our 100% owned property consisting of 144 square kilometers of contiguous mineral claims and crown grants, collectively known as the Ladner Gold Project (Project). The Project is located near Hope, BC in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine and Pipestem Mine, and numerous gold prospects.
For additional information, please visit the Company’s website at www.newcarolingold.com .
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast"
President & Chief Executive Officer
Phone: 604.542.9458
Cell: 604.220.5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 the accuracy of this press release.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.