New Carolin Begins Drill Program at Carolin Mine
August 23, 2016 / TheNewswire / -- New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD - OTCBB LADFF) is pleased to announce that drilling has begun on the Carolin Mine Zone. The Phase 1 program will consist of approximately 2000 metres of diamond drilling in 10 holes drilled from surface into the Carolin Mine Zone. Phase 2 will follow after receipt of Phase 1 drill results.
The Phase 1 drill program will test predicted extensions to known mineralized zones, which are indicated by the Company's updated geological model. The model includes several high priority drill targets which are now being tested, and was developed through a detailed review of historical data plus underground mapping, sampling and property wide geological mapping recently completed by the Company. New geological data confirms the presence of a large scale fold system on the property, with gold mineralization enriched at the intersection of faults and fold hinges, within a large quartz-carbonate alteration envelope. Thus far, the 2016 mapping and sampling program has traced the mineralization and alteration along a trend of approximately 6,000 metres, which remains open to extension. Sample results from 106 surface and underground channel samples and 292 surface samples are in process at the lab.
All of the samples collected from the drill program will be analyzed by both Fire Assay and Metallic Screen procedures. Recent re-analysis of underground channel samples showed up to 27% difference between the Fire Assay and Metallic screen results, suggesting the presence of a coarse gold component which was not analyzed for in historical work programs (see news release dated Aug 17, 2016 at the Company's website).
"The recent geological mapping, metallic screen assaying and re-interpretation of historical data show that significant upside remains on this property and this drill program is just the beginning of a strategy to enhance and expand the resource beyond its current limits," stated Robert Thast, CEO of New Carolin.
Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based brown fields development company focused on the exploration, evaluation and development of our 100% owned property consisting of 144 square kilometers of contiguous mineral claims and crown grants, collectively known as the "Ladner Gold Project" (Project). The Project and property are located 2 hours from Vancouver near Hope, British Columbia in the prospective and under-explored Coquihalla Gold Belt. The property hosts several historic gold producers including the Carolin Mine, Emancipation Mine, Arum Mine, Ward Mine, and Pipestem Mine, in addition to numerous artisan workings and gold prospects that typically exploit high grade visible gold mineralization.
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
Suite 818 - TD Tower
700 West Georgia Street
Vancouver BC Canada V7Y 1B6
TSX-V : LAD
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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