Marlin Gold Consolidates Commonwealth Silver and Gold District With Strategic Property Acquisitions
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 15, 2016) -
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Marlin Gold Mining Ltd. (TSX VENTURE:MLN) ("Marlin" or the "Company") is pleased to announce that it has entered into a series of agreements with various landowners to acquire the surface and mineral rights of approximately 3,400 acres surrounding the patented mining claims of Pearce Hill at the Commonwealth silver and gold project in Cochise County, Arizona ("Commonwealth"). Pearce Hill currently contains a Measured & Indicated resource of 984,900 gold equivalent ounces, not including historical production reported by the Arizona Department of Mineral Resources of approximately 138,000 ounces of gold and 12 million ounces of silver from approximately 1,216,000 tonnes of material mined between 1895 and 1942 (Keith, 1973).
Note: In pit Measured & Indicated Resources and historical production are sourced from the National Instrument 43‐101 Technical Report - Preliminary Economic Assessment dated April 30, 2014.
The land acquisitions consolidate the majority of the surface and mineral ownership of the historic Pearce mining district, including the entirety of the surface rights around the San Ignacio and Blue Jeep targets. While the details of the final acquisition terms of each individual property are under confidentiality agreements until closing over the next few months, the overall cost to acquire these 3,400 acres will be approximately US$3.6 million.
Use this link Commonwealth Land Status to access a map summarizing the existing land holdings and recent acquisitions.
Akiba Leisman, Chairman and CEO of Marlin states, "After over a year of negotiation, we are now able to consolidate what is truly a unique project - a nearly 1 million ounce gold equivalent resource, with targets that can significantly add to this inventory, in the United States, and almost exclusively on private land. These land acquisitions and the rally in silver and gold prices will allow us to re-evaluate the project on a much larger scale, where the only limiting factor is the potential of the district."
San Ignacio, Blue Jeep and Six Mile Hill
For the past four months, Marlin has been conducting a rock chip sampling and geological mapping program under the oversight of Dr. Matthew Gray of Resource Geosciences Inc. ("Resource Geosciences"), which has led to a proposed drill program at the San Ignacio, Blue Jeep and Six Mile Hill targets. Now that the surface rights and additional mineral rights are under Marlin's control, we can begin to aggressively drill these targets.
Based on Resource Geoscience's analysis, Pearce Hill, San Ignacio, Blue Jeep and Six Mile Hill are interpreted to be part of the same large hydrothermal system, comprised of multiple hydrothermal cells and altered/mineralized areas. Tectonics and erosion have exposed different portions of the system at each target, and covered ground conceals even more of the system.
The history of Pearce Hill has demonstrated that deposits of over 1 million ounces of gold equivalents are possible in this region. While the potential size and grade of yet-to-be discovered deposits in the region is unknowable at this point, there is no geologic reason to infer that the largest or highest grade epithermal systems have been exposed by tectonics and erosion to date.
Drill Program
Marlin has now begun an approximately 7,000 meter drill program which will be testing the following targets and concepts:
- Broad zones of mineralized rhyolite in the hanging-wall of narrow auriferous veins that define structural corridors traceable for hundreds of meters along strike at San Ignacio, and in particular, disseminated mineralization in the sandstone and conglomerate strata (which are porous and permeable, and thus may be particularly receptive to hydrothermal mineralizing fluids) where the strata are cut by the high angle auriferous structural zones.
- Vertical zoning of metal content in veins at San Ignacio, Blue Jeep, and Six Mile Hill, whereby deeper portions of the epithermal veins contain higher gold and silver contents than the exposed levels.
- At Blue Jeep, a structural corridor with overprinted secondary porosity and permeability in rhyolite that hosts rock chip Au and Ag anomalies and numerous historic artisanal mine workings.
- At Blue Jeep, a deeper gold rich zone underlying a shallow silver rich zone in the north breccia area, which is partly defined by historical drilling.
Dr. Matthew D. Gray. C.P.G., of Resource Geosciences Incorporated, a Qualified Person under the definitions of CSA NI 43-101 has reviewed the portion of this press release related to the exploration targets and drill program.
About Marlin Gold
Marlin is a publicly-traded gold and silver mining company with properties located in Sinaloa, Mexico and Arizona, USA. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through the growth of its wholly-owned subsidiary, Sailfish Royalty Corp. The La Trinidad property in Sinaloa, Mexico, declared commercial production on November 1, 2014. A NI 43-101 mineral resource estimate and preliminary economic assessment for the La Trinidad mine and Commonwealth project can be found at www.sedar.com or at www.marlingold.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward‐looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, the intended use of proceeds, and Marlin prioritizing the attainment of commercial production and attainment of the Shareholder value through growth of Sailfish. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: the risk that the anticipated effects of the rights offering may not result in the outcomes predicted by management; uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; fluctuations in the value of the Company's investments; and other risks and uncertainties, including those described in the Company's public disclosure documents on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Marlin Gold Mining Ltd.
Akiba Leisman
Executive Chairman and Interim CEO
203-862-7059
aleisman@marlingold.com