Marlin Gold Intersects 7.57 g/t Gold Over 63.35 Meters, Including 29.34 g/t Gold Over 10.00 Meters, at the La Trinidad Mine
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VANCOUVER, May 24, 2017 /CNW/ - Marlin Gold Mining Ltd. (TSX-V: MLN) ("Marlin" or the "Company") is pleased to report one of the highest grade x thickness intercepts ever drilled at the Company's wholly owned La Trinidad mine in Sinaloa, Mexico ("La Trinidad" or the "La Trinidad Mine").
Hole 17TRD50 intersected 7.57 g/t gold (5.12 g/t cut) over 63.35 meters (26.7 meters true width), including 29.34 g/t gold (13.80 g/t cut) over 10.00 meters (4.2 meters true width). This exploration hole now stands as the second highest grade x thickness intercept at the Taunus pit of the La Trinidad Mine since its original discovery in the early 1990's. 17TRD50 is only surpassed by the HS Zone discovery hole 08TR012, which intersected 8.5 g/t gold over 61 meters (see press release dated October 6, 2008).
17TRD50 was an infill hole located 25 meters to the north of 17TRD44, which intersected 15.55 g/t gold over 15.45 meters (see press release dated April 10, 2017), and 34 meters to the south of 16TRD22, which intersected 6.91 g/t gold over 11 meters (see press release dated May 18, 2016). The upper portion of the 17TRD50 intercept was previously interpreted as waste, and will likely have a positive impact to the modeled grade and tonnage in this area of the deposit. The Company plans to be mining the area around the high-grade intercept of 17TRD50 by the end of 2017.
A longitudinal section of hole 17TRD50 can be viewed by clicking HERE.
A cross section of hole 17TRD50 can be viewed by clicking HERE.
A three-dimensional block model of the area around holes 17TRD44 and 17TRD50 can be viewed by clicking HERE.
Not to be overlooked, hole 17TRD46, which is located approximately 200 meters to the south of 17TRD50, intersected 2.53 g/t gold over 11.90 meters in a step-out hole designed to test the southeast extension of the HS Zone along the Chandler fault. In addition to intersecting grades seven times higher than the mine's 0.35 gram per tonne economic cut-off grade, the area around this hole confirms the redirection of the Chandler fault to the southeast, which is leading to additional high priority drill targets along strike.
Further drilling is planned to continue refining the current mine plan, as well as targeting additional areas of mineralization to the southeast that can extend the mine life of the Taunus pit at the La Trinidad Mine.
Akiba Leisman, Executive Chairman and Interim CEO states that "our exploration success at La Trinidad is surpassing our expectations. Assuming 70% recoveries and a US$1,250 per ounce gold price, the economic value of 5.12 grams gold is over US$140 per tonne. La Trinidad is an open pit heap leach mine, where our mining costs are approximately US$1.70 per tonne, and our processing costs range from US$4 to US$7 per tonne depending on seasonal factors. Clearly, grades and intercept thicknesses of this magnitude should lead to significant cash flow from La Trinidad, and we are excited to be mining this type of material later this year."
The table below summarizes the significant intercepts. True widths are believed to be approximately 42% for holes 17TRD46 and 17TRD50 of the drilled intercept. True width for hole 17TRD48 is believed to be approximately 87% of the drilled intercept.
| Drill Hole(1) | Target Area | From (m) | To (m) | Length (m) | Au (g/t) (uncut) | Au (g/t) (cut to 35 g/t) | |
| 17TRD46 | Southeast Extension | 54.65 | 66.55 | 11.90 | 2.53 | ||
| 17TRD47B | Southeast Extension | No Significant intercepts | |||||
| 17TRD48 | Southeast Extension | 68.00 | 78.00 | 10.00 | 1.12 | ||
| 17TRD49 | Southeast Extension | No Significant intercepts | |||||
| 17TRD50(2) | South HS Zone | 92.00 | 155.35 | 63.35 | 7.57 | 5.12 | |
| including(3) | South HS Zone | 92.00 | 102.00 | 10.00 | 29.34 | 13.80 | |
| including(3) | South HS Zone | 108.00 | 118.00 | 10.00 | 7.63 | ||
| including(3) | South HS Zone | 125.40 | 132.00 | 6.60 | 2.43 | ||
| including(3) | South HS Zone | 136.00 | 152.00 | 16.00 | 5.50 | ||
| (1) | Significant intercept defined as a minimum assay of 0.3 g/t Au over a minimum 6-meter interval with no more than 2 meters of internal dilution below 0.3 g/t Au. |
| (2) | Significant intercept criteria for hole 17TRD50 was modified from all previously reported drill holes to properly account for the length of the intercept from 92.00 to 155.35 meters. For this intercept, a 4-meter zone of 0.283 g/t Au and a 3.4-meter zone 0.058 g/t Au of internal dilution, below the cut-off grade of 0.300 g/t Au, were included in the reported intercept. All other criteria remained the same. |
| (3) | Significant internal intercept defined as a minimum assay of 2.0 g/t Au over a minimum 6-meter interval with no more than 2 meters of internal dilution below 0.5 g/t Au. |
Dr. Matthew D. Gray. C.P.G., of Resource Geosciences Incorporated, a Qualified Person under the definitions of CSA NI 43-101, implemented and supervised industry standard QA/QC protocols for the La Trinidad drill sampling program including insertion of duplicate and reference standard samples. Dr. Gray has verified the reliability of the drill sampling results reported in this press release.
Notes on Sampling and Assaying
Drill core was continuously sampled from inception to termination of the drill hole. Sample intervals were typically two meters. Drill core diameter was HQ (6.35 centimeters). Geologic and geotechnical data was captured into a digital database, core was photographed, then one half split of the core was collected for analysis and one half was retained in the core library. Samples were kept in a secured logging and storage facility until such time that they were received on site by representatives of Bureau Veritas Commodities Canada Ltd. ("Bureau Veritas"). Sample preparation was done in the Durango facilities of Bureau Veritas and pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion, 30 gram aliquot, AAS finish, with samples reporting greater than 10 grams per tonne gold re-assayed by fire assay fusion with gravimetric finish. Controls samples consisting of duplicates, standards, and blanks were inserted into the sample stream and analytical results of control samples confirmed reliability of the assay data.
About Marlin Gold
Marlin is a growth-oriented gold and silver mining company focused on the Americas. The company owns two properties located in Sinaloa, Mexico and Arizona, USA and a portfolio of royalties. 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. Marlin is backed by a well-funded investor with a successful track record in the resources sector. The La Trinidad Mine in Sinaloa, Mexico declared commercial production on November 1, 2014 and is one of the highest-grade open pit heap leach gold mines in Mexico. 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. 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 equity financing 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; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's current Annual Information Form filed 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.
SOURCE Marlin Gold Mining Ltd.
Contact
Akiba Leisman, Executive Chairman and Interim CEO, Marlin Gold Mining Ltd., Telephone: 203-862-7059, E-mail: aleisman@marlingold.com