Carlisle Goldfields Announces Positive Drilling Results from its Farley Lake Mine Project, Including 35 Metres Grading 6.83 g/t Au
TORONTO, ONTARIO -- (Marketwire) -- 03/27/13 -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX: CGJ)(OTCQX: CGJCF) announces results from its 2012 drill program at its Farley Lake Mine Project, highlighted by drill hole FL12-25, which showed multiple high-grade intersections including 35 metres (m), from 345 to 380 m, grading 6.83 g/t Au (grams per tonne of gold). Exploration and drilling work at Farley Lake was completed in December 2012. An initial NI43-101 compliant resource estimate is expected in Q2 2013.
Bruce Reid, President and CEO of Carlisle commented, "The final four holes from the 25 hole 2012 Farley Lake drill program, show that the deposit contains high-grade intersections at multiple depths all within 400 metres of surface. The 2012 drill program combined with our data analysis from historical information, shows that the Farley Lake Project has validity and boasts serious potential for the Lynn Lake Gold Camp."
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Drill Interval
Hole(i) From (m) To (m) (m)(ii) Au Grade g/t
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62 63 1 9.5
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FL12-25 213.1 215 1.90 9.29
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345 380 35 6.83
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20 24 4 0.912
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26 36 10 1.02
FL12-21 ------------------------------------------------------------
38 42 4 1.08
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58 61 3 1.96
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104 108 4 4.91
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FL12-23 153 154 1 6.34
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154.9 157 2.1 6.05
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50 56 6 1.15
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69 72.5 3.5 2.71
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75.5 79 3.5 10.67
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FL12-24 100.5 102.7 2.2 5.08
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104.9 106.7 1.8 2.76
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115 119.1 4.1 9.06
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194.5 198 3.5 5.17
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(i)Drill Results highlighted and sub results use an arbitrary cut-off
grading of 0.5 g/t Au
(ii) Orebody geometry has yet to be determined, but true width is estimated
to be 80% of core length
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/cgj_mar27_figure01.pdf
About Farley Lake Mine Project: The Farley Lake Mine Project ("Farley Lake") is located approximately 35 km east of the Town of Lynn Lake. The Farley Lake Mine was put into production as two small open pits in 1997-99. 1,707,000 tonnes were mined at a grade of 4.23 g/t recovering 213,124 oz gold. Historical recoveries were over 90%. Historically, the project has been extensively drilled with over 300 diamond drill core holes done primarily during the 1990s.
As noted in Carlisle's news release dated March 19, 2013, Carlisle commenced a 25 hole drill program on the project in June 2012 which was completed in December 2012. This deposit differs from the Company's other deposits in the Lynn Lake Camp as it is hosted in a Pre-Cambrian sedimentary iron formation. The iron formation in the Farley Lake area is 6 km long by 600 m wide (Milligan, 1960) and is predominantly composed of an oxide facies iron formation that is intercalated with clastic sediments (Dahlstrom, 1949; Milligan, 1960).
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/cgj_mar27_figure02.pdf
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 of the town of Lynn Lake.
In March 2012 (see News Release dated March 13, 2012), Carlisle announced an updated Resource Estimate on its MacLellan Gold Project in Lynn Lake, Manitoba. This included Open Pit and Underground Resources in the Measured and Indicated Categories having increased to 32.4 million tonnes containing 2,018,100 ounces of AuEq at an average grade of 1.94 g/t AuEq (1.9 g/t Au and 4.4g/t Ag). The pit-contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8g/t AuEq (1.7 g/t Au and 4.4g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.
In September 2012 (see News Release dated September 24, 2012), Carlisle announced its initial Burnt Timber Project Inferred Resource estimate totaling 23,438,000 tonnes containing 780,500 ounces of gold ("Au") at an average grade of 1.04 grams per tonne ("g/t"). The Indicated Resource is estimated to be 1,021,000 tonnes containing 45,900 ounces of gold at an average grade of 1.40 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 170 metres from surface.
In January 2013 (see News Release dated January 15, 2013), Carlisle announced its initial Linkwood Project Inferred Resource estimate totaling 21,004,000 tonnes containing 783,000 ounces of gold ("Au") at an average grade of 1.16 grams per tonne ("g/t"). The Indicated Resource is estimated to be 984,000 tonnes containing 37,000 ounces of gold at an average grade of 1.16 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 160 metres from surface.
In March 2013 (see News Release dated March 07, 2013), Carlisle announced its initial Last Hope Project Inferred Resource estimate totaling 1,067,000 tonnes containing 182,000 ounces of gold ("Au") at an average grade of 5.75 grams per tonne ("g/t"). The Indicated Resource is estimated to be 201,000 tonnes containing 37,000 ounces of gold at an average grade of 5.75 g/t. The Company's new resource estimate used a 2.0 g/t cut off.
QA/QC
Carlisle's exploration programs are carried out under the supervision of Peter Karelse P.Geo., Vice-President of Exploration, who is also a Qualified Person as defined by NI 43-101 with more than 30 years of experience in gold exploration and development. All technical information contained in this news release has been reviewed and approved by Peter Karelse, P.Geo.
Samples were transported directly in secure containers from the Carlisle Goldfields site in Lynn Lake, Manitoba, to the TSL Laboratories in Saskatoon, Saskatchewan. TSL, which is an accredited ISO/IEC 17025 lab, assayed the samples using standard fire assay methods with a gravimetric finish. Certified standards are placed in the sample stream at a rate of one standard per 20 samples. Certified blanks are placed in the sample stream at a rate of one blank every 40 samples.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Company's shares and other securities have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-Looking Statements", including the establishment and estimate of resources, that involve various known and unknown risks and uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, Carlisle expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither IIROC nor the TSX accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Carlisle Goldfields Limited
Carl McGill
Vice President, Corporate Development
416-278-8406
cmcgill@carlislegold.com
Nicholas Konkin
Investor Relations
416-642-0869 ext. 353
nkonkin@buickgroup.com
Carlisle Goldfields Limited
2702 - 401 Bay Street
Toronto, Ontario, Canada
info@carlislegold.com
www.carlislegold.com