May 19, 2016 -- New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD): Further to its news release of April 18, 2016, the Company is pleased to announce that it has completed its two concurrent non-brokered private placementsof units totaling 14,690,000 units in the capital of the Company for gross proceeds of $1,028,300.
The proceeds from the offering will be used for exploration on the Company's Ladner Gold project and for general working capital and corporate purposes.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold 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, Pipestem Mine and numerous gold prospects.
Project Highlights
• Desirable mining location
• Recently acquired 100%
• Closed financing for $1,100,000 March 2016
• Five past producing underground gold mines trending NW on the east side of the Hozameen Fault, within the Coquihalla Gold Belt
• Approximately 144 sq km contiguous land package
• NI 43-101 Carolin Resource - 607,000 oz inferred
• NI 43-101 McMaster Resource - 79,000 oz inferred
• Metallurgy – recent tests averaged 91%+ recovery
• Existing Mine Permit – M138
• Exploration Permit MX-7-185
• TSF NI 43-101 inferred resource of 23,700 and 5,000 oz
• Gold belt runs for 28 km on Company claims along the Hozameen Fault.
• 5 historical mines (since 1925)
• 30 known gold workings and high grade occurrences with little to no follow-up work
• Exploration and drilling has been limited to Carolin with minor drilling at the McMaster Zones and very sporadic exploration at other key targets
• Very large geophysical and geochemical signature
• Compelling 3D Geological Model
• Metallurgical test work indicates overall gold recoveries of up to 94.5% possible
• Gold zones associated with deep 1st order crustal fault – Hozameen Fault
• Similar geological setting to Bridge River Gold Camp (Bralorne) and California’s Mother Lode District
NewCarolinGold.com
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