Carlin Gold (CGD-V)
www.carlingold.com
57.5 million o/s
>$2 million cash
Carlin finishes drilling at Cortez, awaits results
Sept 25, '12 News Release
Carlin Gold Corp. has completed an initial phase 1 drill program on its 100-per-cent-owned Cortez Summit property, Eureka county, Nevada. The initial program consisted of seven reverse-circulation drill holes totalling 11,720 feet (3,573 metres) ranging in depth between 1,500 feet and 1,800 feet (450 metres and 550 metres). Drilling was completed by Envirotech Drilling based in Winnemucca, Nev. One hole was collared in the Paleozoic rocks on the west side of the property and the other six were drilled into Paleozoic rocks beneath the younger Miocene basalts and gravels. The company is awaiting assay results to evaluate follow-up drilling. Carlin's Nevada properties
Carlin owns 100 per cent of three properties in northern Nevada, described below, all of which represent Carlin-type gold targets.
JDS property
The company has moved the drill rig to its JDS property, 21 kilometres southeast of Cortez Summit. It is located along the southeast extension of the Cortez gold trend near the southernmost Paleozoic carbonate window in the trend. The target area is covered by late Tertiary sedimentary rocks and alluvium and is defined by mercury gas and soil geochemistry data indicating potential buried mineralization in the northwest portion of the property. The geochemical target is coincident with a gravity high, which suggests relatively shallow bedrock. The mercury anomalies are considered important targets because of the known mercury association with Cortez trend mineralization. The company plans to drill two to three widely spaced drill holes to approximately 1,000 feet (300 metres) while it awaits assays on the initial Cortez Summit drilling program.
Cortez Summit property
The Cortez Summit property consists of 142 claims located on the Cortez trend in Nevada, adjacent to Barrick Gold Corp.'s recently announced gold discoveries, Red Hill and Gold Rush, and the past-producing Horse Canyon and Buckhorn gold deposits. The Cortez trend contains a major gold endowment that exceeds 40 million ounces of total gold produced, reserves and resources. Production in 2011 at Barrick's Cortez-district operations is reported to be 1.42 million ounces of gold.
On Sept. 7, 2011, Barrick announced two new gold discoveries, Red Hill and Goldrush, on property adjacent to Cortez Summit. The closer Red Hill discovery was reported to contain an inferred resource of 3.5 million ounces of gold at a grade of 0.123 ounce per ton. One of the better holes reported at Red Hill contains 194 feet (59.1 metres) grading 0.90 ounce per ton gold and is located 2,000 metres south-southwest of Cortez Summit. Barrick states that the Red Hill geology is similar to its other deposits in the district. Barrick's operating Cortez Hills mine is located 6.5 kilometres west of the Cortez Summit.
On Feb. 16, 2012, Barrick announced an indicated and inferred resource at Red Hill-Goldrush (now referred to by Barrick as Goldrush) of 7.0 million ounces of gold as of Dec. 31, 2011, doubling the estimate reported just a few months earlier. The deposit is open for expansion, and Barrick is now carrying out a planned $64-million exploration program for this area in 2012. Twelve drill rigs were observed at Red Hill-Goldrush in June. Mineralized holes occur within 1.5 kilometres southwest of Cortez Summit.
Company geologists believe that the geological environment at Cortez Summit is similar to Barrick's nearby Carlin-type deposits. Sampling by Carlin along a prominent north-northwest-trending structural zone on the west side of Cortez Summit has yielded gold values of 447 parts per billion and 263 parts per billion in hydrothermally altered siltstones. Much of this target is blind, being covered by postmineral gravel and basaltic andesite. The company conducted a gravity survey to obtain information from the target terrain underneath the cover. The survey was successful in defining potentially favourable structures, which represent drill targets.
The company is awaiting assay data on its recently completed initial drill program, at which point it will decide how to proceed with further evaluation.
Willow property
The Willow property is located in northeast Nevada, northwest of the new Long Canyon gold discovery in the Pequop Mountains, which is part of the Newmont Mining Corp. acquisition in 2011 of Fronteer Gold Inc., a $2.3-billion transaction. Carlin-type targets have been defined in favourable silty carbonate rocks of the Roberts Mountain formation within an area of significant structural preparation.
Yukon joint venture
Carlin also owns approximately 90,000 hectares distributed over 13 project areas in Yukon in a 50/50 joint venture with Constantine Metal Resources Ltd. The properties are early stage, with the initial field evaluation program completed in 2011. Several significant gold anomalies have been identified to date.
Robert Thomas, CPG, vice-president of Carlin and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release on behalf of Carlin.
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