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White Rock, B.C. / TheNewswire / June 2, 2015 - New Carolin Gold Corp. (the "Company") is pleased to announce, further to its news release of October 8 2014, the filing on SEDAR of an updated NI 43-101 Technical Report titled "Technical Report on the New Carolin Gold Corporation Ladner Gold Project" and dated May 29, 2015.
The updated report confirms current resource estimates on three deposits contained in the Project and referred to as the Carolin zone, the McMaster and the tailings impoundment. It has also been revised to remove reference to the previously announced preliminary assessment and any historical resource. The revised report has been filed and can be found on SEDAR at www.sedar.com, or is available on request from the Company.
In addition, the report discusses a prior estimate of the potential quantity and grade of gold mineralization for the Carolin zone and states...
"This exercise used all available property data to build a computerized block model of this zone, and reported on the exploration potential therein. This potential may be reported within a range of 5.0 to 5.6 million tonnes, grading between 4.2 to 4.8 gpt gold at a 2.5 gpt gold grade cutoff, or between 0.9 to 1.1 million tonnes grading between 8.0 to 9.0 gpt gold, at a 5.0 gpt gold grade cutoff.
This potential quantity and grade of mineralization is conceptual in nature and there has been insufficient exploration work done to define this potential as a mineral resource and it is uncertain if further exploration will result in this potential quantity and grade being realized, in whole or in part, as a mineral resource. The range of tonnage and grade noted above has been outlined using all available property mining and exploration data for the Carolin zone. This data was built into a geological model and extrapolated in a reasonable manner to provide an exploration target for the work here recommended.
The principal work requirement for advancing this property is a comprehensive program of strategic underground diamond drilling. This work is fundamental to confirming and quantifying the extent of gold mineralization within the Carolin zone, such that a comprehensive and updated geological block model can be constructed for on-going mineral resource calculations."
It is the Company's intention, subject to financing, to pursue the "principal work" recommended by the report with a view to confirming and increasing the known resources on the Project and to pursue aggressively the development of other known gold occurrences and the potential of the overall Project.
Cliff Pearson, P.Geo, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this News Release.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is a short drive from Vancouver, British Columbia, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.
For further Company and technical 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
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com
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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.
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