New Carolin / Crucible Resources Correction
May 3, 2016 / TheNewswire / New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD). Further to its new release March 22, 2016 regarding the option agreement with Crucible Resources Ltd (Crucible), the Company provides the following clarification.
The property option agreement entered into with Crucible consists of a total of twenty (20) claims covering an area of 30 sq km. These claims are situated in the southern portion of the Ladner Gold Project, below the Coquihalla Hwy. Three (3) of the new Crucible claims adjoin a prospective new gold zone which has been traced to a length of approx. 1 kilometer to date, where a sampling program was carried out in the 1980's. Reported soil samples from this historic work program were between 20 and 1000 ppb, with one sample of 5900 ppb (close to 6 g/t) and wide areas with numerous samples were reported between 100-1000 ppb. The assay of 5900 ppb and other sporadic higher grade samples reported are unusual in soils and we note this may indicate placer-type gold particles in the soil cover.
Correction: Reported soil samples from this historic program were initially stated in "ppm" instead of "ppb" in the March 22, 2016 news release and were typographically errors. Note that there is no change in the net result in respect of the value given in g/t in the March 22, 2016 news release.
Gold values stated are based on historical reports and have not been verified by the Company. The Company intends to engage Crucible to carry out a new sampling program in 2016 to confirm historic sample locations and assay results, and expand the sampling program on the three new claims with the expectation of extending the gold zone and locating the source. Very little exploration work has been carried out on the lower 72 square kilometer section of the Project to date, which includes the former high grade Emancipation Mine and one of the Company's other prospective gold zones. The designated area with elevated gold values spread consistently over a wide area is of immediate interest and will be the focus of further exploration on the lower claim block. Further details will be provided in this regard when exploration plans are finalized.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of a strategic 144 square kilometer contiguous mineral claim property, collectively known as the Ladner Gold Project. The 100% controlled property 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, Aurum Mine, Emancipation Mine, Pipestem Mine and numerous high grade gold prospects dating back to 1885.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast"
President & Chief Executive Officer
Phone: 604.542.9458
Cell: 604.220.5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
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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