NEWSCarlisle Expects 800,000 to 1,200,000 Ounces of Gold at its Lynn Lake Greenstone Belt Properties
Carlisle Goldfields Limited TSX : CGJ
TORONTO, Oct. 11 /CNW Telbec/ - Carlisle is now planning its Phase II,
2007-2008 drilling program set to commence in early November 2007. The main
target will continue to be the MacLellan/Nisku Mine where 12,000 metres of
drilling under the Phase I program was most recently completed. An updated
resource estimate (NI 43-101) based on this drilling program is expected
within the next 30 days. It is anticipated that this report will confirm in
excess of the historical 220,000 ounce gold estimate.
In total over 680,000 ounces of Gold have been identified as "Historic
Resources"(*) on the Company's properties. The objective of the Phase II program
will be to further define and increase the resource base of all of the
Company's Lynn Lake Properties (including MascLellan/Nisku) to the 800,000 to
1,200,000 ounce level. (please note that the potential quantity and grade are
expressed as ranges and are conceptual in nature)
LynnGold Resources, in 1989, reported "Historic Resources" of
1,061,600 tonnes grading 6.3 g/t (215,000 ounces) at the MacLellan Mine
(including Rainbow and Nisku Zones). At the Dot Property, which is the
southwest extension of the MacLellan horizon, LynnGold (1989) also estimated a
"Historic Resource(*) of 1,052,000 tonnes grading 4.3 g/t (145,000 ounces) in
the "K" Zones.
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Targets for additional resources close to the MacLellan Mine and Dot
Zones include:
- the JR Lake area where drilling previously intersected MacLellan style
mineralization grading 15.6 g/t over 2 metres, 100 metres east of the
Nisku Deposit, and
- the South Zone where previous drilling intersected 9.6 g/t over
2.68 metres, 300 metres south of the MacLellan Mine
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The resources in this target area would be accessible from the existing
MacLellan underground mine workings, without the need for additional surface
infrastructure. Starting from resources containing 360,000 ounces, a resource
target in the range of 500,000 ounces of gold for the MacLellan/Nisku Mine
Area, is achievable with the next drilling program.
Additional resources, on Carlisle's broader landholdings, are available
from the Open Pit mines that Blackhawk Mining operated in the mid to late
1990's. At the end of 1997, Blackhawk reported, "Inferred Resources(*)" of
700,000 tonnes grading 3.2 g/t (72,000 ounces) at the Farley Lake Mine, and
1,014,000 tonnes grading 2.9 g/t (94,500 0unces) at the BT Mine, and
125,000 tonnes grading 9.4 g/t (34,300 ounces) in the BT North Deposit. In
addition LynnGold Resources, in 1985, reported 906,000 tonnes grading 3.1 g/t
(82,000 ounces) in the T1A Deposit, and 655,000 tonnes grading 2.4 g/t
(45,300 ounces) in the Bonanza Deposit. These resources were calculated at a
time when the gold price was significantly lower than at present, and using
the current Gold price will result in additional tonnage (and ounces) being
brought into the resource. A review of these historic resources now containing
a total of 328,000 ounces of Gold is underway, to be followed by a diamond
drilling program to verify and expand them. A second resource target in the
range of 500,000 ounces of gold, for these Open Pit targets, is achievable
with the next drilling program.
(*)It is also noted that all of the preceding resource estimates are
historical in nature and as such are based on prior data and reports prepared
by previous operators at different periods of time, and using various terms.
The work necessary to verify and reclassify these Mineral Resource Estimates
has not been carried out; therefore they can't be treated as NI 43-101 defined
resources estimated by a qualified person. The historical resource estimates
are not considered as "current" and should not be relied upon as there can be
no assurance that any of the resource, in whole or in part, will ever become
economically viable.
About Carlisle:
Carlisle Goldfields Limited, a Canadian based Gold Exploration and
Development company, is the owner of a 20,000 hectare land position in the
Lynn Lake Greenstone Belt of Manitoba where roughly 144,000 ounces of gold and
432,000 ounces of silver were produced between 1986 and 1989. Mr. Stephen
Mlot, P. Eng., President, act as the qualified person for the Company.