New Carolin Gold Corp. Announces Potential Quantity and Grade of Four Near-Mine Targets to Add to Carolin Mine.
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October 17, 2018 / TheNewswire / New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD | OTCBB: LADFF): New Carolin announces four near-mine targets at the Company's 100% owned Ladner Gold Project, which includes the historic Carolin Gold Mine, just 18 kms northeast of Hope, British Columbia, a permitted project with extensive underground development, a well maintained and permitted tailings storage facility and access to power and water.
The four targets are referred to as the Hozameen Zone, Aurum, Aurum Connector and Aurum Deep Targets (see Figure 1).
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Figure 1: 800 and 825 m RL Composite Plan Map showing Hozameen Zone and Aurum targets
The potential quantities and grades of these exploration targets are summarized as follows:
| Target | Tonnes | Grade (Au, g/t) | Au (g) | Au (oz) | ||||
| From | To | From | To | From | To | From | To | |
| Hozameen | 356,000 a | 600,000 | 2.30 | 3.70 | 3,661,800 | 3,836,400 | 117,700 | 123,300 |
| Aurum & Aurum Deep | 412,830 b | 1,078,000 | 1.72 | 3.10 | 3,557,800 | 5,154,600 | 114,400 | 165,800 |
| Aurum Connector | 93,000 c | 194,000 | 1.72 | 3.10 | 801,500 | 927,600 | 25,800 | 29,800 |
| a - Based on target 80 x 5 x 320 | b - Based on target 550 x 9 x 30 | c - Based on target size of 280 x 4 x 30 | Total Au (oz) | 258,000 | 319,000 | |||
The potential quantity and grade for the Hozameen zone, Aurum, Aurum Connector and Aurum Deep exploration targets set out above and everywhere else in this news release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
In addition to these immediate exploration targets, the respective zones are open in all directions, can be drilled year-round from the existing underground workings with relatively short holes and would be a natural extension of the existing mine.
In addition to these exploration targets, the Ladner Project also contains previously announced mineral resources and numerous other exploration prospects on its 27 kms long property straddling the Hozameen Fault. The Carolin mine is a permitted project with extensive and operational underground development, a well maintained and permitted tailings storage facility and access to power and water.
In the 1982, 1983, 1984 period during which the Carolin mine was previously in production, the annual average production grades, as reported in the Company's Technical Report (see definition below), ranged from .087 ozs/ton. to a .106 ozs./ton. During this period gold prices, expressed in current dollars, ranged from a low of $679 in December 1984 ($308 in 1984 dollars) to a high $1088 in January, 1983 ($476 in 1983 dollars). The historic gold prices referenced above were taken for www.goldprice.org and the conversion of the historic prices to current dollars was done using the inflation calculator available at www.bankofcanada.ca/rates/related/inflation-calculator.
HOZAMEEN ZONE
The Hozameen Zone is characterized by a northwest-plunging, antiformal contact between strongly altered andesite volcanic rocks and the mine sequence metasedimentary rocks. Elevated gold grades encountered in hole 18NC10 include 5.00 m of 3.23 g/t (89.00 - 94.00 m) and 9.00 m of 5.04 g/t (63.00 - 72.00 m) and occur within andesite characterized by strong albite-ankerite alteration and wallrock sulphidation proximal to quartz veins. Historical drilling encountered similar or better grades (Table 1).
Table 1: Hozameen Zone recent and historical drill hole intercepts
| Hole | From (m) | To (m) | Interval (m) | Au (g/t) |
| 18NC10 | 63.0 | 72.0 | 9.0 | 5.04 |
| 18NC10 | 89.0 | 94.0 | 5.0 | 3.23 |
| 11050-60 | 276.8 | 314.7 | 37.9 | 2.50 |
| 11000-71 | 154.9 | 265.6 | 110.7 | 2.13 |
| including | 154.9 | 162.0 | 7.1 | 6.43 |
| including | 178.3 | 182.3 | 4.0 | 3.40 |
| including | 192.0 | 196.9 | 4.9 | 3.76 |
| including | 226.5 | 229.5 | 3.0 | 3.84 |
| 934-96-1 | 47.0 | 73.0 | 26.0 | 4.73 |
| including | 47.0 | 50.0 | 3.0 | 5.90 |
| including | 54.0 | 73.0 | 19.0 | 5.14 |
| 966-8 | 8.1 | 15.3 | 7.2 | 2.88 |
| 966-96-1 | 24.8 | 32.0 | 7.2 | 3.26 |
| 11050-63 | 165.5 | 174.5 | 9.0 | 11.40 |
| 11100-61 | 186.9 | 190.0 | 3.1 | 10.26 |
| 11100-96-1 | 225.6 | 230.3 | 4.7 | 5.47 |
The conceptual size of the tabular-shaped Hozameen Zone has been defined by recent and historical drill hole data and is exclusive of the 2012 resource estimate. A wireframe solid representing Hozameen Zone mineralization was generated based on cross section and plan interpretation. Using an average specific gravity of 2.78, and volume defined by the mineralized solid, the conceptual tonnage of the Hozameen Zone ranges from approximately 356,00 to 600,000 tonnes with gold grades within the solid range from 2.30 g/t Au, represented by drill hole assay results from a total of 337 samples contained within the mineralised domain, to 3.27 g/t Au, represented by ten composite drill hole intervals within the domain. The Hozameen zone remains open down plunge to the northwest and is a priority for the next drilling campaign. The potential quantity and grade for the Hozameen zone is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
AURUM & AURUM DEEP TARGETS
The Aurum Deep and Aurum targets are hosted by talc schist situated near a subvertical contact between mixed andesite and metasedimentary rocks and ultramafic rocks. The two targets are interpreted to occur within the same pseudo-stratigraphic position but 280 metres apart. The Aurum target was explored from 1920 to 1930 with minor underground development and gold production. The Aurum target was subsequently drilled in 1989. Drill hole intervals from the Aurum Deep and Aurum targets are summarized in tables 2 and 3 respectively.
