(TheNewswire)
Vancouver, BC / TheNewswire / May 23, 2019 - New Carolin Gold Corp. (the “Company” or “New Carolin”) (TSXV: LAD | OTCBB: LADFF): New Carolin announces a 12,000,000 Unit offering at a price of $0.09 per Unit for gross proceeds of up to $1,080,000. Each Unit is comprised of one common share and a one half share purchase warrant (“Warrant”) with each Warrant entitling the holder to purchase one additional common share at a price of $0.15 per share for a period of twelve months from closing. Proceeds of the Unit offering will be used to continue drilling the Company's Ladner Gold Project in southwestern British Columbia and general working capital.
As previously announced, historic drill holes and the holes drilled in 2018 confirmed the expected geology and mineralization in the Main Zone at the historic Carolin Mine, part of the Ladner Gold Project, and encountered an additional lower zone that is offset 200 metres to the southwest and referred to as the Hozameen Zone. In particular, drill hole 18NC10 intersected 93 meters averaging 1.39 g/t Au; including 7 meters of 5.75 g/t Au. This hole was drilled diagonally across two widely spaced historic holes, 11050-60 and 11000-71 that returned significant broad gold mineralized intercepts that were not followed up until 2018.
The Ladner Gold Project extends approximately 28 km along the trend of the East Hozameen Fault Zone. Most gold occurrences along this fault zone occur within 600 metres of the fault, which is likely a key structural control for mineralizing events. In addition to the underground targets at the Carolin mine, New Carolin’s land holdings contain four other historic mines and 24 other known gold showings. For example, the Emancipation Mine produced 2,897 oz gold and 605 oz silver while operating intermittently from 1916 to 1941. Three additional mines including the Aurum, Pipestem and Ward have reported historical production totalling 940 oz gold.
The Emancipation and the Pipestem, together with some of the showings, occur along the same mineralized trend within several kilometers of the Carolin mine. All have seen only cursory historic exploration and the Company believes them to have significant exploration potential. Geologists are presently developing additional drill targets near or beneath these other mines and gold showings.
Subject to completion of the offering, the Company plans to initiate a 4,000 to 5,000 meter drill program. The program will test the potential targets announced in the Company’s October 17, 2018 news release for additional resource expansion, further test the Hozameen Zone and drill the surface targets currently being developed near or beneath the other historic gold mines and gold showings on the property.
Finder’s fees may be payable on portions of the offerings in accordance with TSX Venture Exchange policy. All securities issued in connection with both offerings are subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.
All disclosure of scientific or technical information made herein, including any disclosure of a mineral resource or mineral reserve, is based upon information prepared by or under the supervision of Trevor Rabb, P.Geo. (BC), a qualified person as defined by National Instrument 43-101. Mr. Rabb 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"
President
Phone: (778) 379-1275
Toll Free: 1(855) 891-9185
E-mail: info@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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