Vancouver, British Columbia--(Newsfile Corp. - April 4, 2023) - CARLYLE COMMODITIES CORP. (CSE: CCC) (FSE: BJ4) (OTCQB: CCCFF) ("Carlyle" or the "Company") is pleased to announce that it has received assays from its second drill hole at its 100% owned Newton Gold-Silver Project near Williams Lake, British Columbia. The Newton Gold-Silver Project is a low sulphide epithermal system. The system remains open in multiple directions, within a highly prospective land package that is workable year-round.
Drill hole N23-090 was collared approximately 116 meters south of N23-089 along the southern limits of the historic drilling. It was drilled by Carlyle to test the continuity of the southern boundary of the known National Instrument 43-101 ("NI 43-101") inferred resource. The drill hole was successful in confirming felsic volcanic host rock contained contiguous gold and silver credits from approximately 20 meters below surface to a depth of approximately 220 meters. The feedback from this drill hole is positive for the Newton Project showing further continuity of the inferred resource around the southern border.
Highlights from drill hole (N23-090) totalling 251 meters include:
- Confirmation that persistent gold mineralization is present from just below surface to approximately 220 meters depth near the southern boundary of the known inferred resource.
- Confirmation of consistent mineralization in the upper portions of the deposit where the southern boundary is irregular, but sharp.
- The drill hole intercepted strong silica - sericite altered felsic volcanics with disseminated pyrite - marcasite +/- sphalerite.
Table 1 - Assay Results N23-090
|Drill Hole||From (m)||To (m)||Int. (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)|
Intercepts are downhole core lengths. True lengths are not certain. AuEq assumes Au $1985.00 USD/Oz, Ag $23.20 $USD/Oz and utilizes formula AuEq = (Ag(g/t) * ($Au/$Ag))+Au(g/t)
Mr. Jeremy Hanson, VP Exploration, stated: "We are very encouraged with this drill hole which demonstrates consistent well mineralized felsic volcanics along the southern boundary. As well we are eagerly awaiting results from drill hole N23-091 which tested the downdip extension of the mineralized zone encountered in N23-089."
Mr. Morgan Good, Chief Executive Officer, commented: "Drilling approximately 200 meters from near surface of half a gram gold shows again the consistency and continuity of gold in this known inferred resource. Carlyle's team is very pleased to demonstrate another positive intercept and is eager to see what remaining assays will tell us as we begin planning strategy around a Phase 2 campaign."
Figure 1: East - West section along 5738600N including highlights from hole N23-90. Continuous mineralized intercept of 198m of 0.50 g/t AuEq from approximately 20m below surface to approximately 220m depth.
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Table 2 - Drill Collar UTM Zone 10N
The Company is awaiting assays of the remaining drill hole N23-091 from its Phase 1 program which was a total of 774 meters and expects to update the market in due course.
Newton Project Summary
The Newton Project contains a current NI 43-101 Resource Calculation which utilizes optimized pit shell constraints to fulfil the requirement for "reasonable prospects for eventual economic extraction". The inferred mineral resource contains 861,400 oz of Au, and 4,678,000 oz of Ag with an average grade of 0.63 g/t Au, a cut off of 0.25 g/t Au throughout 42,396,600 tonnes.
The Newton Project deposit remains open in multiple directions with potential for increased size, grade, and additional mineralized areas. The current inferred mineral resources occupy only approximately 7% of the area of an underling broad induced polarization ("IP") anomaly. Immediate areas for follow up include south and southwest of the current inferred mineral resource, where historic drilling has intercepted mineralized volcanics, which are not part of the Updated Newton Resource Calculation, as well as down dip to the southwest, where the mineralization remains open. Much of the large Newton Project sulphide-bearing alteration zone, as defined by Amarc Resources Ltd.'s 2010 IP survey, has not been thoroughly explored. The Newton Project gold deposit lies within a northwest trending total field magnetic low that extends approximately 500 m to the northwest beyond the deposit as defined by the densest drilling, to an area where the few exploration drill holes returned geologically important intersections of greater than 100 ppb (0.1 g/t) Au, such as hole 92-03 that returned 54 m grading 0.50 g/t Au including 30 m grading 0.70 g/t Au, and hole 10023 that returned 39 m at 1.21 Au, indicating potential to host additional resources. In addition, to the north, mineralization in drill hole 12076 has not been fully explored and in the south, the mineralized intervals in drill hole 12086 are indicative of resource potential in this vicinity.
