Carlyle Commodities completes financings; Newton drilling to start, British Columbia

Carlyle Commodities Corp. [CSE-CCC; FSE-BJ4; OTC-DLRYF] reported that it has closed the final tranche of its previously announced non-brokered private placement of flow-through-units of the company for aggregate proceeds of $250,000. This adds to the prior non-flow-through financing where the company raised in excess of $2,200,000 this past November. The company intends to use the aggregate proceeds from both offerings for exploration expenditures at the flagship Newton Project in British Columbia, as well as general working capital.

Carlyle is focused on advancing its 100%-owned and fully permitted exploration / development Newton Gold Project, located ~100 km west of the City of Williams Lake, central British Columbia. The Newton project is characterized by gold-silver mineralization associated with pyrite-marcasite+/- chalcopyrite sphalerite +/- galena +/- arsenopyrite. Past exploration includes over $25 million spent and more than 33,000 metres of drilling that has delineated a current NI 43-101 resource calculation of 861,400 ounces grading 0.63 g/t gold. The resource itself covers just ~0.5 km² which represents only ~7% of the project’s main anomaly (~4X2 km) leaving significant room for resource infilling and expansion – ‘low hanging fruit’. Various step-out drill intercepts outside of the pit-constrained resource indicate excellent potential for new discoveries.

Morgan Good, CEO, said that the 2023 Phase 1 exploration program will encompass streamlined drilling for both step-out and resource infill / expansion targets. Situated is an area of gently rolling hills, the project is workable 12 months of the year. The company also received its 5-year Notice of Work Permit in June 2022.

Of note, the Newton project is an analogue to Artemis Gold’s Blackwater Project ~180 km to the north which boasts ~12 million ounces with similar average grades. There is also similar geological terrain, geology and deposit mineralization shared between the two projects. Blackwater is currently one of the world’s largest open-pit in development projects with mine construction set to begin in Q1 2023, and production anticipated for 2024. Artemis currently has a market-cap of over ~$850 million.

Carlyle currently has ~23 million shares outstanding after completing their recent equity financings. This injection of capital will finance the initiation of 2023 drilling at Newton as the Phase 1 drill program is expected to begin early this month encompassing ~3,500 metres (~12 holes).