New Carolin Gold Corp. Begins Assaying Core From Underground Diamond Drilling Program
As previously announced, the initial phase of the drill program will involve 1,000 meters of underground diamond drilling in 8 holes, which are part of an overall 28 hole, 3,500 meter underground exploration program planned at the Carolin Mine for 2018. Phase 1 drilling is intended to expand the known resource within the bulk tonnage sedimentary gold emplacement model. This is designed to confirm select high grade historic drill intercepts cutting the Main Zone mineralization directly along strike and down plunge of existing Carolin Mine. Three (3) holes will test consistency of mineralization between the 800 meter and 875 meter levels, one (1) hole will target the strike extension of the East Zone moving North, and four (4) holes will target down dip expansion of the Lower Zone.
Concurrent with diamond drilling, the Company will complete the necessary underground geological mapping designed to move toward a comprehensive 3D geologic model and framework within which to better constrain the established mineralized zones and to further define the mineral resource.
The balance of 2018 diamond drilling (approximately 2,500 m in 20 holes), Phase 2, is designed to evaluate the important Hozameen Zone and progressively test the down dip (below the 800 m level) and along strike potential (northwest of the historically mined open stopes) of the Lower and East Zones of mineralization. The Company plans to begin Phase 2 as soon as practical after completing Phase 1.
New Carolin's newly appointed President, Kenneth Holmes, says "...We are very excited to have the drills turning and collecting the data that we believe will enable us to finally begin to realize the potential outlined in our Technical Report on the Project. The drill program has been designed to demonstrate the district wide scale of the Ladner Gold Project, including confirmation and expansion of the significant known resource at Carolin, and to follow up on high grade intercepts at the Hozameen fault which may confirm that this structure may be the mineralizing conduit to a 26 km gold bearing system. In addition, the Company will explore numerous other structural and geological mineral occurrences that could add meaningfully to the resource potential for the Ladner Gold Project."
For more details regarding the Company's Ladner Gold Project and Mineral Resources, see the Company's National Instrument 43-101 Technical Report for the Ladner Gold Project dated May 29, 2015 (the "Company's Technical Report") and filed on SEDAR.
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument 43-101. Mr. Raffle has reviewed and approved the scientific or technical content of this news release as it relates to the Carolin Mine and Ladner Gold Project.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior 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 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, Emancipation Mine and Pipestem Mine, and numerous gold prospects.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth R. Holmes"
Phone: (778) 379-1275
Toll Free: 1(855) 891-9185
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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