(TheNewswire)
May 12, 2017 / TheNewswire / New Carolin Gold Corp. (the "Company") (TSXV: LAD) (OTCBB LADFF) is pleased to announce that it has completed required underground safety upgrades noted in its recently approved 5-year underground exploration permit received April 7, 2017.
In November of 2016 the Company engaged the services of an independent underground mining engineer to survey the approx. 10.5 km of underground workings at the historic Carolin Mine. A detailed report was submitted outlining safety recommendations, upgrades and areas to be rehabbed. As a condition of the Company's permit, recommendations in the engineers report were to be carried before commencement of an underground drill program. Over the past several months the Company has engaged contractors and professional underground mining personnel to undertake substantial scaling programs, install required timber supports, bring down and dispose of outdated piping and ventilation infrastructures, install new ventilation lines, post necessary warning signs underground, and build an escape route between the 800 meter and 900 meter levels within the Carolin Mine. The Company has complied with recommendations and set to commence with the Phase Two underground program.
The Company experienced delays in starting Phase Two, due in part to the unusually difficult winter conditions and considerable snow pack which blocked required access points. Fortunately capital expended to maintain the road and parts of the mill site has enabled the Company to keep culverts operating as normal which has to date mitigated erosion and damage that normally takes place with the spring runoff. The roads to the mill and the 800 and 900 level portals are sufficiently accessible now to allow heavy transport trucks to haul in the equipment such as the drill rig, the approx. 1200 meters of heavy industrial electrical cable required to feed power to the drill rig, a trailer and command center, power generator and other requirements. During the underground upgrades the Company hung guide lines and J hooks on the upper walls of 800 (track) level tunnel which runs straight into the mountain over 1000 meters from the portal opening. The guide lines will support the electrical cable which will provide power to the drill along the 800 level. Cable will also be fed from the 875 and 900 meter levels down to the 800 level and spliced in to provide power to the drill on these levels.
Click the following link to a short video which also provides footage taken during the underground upgrading https://www.youtube.com/watch?v=0h1AAIlpA8k
The Phase Two exploration program planned will include confirmation holes, testing mineralized drill intercepts discovered in the 2016 surface drill program, step out holes, new exploration holes, additional channel sampling and base metallurgical testing. The underground exploration program has been planned utilizing 600+ historical drill assays, data from the 2016 surface drill program, detailed underground and surface surveys, detailed mapping, structural surveying, surface sampling and underground channel sampling, and data obtained from 3D geological modeling. In addition to exploration targets planned in Phase Two and step out holes at existing mineralized gold zones, the Company has identified previously untested targets which it plans to drill from close proximity drill stations underground. These mineralized targets were noted during the 2016 exploration program but were deemed too expensive, as they would have required drilling 300 to 600 meter holes to attempt contacting from surface. Drill stations will now be positioned in very close proximity to known mineralized zones and next to new exploration targets. With the compilation of all recent and historic assays and geological data the Company looks to advance development through the Phase Two program at the Carolin Mine and looks forward to providing updates to shareholders as developments unfold.
The following table is an excerpt from the Company's 2016 Technical Report and provides a short list of notable assays from historical drilling at the Carolin Mine. For further detail visit the Company's website under Project heading then click Mineralization / Geological Model.
---------------------------------------------------------------- |DDHNo.|From (m)|To(m) |Width(m)|Goldgm/to|Width(ft)|Goldoz/t| |--------------------------------------------------------------| |11000-52|3.00 |8.00|5.00 |3.85|16.4|0.112| |--------------------------------------------------------------| |11000-52|31.00|34.00 |3.00 |3.45|9.8|0.101| |--------------------------------------------------------------| |11000-55|64.00|66.00 |2.00 |6.79|6.6|0.198| |--------------------------------------------------------------| |11000-71|154.89|162.00|7.11 |6.43|23.3|0.188| |--------------------------------------------------------------| |11000-71|192.00|195.00|3.00 |4.33|9.8|0.126| |--------------------------------------------------------------| |11000-71|233.50|234.50|1.00 |5.49|3.2|0.160| |--------------------------------------------------------------| |11000-71|255.50|262.50|7.00 |5.15|23.0|0.150| |--------------------------------------------------------------| |11050-1 |90.40|91.44 |1.04 |9.05|3.4|0.264| |--------------------------------------------------------------| |11050-2 |40.10|41.15 |1.05 |3.74|3.4|0.109| |--------------------------------------------------------------| |11050-3 |38.00|47.27 |9.27 |5.01|30.4|0.146| |--------------------------------------------------------------| |11050-59|25.00|27.00 |2.00 |5.62|6.6|0.164| |--------------------------------------------------------------| |11050-63|25.31|27.43 |2.12 |6.27|7.0|0.183| |--------------------------------------------------------------| |11050-63|114.00|118.00|4.00 |6.07|13.1|0.177| |--------------------------------------------------------------| |11050-63|165.50|174.50|9.00 |11.40 |29.5|0.333| |--------------------------------------------------------------| |11100-61|176.68|177.83|1.15 |4.87|3.8|0.142| |--------------------------------------------------------------| |11100-61|186.93|190.00|3.07 |10.26 |10.0|0.299| |--------------------------------------------------------------| |11100-62|62.50|63.60 |1.10 |4.15|3.6|0.121| |--------------------------------------------------------------| |11100-66|91.00|92.00 |1.00 |4.42|3.3|0.129| |--------------------------------------------------------------| |785-22|66.00|72.00 |6.00 |6.38|19.7|0.186| |--------------------------------------------------------------| |785-46|37.00|40.00 |3.00 |5.92|9.8|0.173| |--------------------------------------------------------------| |820-25|4.57 |7.52|2.95 |3.87|9.7|0.113| |--------------------------------------------------------------| |820-25|54.50|58.50 |4.00 |5.23|13.1|0.153| ----------------------------------------------------------------About New Carolin Gold Corp.
New Carolin Gold Corp. is a Canadian-based brownfields 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. The Company is currently executing exploration programs on the property which is located 2 hours by freeway from Vancouver near Hope, British Columbia, in the prospective and under-explored Coquihalla Gold Belt. The Company has an existing mine permit, water licenses and tailings facility in place, as well as 10.5 kilometers of underground tunnels for exploration access. The Ladner Gold Project is host to 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
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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