Table 2: Aurum Deep Target drill hole intercepts
| Hole | From (m) | To (m) | Interval (m) | Au (g/t) |
| 18NC10 | 145.0 | 149.0 | 4.0 | 3.02 |
| 837-96-1 | 178.4 | 183.4 | 5.0 | 2.86 |
| 895-96-3 | 175.0 | 182.0 | 7.0 | 3.94 |
| 11000-71 | 247.3 | 251.3 | 4.0 | 4.17 |
| 11050-60 | 276.8 | 310.4 | 33.6 | 2.66 |
| including | 276.8 | 296.8 | 20.1 | 3.49 |
| including | 305.6 | 310.4 | 4.8 | 2.76 |
Table 3: Aurum Target historical drill hole intercepts
| Hole | From (m) | To (m) | Interval (m) | Au (g/t) |
| C-1 | 92.2 | 94.4 | 5.2 | 2.19 |
| OG-53 | 42.4 | 46.0 | 3.6 | 6.79 |
| ID-12 | 38.4 | 41.2 | 3.1 | 4.05 |
| OG-56 | 47.8 | 52.1 | 4.3 | 1.86 |
The conceptual size of the cigar-shaped Aurum and Aurum Deep target has been defined by recent and historical drilling and is exclusive of the 2012 resource estimate. A wireframe solid representing the Aurum and Aurum deep target was generated based on cross section and plan interpretation using current and historical drill hole data. Using an average specific gravity of 2.78, the cumulative tonnage of the Aurum and Aurum Deep targets range from 412,830 to 1,078,000 tonnes with gold grades within the zone range from an average of 1.72 g/t Au, represented by 252 samples contained within the mineralised domain, to 3.10 g/t Au, represented by nine drill hole composite intervals. The potential quantity and grade for the Aurum and Aurum Deep exploration targets is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
AURUM CONNECTOR ZONE
At present, a 280-metre gap exists between the Aurum Deep and Aurum targets where additional drilling is required to determine if continuity exists between the two zones. This gap, the Aurum Connector, represents a potential target ranging from 93,000 to 194,600 tonnes at 1.72 g/t Au to 3.10 g/t Au.
QUALIFICATION
The potential quantity and grade for the Hozameen zone, Aurum, Aurum Connector and Aurum Deep targets contained in this news release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The potential quantity and grade for the Hozameen, Aurum and Aurum Deep targets are based on a 3Dwireframe solids generated from cross section and plan interpretation of mineralization from historic and current drill holes, and from the samples and drill hole intervals of which the 3D wireframes contain. The disclosed grade and tonnage of these targets are exclusive of known mined portions of the New Carolin Mine and of resource blocks that are contained in the 2012 Resource estimate.
The basis of the potential tonnage for the Aurum Connector is based on the conceptual target having similar dimensions as the Aurum and Aurum Deep targets based on an average thickness of 10 metres, vertical extent of 25 metres, potential strike length of 280 metres and SG of 2.78.
The historic gold prices referenced above were taken for www.goldprice.org and the conversion of the historic prices to current dollars was done using the inflation calculator available at www.bankofcanada.ca/rates/related/inflation-calculator.
All disclosure of scientific or technical information made herein is based upon information prepared by or under the supervision of Trevor Rabb, P.Geo. (BC), a qualified person as defined by National Instrument 43-101. Mr. Rabb has reviewed and approved the scientific or technical content of this news release as it relates to the Carolin Mine and Ladner Gold Project.
For more details regarding the Company's Ladner Gold Project and Mineral Resources, see the Company's National Instrument 43-101 Technical Report for the Ladner Gold Project dated May 29, 2015 (the "Company's Technical Report") and filed on SEDAR.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our 100% owned property consisting of 144 square kilometers of contiguous mineral claims and crown grants, collectively known as the "Ladner Gold Project" (Project). The Project is located near Hope, BC in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine and Pipestem Mine, and numerous gold prospects.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth R. Holmes"
President
Phone: (778) 379-1275
Toll Free: 1(855) 891-9185
E-mail: info@newcarolingold.com
Web site: www.newcarolingold.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this press release.
Caution concerning forward-looking information
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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