Carlisle Goldfields Announces Infill Drill Results on Inferred Material From the Farley Lake Mine Project, Including 6.8 m of...
April 15 2014 - 8:05AM
Carlisle Goldfields Limited ("Carlisle" or the
"Company") (TSX:CGJ) (OTCQX:CGJCF) and 10%
joint venture partner* Canadian Orebodies Inc. (TSX-V:CO) are
pleased to announce interim results from multiple horizons in an
additional 6 holes on its 2013 Infill drill program at its Farley
Lake Mine Project. Drill hole FL13-16 intersected 20.3g/t gold
("Au") over 6.8m between 180.0m to 186.8m. Hole FL13-15 intersected
5.2g/t gold over 19.0m from the Farley Deeps. Drilling at Farley
Lake commenced in December 2013 (see Press Release dated December
12, 2013).
Carlisle's President and CEO, Abraham Drost
commented that: "The additional 6 holes from the infill drill
program continue to show the Farley Lake Mine Project's
considerable grade potential within Inferred material in the
optimized pit-shell while demonstrating a deep value proposition at
depth below the optimized pit shell in the Farley Deeps horizon,
which provides considerable exploration upside."
|
Hole |
From (m) |
To (m) |
Drill Interval
(m) |
Au Grade (g/t) |
FL13-03 |
No Significant
Results |
|
FL13-13 |
143.0 |
163.0 |
20.0 |
2.4 |
|
182.8 |
184.0 |
1.2 |
2.2 |
|
192.5 |
199.0 |
6.5 |
3.2 |
|
242.6 |
247.0 |
4.4 |
1.4 |
|
367.0 |
371.0 |
4.0 |
2.2 |
|
FL13-15 |
364.0 |
383.0 |
19.0 |
5.2 |
|
FL13-16 |
180.0 |
186.8 |
6.8 |
20.3 |
|
FL13-18 |
97.2 |
99.0 |
1.8 |
10.3 |
|
141.5 |
151.0 |
9.5 |
2.0 |
|
FL14-01 |
25.0 |
31.0 |
6.0 |
3.3 |
|
58.0 |
71.0 |
13.0 |
6.1 |
|
113.0 |
116.0 |
3.0 |
6.7 |
|
148.5 |
150.5 |
2.0 |
4.3 |
|
NB. Drill Results highlighted
and sub results use an arbitrary cut-off grade of 0.60 g/t Au. |
True width calculations
indicate that core length is in excess of 90% of core length. |
To view an image of the Drill Hole Locations, please
visit: http://orders.newsfilecorp.com/files/744/9518_carlis4.jpg
QA/QC
Carlisle's exploration programs are carried out under the
supervision of Peter Karelse P.Geo., Vice-President of Exploration,
a Qualified Person as defined by NI 43-101, who reviewed and
approved the technical content of this press release.
Samples were transported directly in secure containers from the
Carlisle Goldfields site in Lynn Lake, Manitoba, to the TSL
Laboratories in Saskatoon, Saskatchewan. TSL, which is an
accredited ISO/IEC 17025 lab, assayed the samples using standard
fire assay methods with a gravimetric finish. Certified
standards are placed in the sample stream at a rate of one standard
per 20 samples. Certified blanks are placed in the sample
stream at a rate of one blank every 40 samples. One lab reject
duplicate per 30 samples is submitted to an umpire lab for assay
verification. Results are analyzed for acceptance at the time of
import. All standards associated with the results in this press
release were determined to be acceptable within the defined limits
of the standard used.
About Carlisle: Carlisle Goldfields Limited is
a Canadian‐based gold exploration and development company focused
on development of its Lynn Lake Gold Camp in Lynn Lake, Manitoba,
Canada. Carlisle has NI 43-101 compliant mineral resource
estimates on five (5) deposits within its Lynn Lake Gold Camp, four
of which form the basis for the December, 2013 PEA (Farley Lake
Mine Deposit, MacLellan Mine Deposit, Burnt Timber Mine Deposit,
and Linkwood Deposit).
*On November 13, 2013, Carlisle announced that it had entered
into an agreement pursuant to which Canadian Orebodies Inc. had
been granted the option to acquire a 10% non-diluting interest in
the mining claims and mining leases comprising the Farley Lake Mine
Project (the "Project") located near the town of Lynn Lake,
Manitoba, in which Carlisle owns a 100% interest. Carlisle
subsequently announced that Canadian Orebodies Inc. has fully
vested its option to acquire the 10% interest in the Project.
Any time prior to April 30, 2016, Canadian Orebodies shall be
entitled to transfer the interest back to Carlisle (the "Put
Right") in consideration for the issuance to Canadian Orebodies of
$800,000 in common shares of Carlisle ("Carlisle Shares") valued at
the greater of $0.10 or the 20-day volume weighted average trading
price on the TSX at the time of exercise of the Put Right, provided
that the exercise of the Put Right does not result in Canadian
Orebodies holding 20% or more of all of the issued and outstanding
Carlisle Shares at the time of exercise. Further, at any time
after December 31, 2014 and prior to April 30, 2016, Carlisle shall
have the right to require that Canadian Orebodies transfer the
interest back to Carlisle (the "Back-in Right") upon 15 days prior
written notice to Canadian Orebodies, in consideration of issuing
to Canadian Orebodies $800,000 in common shares of Carlisle valued
at the 20-day volume weighted average trading price on the TSX at
the time of exercise of the Back-in Right, unless such number of
shares is greater than 10% of the number of Carlisle shares then
outstanding or the price per share is less than the minimum price
permissible by the TSX.
The results of an optimized Preliminary Economic Assessment
(PEA) disseminated on February 27, 2014 focuses on an open pit mine
model for the historical Farley Lake Mine and MacLellan Mine
deposits only.
Carlisle's objective, together with its government and First
Nation project partners, is to efficiently advance this optimized
project through bankable feasibility study, environmental and mine
permitting to set the stage for resumption of gold production in
the historical Lynn Lake mining camp, Manitoba.
Further details including mineral resource technical reports are
available on SEDAR (www.sedar.com) or
carlislegold.com/resource-summary.php.
To view an image of Carlisle Property Position, please visit:
http://orders.newsfilecorp.com/files/744/9518_carlis3.jpg
FOR FURTHER INFORMATION PLEASE CONTACT
BELOW CARLISLE GOLDFIELDS LIMITED
2702 - 401 BAY STREET TORONTO,
ONTARIO, CANADA info@carlislegold.com
www.carlislegold.com
Nicholas Konkin Director
of Investor Communications 416-642-0869 ext. 3
or nk@carlislegold.com
Abraham Drost, President &
CEO 807-252-7800 or
adrost@carlislegold.com
This press release shall not constitute an offer to sell
or solicitation of an offer to buy the securities in any
jurisdiction. The Company's shares and other securities have
not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the United
States absent an applicable exemption from the registration
requirements.
Except for statements of historical fact contained
herein, the information in this press release may constitute
"forward-looking information" within the meaning of Canadian
securities law. Other than statements of historical fact, all
statements are "forward-looking statements", including the
establishment and estimate of resources that involve various known
and unknown risks and uncertainties and other factors. There
can be no assurance that such statements will prove
accurate. Results and future events could differ materially
from those anticipated in such statements. Readers of this
press release are cautioned not to place undue reliance on these
"forward-looking statements". Except as otherwise required by
applicable securities statutes or regulation, Carlisle expressly
disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new
information, future events or otherwise.
Neither IIROC nor the TSX accepts responsibility for the
adequacy or accuracy of this press release.
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