Carlyle Commodities drills 0.51 g/t gold over 689 metres at Newton, British Columbia
Carlyle Commodities Corp. [CCC-CSE; DLRYF-OTCQB; BJ4-FSE] reported assays from its first drill hole at its 100%-owned Newton Gold-Silver Project near Williams Lake, central British Columbia. The Newton Gold-Silver Project is a low sulphide epithermal system. The system remains open in multiple directions, within a highly prospective land package that is workable year-round.
This first hole completed by Carlyle was drilled to test the continuity of the main mineralized felsic volcanic domain, which historically had not been adequately tested below approximately 500 metres depth. The hole was successful in confirming the felsic domain is much more extensive than previously understood. The positive feedback of this initial hole is a key step in confirming the Newton Gold-Silver Project hosts numerous opportunities to potentially expand the current inferred resource and define new mineralized zones.
Drill hole (N23-089) totalling 1,001 metres has confirmed continuity of the well mineralized main felsic volcanic domain, which remains open at depth and in multiple directions. Below are some highlights describing the entire hole.
Highlights: From top of bedrock, intersected 689 metres (18 – 707m) of continuous consistent well mineralized bulk tonnage mineralization grading 0.51 g/t gold, 1.48 g/t silver (0.52 AuEq g/t). Higher grade zone discovered approximately 50 metres below the current resource grading 1.24 g/t gold, 1.16 g/t silver over 30 metres (413 – 443m).
Extends the known mineralization approximately 345 metres beyond the inferred resource limits, opening up significant volumes of rock for potential resource expansion.
Much of the drill hole intercepted the permeable felsic volcanic unit conducive to gold deposition, which hosts the majority of the inferred resource.
Jeremy Hanson, VP Exploration, stated: “The results from Carlyle’s first hole at the Newton Project are incredibly positive and prove to be consistent with our hypothesis. These assays demonstrate consistent continuous bulk tonnage mineralization from surface to depths beyond what has been previously tested giving us confidence in the potential to expand and grow the known inferred resource.”
Morgan Good, CEO, commented: “With our first drill hole we have confirmed that this system is open for potentially vast expansion. Drilling nearly 700 metres of over half a gram gold from near surface shows how continuous and deep this system is. Our team is thrilled with the success of this initial drill hole as it further demonstrates the size potential of the deposit.”
The company is awaiting assays of the remaining two drill holes from its Phase 1 program and expects to update the market over the coming weeks.
The Newton Project contains a current NI 43-101 Resource Calculation which utilizes optimized pit shell constraints to fulfil the requirement for “reasonable prospects for eventual economic extraction”. The inferred mineral resource contains 861,400 oz gold, and 4,678,000 oz silver averaging 0.63 g/t gold, a cut off of 0.25 g/t gold throughout 42,396,600 tonnes.
The Newton Project deposit remains open in multiple directions with potential for increased size, grade, and additional mineralized areas. The current inferred mineral resources occupy only approximately 7% of the area of an underling broad induced polarization (IP) anomaly. Immediate areas for follow up include south and southwest of the current inferred mineral resource, where historic drilling has intercepted mineralized volcanics, which are not part of the Updated Newton Resource Calculation, as well as down dip to the southwest, where the mineralization remains open.
The Newton Project encompasses more than 24,000 hetares. Mineralization occurs within an 800 x 400-metre area defined by drilling to depths of approximately 500 metres with majority of the holes not exceeding 300 metres depth.
Underlying the deposit, a large IP anomaly measures 4 km x 2 km and covers an area greater than 7 km2 – yet the existing inferred mineral resource occupies slightly over 0.5 km2 or just 7% of the anomaly.