- The Newton Project is a large, bulk tonnage, low - to intermediate-sulphidation, epithermal gold deposit with nearly 35,000 m of drilling exploring and developing the historical resource, primarily between 2009-2012.
- Updated inferred pit-constrained mineral resource contains 861,400 oz of Au, and 4,678,000 oz of Ag with an average grade of 0.63 g/t Au, a cut off of 0.25 g/t Au throughout 42,396,600 tonnes.
- The Newton Project encompasses more than 24,000 ha.
- Mineralization occurs within an 800 x 400 m area defined by drilling to depths of approximately 500 m with majority of the drill holes not exceeding 300 m depth.
- Underlying the deposit, a large IP anomaly measures 4 km x 2 km and covers an area greater than 7 km2 - yet the existing inferred mineral resource occupies slightly over 0.5 km2 or just 7% of the anomaly.
- Gold and associated base metal mineralization precipitated in extensive zones of strong quartz-sericite alteration as well as in mafic volcanic and clastic sedimentary rocks and along fault and fracture zones.
- The alteration assemblages and metal associations at the Newton Project are similar the Blackwater Gold Project deposit of Artemis Gold Inc. ("Artemis") The Blackwater Gold Project, which is in construction phase, is located approximately 185 km northeast of Newton, where it is one of Canada's largest open-pitable gold deposits and one of the world's largest environmental assessment approved gold development projects. The Blackwater Gold Project has a measured + indicated resource estimated at 11.7 million ounces Au and 122 million ounces of Ag (see Artemis' "Blackwater Gold Project British Columbia NI 43-101 Technical Report on Updated Pre-Feasibility Study", authored by Robin Kalanchey, et al., September 10, 2021; www.artemisgoldinc.com).
A copy of Carlyle's NI 43-101 compliant "Technical Report on the Updated Mineral Resources Estimate for the Newton Project, British Columbia, Canada" dated June 13, 2022 authored by Michael F. O'Brien, P.Geo., and Douglas Turnbull, P.Geo., which contains the Updated Newton Resource Calculation, is available under Carlyle's profile on SEDAR.
Quality Assurance/Quality Control (QA/QC)
Carlyle has applied a rigorous quality assurance/quality control program at the Newton Project using best industry practice. All core was logged by a geoscientist. The Newton drill core was drilled at NQ diameter. The drill core was split in half using a core saw and each sample half was placed in a marked sample bag with corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored in a secure facility. The chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory.
All diamond drilling sample batches included 5% QA/QC samples consisting of certified blanks, standards, and field duplicates. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to Bureau Veritas British Columbia, an independent ISO 9001: 2008 certified lab, for gold, silver and base metal analysis using Inductivity Coupled Plasma (ICP), and Fire Assay (FA) methods.
Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 75 microns. Gold was analyzed using a 30-gram fire assay and ICP-AES. The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Jeremy Hanson, a qualified person as defined by NI 43-101.
Jeremy Hanson, P.Geo. and a Qualified Person for purposes of NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Information regarding Artemis' Blackwater Gold Project contained in this news release has not been verified by Mr. Hanson and such information is not necessarily indicative of the mineralization on Carlyle's Newton Project.
Carlyle is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Carlyle owns 100% of the Newton Project in the Clinton Mining Division of B.C. and is listed on the CSE under the symbol "CCC".
ON BEHALF OF THE BOARD OF DIRECTORS OF
CARLYLE COMMODITIES CORP.
President and Chief Executive Officer
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Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the extent of the bulk tonnage mineralization on the Newton Project, the general prospects of the Newton Project, the receipt of remaining assay results from the Phase 1 drill program of the Newton Project, the Company's expectation to update the market in due course upon receiving the remaining assay results and the Company's plans to begin planning strategy around a Phase 2 campaign are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "have potential" or, "may", "could", "should" or "would" or occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that management's hypothesis for mineralization on the Newton Project proves correct, that the remaining assay results from the Phase 1 drill program will be received within the timelines anticipated such that the Company will be able to update the market in due course and that such results will improve the Company's current inferred mineral resource estimate as anticipated. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation: that the remaining assay results from the Phase 1 drill program will be not be received within the timelines anticipated or at all, or that such results will not improve the Company's current inferred mineral resource estimate as anticipated or at all; that managements hypotheses for mineralization on the Newton Project is incorrect; general business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory, political, and competitive developments; and other risks outside of the Company's control. Further, the ongoing COVID-19 pandemic, labour shortages, high energy costs, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position and future prospects. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update these forward-looking statements.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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