New Carolin Gold Updates Exploration on the Ladner Gold Property
As a result of budgetary constraints, New Carolin Gold Corp. (TSX - V: LAD) has conducted limited field exploration work on its Ladner Creek Gold Property this year. Work was aimed at locating, sampling and prospecting new gold zones as well as examining two former gold producing mines that are on the property. Note that locations referenced below can be found on Figure 6, see website / projects / maps - www.newcarolingold.com . A final compilation of drill results is also included in concert with the exploration work.
Highlights:
-Prospecting of a carbonate alteration zone in outcrop which had not been previously sampled. This zone is located approximately 1200 metres northwest from the Idaho Zone on the access road to the McMaster Zone and approximately 450 metres west of the Montana Zone.
-Trenching of the Montana Zone (see press release dated December 15, 2011) which revealed carbonate -quartz network with disseminated pyrite, pyrrhotite and arsenopyrite.
-Sampling of mineralization at the Emancipation Mine. (1916 - 41, 2,897 oz Au, 804 oz Ag). The mine shut down due to WWII. Limited underground work in 1982 confirmed gold mineralization. A very brief underground examination indicated good ground conditions. This mine will require a detailed sampling program. Historical records indicate tellurium may be associated with gold mineralization. Assay results have not yet been received.
-Examination of the Aurum No. 3 adit (Aurum Mine produced 531 oz Au and 96 oz Ag from 1930 - 42, principally as free gold). This adit has remained inaccessible until this year and a brief underground examination has indicated excellent ground conditions and several areas of multiple quartz-carbonate - pyrite - pyrrhotite - arsenopyrite. Panning of muck showed visible gold. This adit will require a detailed sampling program.
Twelve holes totaling 1400 metres that were drilled in the Idaho Zone are compiled (see below) for the purpose of developing and expanding a promising area as a potential "starter open pit" and to confirm earlier drilling circa 1982. The Idaho Zone is located at the 1000 - 1015 level of Figure 2, see website / projects / maps - www.newcarolingold.com . Holes ID-01 to ID-06, have been previously reported in press releases (see press releases dated March 5, March 14 and May 2, 2012). Other drill holes of particular note include ID-08 which intercepted 41.09 m grading 1.41 g/t Au including 14.30 m of 2.50 g/t Au and ID-12 which intercepted 7.93 m grading 1.89 g/t Au
Highlights:
-The Idaho Zone consists of several gold mineralized zones. Every drill hole intersected gold mineralization with several gold intercepts over 4 g/t Au.
-Holes drilled under the main trench confirm the surface gold values, with surface assays ranging from 1 to 19 g/t Au over sampling intervals of one metre.
-The drill program was successful in both confirming historic drill results as well as expanding on historic drilling which identified an at surface and near surface Idaho gold zone with very attractive grades.
-Hole ID-01 ended in mineralized zone in volcanics whereas the other mineralized zones are within sediments which opens up a potential to explore and develop a larger gold resource.
-Hole ID-01 intersected an important unconformity above the volcanics consisting of Ladner Creek conglomeratic sequence overlying the Spider Peak volcanics. This is an important marker horizon that is in apparent proximity to mineralization.
-Holes established continuity of mineralization and lithology in the Idaho Zone that is important in modeling the gold resource with possibilities for open pit mining.
-There are other gold zones in close proximity to the Idaho Zone that have not been drill tested and warrant follow-up drilling.
-Drill program will enable an updated gold resource in order to re-classify material from inferred resource to indicated and measured resources.
-Core will also be used for metallurgical test work in order to define the process flow sheet.
Calculated weighted averages of gold grades for holes ID-01 to ID-12 are presented in the following table. The true widths of these intersections are not known.
