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.
------------------------------------------------------------------------------
|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.
Not for distribution in the United States.
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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