Tickers: PINX:LADFF, XTSX:LAD
Surrey, BC - TheNewswire - June 8, 2020 - New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV:LAD) | (OTC:LADFF) - New Carolin is pleased to announce the final results from the Company's 2019 underground drilling program and surface sampling program on its 100% owned Ladner Gold Project.
Of particular note are the results of the surface soil sampling program that was completed in the fall of 2019 to confirm a historic >300 ppb gold in soil geochemical anomaly known as the Loraine target, which measures 900m along strike and ranges from 30 to 100 m wide. The Loraine target occurs within proximity of the unconformity between the Spider Peak mafic volcanics and Ladner metasediments - contact and is a similar structural setting that was targeted during the 2018 and 2019 drilling programs.
In total, 118 samples were collected from 100 m spaced sample lines over part of the Loraine target to confirm the historic geochemical survey results. In addition, the resampling campaign is supported by approximately 15 new soil samples. The soil samples have a minimum of 62 ppb Au, maximum of 4150 ppb (4.15 g/t) Au and carry an average of 1327 ppb (1.33 g/t) Au.
Kenneth Holmes, President says "We are pleased with the proof of concept testing of the Spider Peak - Ladner unconformity that transects the entire property. The structure has demonstrated gold endowment over a 1.8 km trend, within the immediate vicinity of the Carolin Mine, 800 m northwest at the McMaster deposit and another 700 m northwest to the Lorraine target." The large scale near surface potential is highlighted by the resource on the McMaster Zone, that is located roughly halfway between the Loraine and Carolin Mine.
The Company will be conducting additional data compilation exercise and detailed field work that will include mapping and sampling to identify future drill targets and assess the potential of the Spider Peak - Ladner unconformity, specifically between and around known zones and target areas.
In addition, the Company has received core assay results of the final hole drilled last fall, namely Hole NC1902, which was a 50 metre step-out from hole NC1901 and 100 metre step out from 11100-96-1. The latter holes encountered 10.54 metres of 3.4 g/t Au including 4.7 metres of 5.5 g/t. The mineralized zones in hole 19NC02 are coincident with portions of hole NC1901 and 11100-96-1 and confirm the presence of the gold bearing zones discussed in the October 19, 2018 and January 22, 2020 news releases. Hole NC1902 was drilled to test the extensions of mineralization encountered in hole 19NC01 and 11100-96-1. Results from hole NC1902 are as follows:
Geological interpretations from core logging continue to support the current vein models and different structural-lithological settings of gold. Structural and lithological examination of the core indicates a continuation of mineralization along the NW trending hinge zone as well as the ultramafic contact zone. Based on these current vein models the true widths of the mineralized intervals represent approximately 70% to 90% of the downhole interval lengths.
All disclosure of scientific or technical information made herein 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. NQ sized drill core were logged, photographed and sampled. Core samples consist of half sawn core cut using a diamond saw. Samples were submitted to Activation Laboratories Ltd. (Actlabs) in Kamloops, BC. Actlabs is an ISO 17025 accredited lab. Sampling procedures involve quality assurance and quality control (QAQC) procedures. QAQC procedures consist of the insertion of blanks, standards and duplicates that represent approximately 10% of the samples submitted for analysis.
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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