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|Hole |Setup|Azimuth|Dip|Depth |From |To |Interval|Grade|Target
|
|----------------------------------------------------------------------------|
| |site | | |metres|metres |metres|metres |g/t |
|
| | | | | | | | |gold |
|
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-01|1 |200 |-45|181.35|9.15 |35.06 |25.91 |2.75 |Trench
1996 |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |17.20 |18.70 |1.50
|10.40| |
|----------------------------------------------------------------------------|
| | | | | |20.20 |21.70 |1.50 |7.94
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |45.00 |48.33 |3.33 |1.23
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |176.80 |179.15|2.35 |2.82
| |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |178.35 |179.15|0.80 |5.14
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-02|1 |200 |-75|105.75|6.10 |9.76 |3.66 |2.96 |Trench
1996 |
|----------------------------------------------------------------------------|
| | | | | |15.55 |20.43 |4.88 |1.12
| |
|----------------------------------------------------------------------------|
| | | | | |58.11 |63.11 |5.00 |2.37
| |
|----------------------------------------------------------------------------|
| | | | | |81.40 |83.00 |1.60 |0.44
| |
|----------------------------------------------------------------------------|
| | | | | |87.50 |88.95 |1.45 |0.59
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-03|2 |200 |-45|181.96|14.83 |18.56 |3.73 |5.34 |Twin
old holes|
| | | | | | | | | |1982
|
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |14.83 |16.13 |1.30 |5.30
| |
|----------------------------------------------------------------------------|
| | | | | |16.13 |17.38 |1.25 |8.78
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |33.56 |38.72 |5.16 |1.03
| |
|----------------------------------------------------------------------------|
| | | | | |47.69 |51.86 |4.17 |0.72
| |
|----------------------------------------------------------------------------|
| | | | | |72.65 |76.30 |3.65 |1.87
| |
|----------------------------------------------------------------------------|
| | | | | |163.42 |166.77|3.35 |0.88
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-04|2 |200 |-65|121.00|16.16 |21.03 |4.87 |1.57 |Twin
old holes|
| | | | | | | | | |1982
|
|----------------------------------------------------------------------------|
| | | | | |35.53 |51.11 |15.58 |0.76
| |
|----------------------------------------------------------------------------|
| | | | | |81.40 |93.45 |12.05 |2.06
| |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |82.82 |84.45 |1.63 |8.73
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-05|3 |200 |-45|102.41|3.66 |10.98 |7.32 |6.79 |Trench
1996 |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |5.31 |7.00 |1.69 |7.04
| |
|----------------------------------------------------------------------------|
| | | | | |8.50 |9.50 |1.00 |6.55
| |
|----------------------------------------------------------------------------|
| | | | | |9.50 |10.98 |1.48
|13.10| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |20.74 |22.64 |1.90 |2.46
| |
|----------------------------------------------------------------------------|
| | | | | |27.41 |30.54 |3.13 |0.89
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-06|3 |200 |-75|91.13 |3.05 |7.93 |4.88 |6.86 |Trench
1996 |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |3.05 |4.47 |1.42 |9.90
| |
|----------------------------------------------------------------------------|
| | | | | |5.79 |6.95 |1.16 |7.02
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |12.00 |13.11 |1.11 |1.11
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |29.76 |36.10 |6.34 |1.92
| |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |30.85 |32.35 |1.50 |4.90
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
| | | | | |67.78 |70.00 |2.22 |2.07
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-07|4 |200 |-45|151.17|33.82 |38.95 |5.13 |1,69 |new
zone & |
|----------------------------------------------------------------------------|
| | | | | |57.65 |65.85 |8.20 |1.23
| serpentinite |
| | | | | | | | |
|contact |
|----------------------------------------------------------------------------|
| | | | | |120.37 |135.98|15.61 |0.97
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-08|4 |200 |-65|139.59|58.82 |65.20 |6.38 |0.97 |new
zone & |
|----------------------------------------------------------------------------|
| | | | | |80.25 |121.34|41.09 |1.41
| serpentinite |
| | | | | | | | |
|contact |
|----------------------------------------------------------------------------|
| | | | | |includes| | |
| |
|----------------------------------------------------------------------------|
| | | | | |103.00 |117.30|14.30 |2.50
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-09|5 |200 |-45|99.36 |15.93 |17.07 |1.14 |0.78 |area
not |
| | | | | | | | |
|previously |
| | | | | | | | |
|drilled |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-10|5 |200 |-60|120.69|73.50 |78.05 |4.55 |0.67 |area
not |
| | | | | | | | |
|previously |
| | | | | | | | |
|drilled |
|----------------------------------------------------------------------------|
| | | | | |99.39 |106.04|6.65 |0.95
| |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-11|6 |315 |-45|59.43 |30.63 |34.20 |3.57 |0.76
|serpentinite |
| | | | | | | | |
|contact |
|----------------------------------------------------------------------------|
| | | | | | | | |
| |
|----------------------------------------------------------------------------|
|ID-12|6 |190 |-60|53.64 |36.58 |44.51 |7.93 |1.89
|serpentinite |
| | | | | | | | |
|contact |
------------------------------------------------------------------------------
Twelve diamond drill holes were drilled in the Idaho Zone which previously has only seen sporadic drilling, circa 1982. These holes were drilled in pairs on same drill site. The objective of this drill program was to test for mineralization from the surface findings down to the old mine workings and to confirm historic results within the old mine workings. The Idaho Zone consists of several gold mineralized zones as observed from logging and assays in drill holes. Where no mineralization was observed from logging, intervals were also sampled in order to characterize the potential waste rock. Rock quality data was also logged in order to define faults, shear zones and fractures necessary for mine design. Random samples were selected for specific gravity measurements. This zone can also be accessed from underground for further definition drilling where surface drilling sites are limited.
New Carolin's President and CEO, Bruce Downing, said, "These are exciting results from our exploration program as they confirm gold mineralization at the Carolin Mine. While our focus clearly remains on bringing the mine back into production, we continue to have confidence that untested or under-explored gold targets on our Ladner Property within the Coquihalla Gold Belt will lead to several more gold deposits."
The technical content of this press release has been reviewed and approved by the Company's President and CEO, Bruce W. Downing, as the Qualified Person.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior mineral exploration and development company engaged in the acquisition, exploration, evaluation and development of 144 sq kms of contiguous mineral claims, collectively known as the Ladner Gold Project, located along the prospective and under-explored Coquihalla Gold Belt located in southwestern British Columbia, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.
For further information please visit the website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Bruce W. Downing"
Bruce W. Downing, M.Sc., P.Geo, Hon.FEC
President & Chief Executive Officer
Office778 - 294 - 3211
Emailceo@newcarolingold.com
Web sitewww.newcarolingold.com
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. We seek Safe Harbor.
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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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