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Carlisle Announces Successful Exploration Program that Delineates Measured/Indicated-2.75 million Oz Gold & Inferred-2.28 million Oz Gold
TORONTO, ONTARIO--(Marketwired - May 14, 2013) - Carlisle Goldfields Limited ("Carlisle" or the "Company") (CGJ.TO)(CGJCF) is pleased to provide an exploration and resource update for its Lynn Lake Gold Camp in northern Manitoba, Canada. Over the course of 2011 and 2012, the Company completed 67,611 metres or 193 holes of core drilling on its five projects and successfully generated five NI 43-101 resource estimates. Highlights of the 2012 exploration campaign include:
Delineated Measured and Indicated Resources of 2.75 M oz of Gold
Delineated Inferred Resources of 2.28 M oz of Gold
Identified a new area of interest west of the Linkwood Project: The Dunvegan Zone
Excellent exploration targets around the initial high-grade Farley Lake resource
Carlisle's President and CEO, Bruce Reid commented that: "We had a very successful 2012 at our Lynn Lake Gold Camp. We produced NI 43-101 resource reports for all five projects, with the 5th resource estimate just having been released. We now enjoy a much better understanding of each project, have identified new areas of interest and have catalogued 80 years of data."
NI 43-101 Resource Estimates
Project | Resource | MacLellan Mine | Burnt Timber | Linkwood | Last Hope | Farley Lake Mine | Combined Projects |
Tonnes | Measured | 15,010,000 | - | - | - | - | 15,010,000 |
Indicated | 17,374,000 | 1,021,000 | 984,000 | 201,000 | 5,914,000 | 25,458,000 | |
Inferred | 1,898,000 | 23,438,000 | 21,004,000 | 1,067,000 | 4,364,000 | 51,771,000 | |
Grade (g/t) | Measured | 2.08 | - | - | - | - | 2.08 |
Indicated | 1.82 | 1.40 | 1.16 | 5.75 | 3.21 | 2.11 | |
Inferred | 2.01 | 1.04 | 1.16 | 5.29 | 2.87 | 1.37 | |
Contained Ounces of Gold | Measured/ | 2,018,100 | 46,000 | 37,000 | 37,000 | 610,000 | 2,748,100 |
Inferred | 127,000 | 781,000 | 783,000 | 182,000 | 403,000 | 2,276,000 |
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
(3) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(4) Historical mined mineralized material has been depleted.
(5) Values in the table may differ due to rounding.
Resource Estimate Assumptions
Project Name | MacLellan Mine | Burnt Timber | Linkwood | Last Hope | Farley Lake Mine | ||||||||||
Date Released | 03/13/2012 | 09/24/2012 | 01/15/2013 | 03/07/2013 | 05/06/2013 | ||||||||||
$/Ounce of Gold1 | $ | 1,446 | $ | 1,555 | $ | 1,555 | $ | 1,643 | $ | 1,650 | |||||
$/Ounce of Silver | $ | 28.94 | - | - | - | - | |||||||||
Cut Off Grade (g/t) - OP2 | 0.40 | 0.40 | 0.40 | - | 0.40 | ||||||||||
Cut Off Grade (g/t) - UG2 | 2.00 | - | - | 2.00 | 2.00 | ||||||||||
Processing $/tonne - OP2 | $ | 14.00 | $ | 15.00 | $ | 15.00 | $ | 15.00 | $ | 15.00 | |||||
Mining $/tonne - OP2 | $ | 3.25 | $ | 3.25 | $ | 3.25 | - | $ | 3.25 | ||||||
Mining $/tonne - UG2 | $ | 70.00 | - | - | $ | 80.00 | $ | 80.00 | |||||||
G&A $/tonne | $ | 3.50 | $ | 4.00 | $ | 4.00 | $ | 5.00 | $ | 5.00 | |||||
Waste $/tonne | $ | 2.50 | $ | 2.50 | $ | 2.50 | - | $ | 2.50 | ||||||
Overburden $/tonne | $ | 1.75 | $ | 1.75 | $ | 1.75 | - | $ | 1.75 | ||||||
Open Pit Slope (Degrees) | 50 | 50 | 50 | - | 50 | ||||||||||
Process Recovery (%) Au | 95 | 95 | 95 | 95 | 95 | ||||||||||
Process Recovery (%) Ag | 85 | - | - | - | - | ||||||||||
1 Based on a 3 year trailing average
2 Where OP stands for Open Pit and UG stands for Underground
To view a map associated with this release, please visit the following link: http://media3.marketwire.com/docs/CGJ510image1.pdf.
Lynn Lake Gold Camp Update
Preliminary Economic Assessment: In 2013, the Company will be focusing its efforts on producing a Preliminary Economic Assessment ("PEA") on the Lynn Lake Gold Camp. The PEA will include the MacLellan Mine, Burnt Timber, Linkwood and Farley Lake Mine Projects with a central milling facility in the Lynn Lake area. Completion is expected later in 2013. The concept behind this PEA is to provide the Company and its investors with parameters that will demonstrate the economic viability of Carlisle's entire Lynn Lake Gold Camp. The study will stage the four projects going into production over an 8-10 year period, most likely starting with the MacLellan Mine Project. This proposed timing sequence will alleviate the need for all of the construction capital up front, allowing some capital costs to be covered by internal cash flow.
Farley Lake: In 2012, the Company completed a 25-hole drill program on its Farley Lake Mine Project and produced an initial NI 43-101 resource estimate on May 6, 2013. During the drill program and resource delineation, the Company discovered a number of zones at depth that will be the basis of future drill programs to increase resources. The 7,650 metres of drilling completed in 2012 was focused over an 800-metre strike length at the west end of the Farley Lake Mine Project, near the previously mined pits.
To view a map associated with this release, please visit the following link: http://media3.marketwire.com/docs/CGJ510image2.pdf.
Dunvegan Zone: The Company recently discovered a new zone of interest to the west of the Linkwood Project along the Johnson Shear. The zone shows similar geological characteristics to Linkwood and Burnt Timber. The zone has historical data that shows approximately 80 drill holes along strike going west for approximately 4 to 5 km. Induced Polarization geophysics will be carried out on this zone in Q4 2013.
To view a map associated with this release, please visit the following link: http://media3.marketwire.com/docs/CGJ510image3.pdf.
Data Analysis Program: During Q4 2012, Carlisle launched a program to create a data room to organize over 80 years of data on the Lynn Lake properties in combination with the most recent work done by Carlisle over the past two years. This data includes almost 5,000 drill logs and their assays, as well as geological maps and studies, numerous geophysical surveys, and the entire suite of assessment files and Government work done specifically on Carlisle's Lynn Lake Camp. The Data Room has aided the Company by providing easier access to the entire library of work and improved the integration with the most recent work completed.
QA/QC
The mineral resource estimates on the projects above were undertaken by P&E Mining Consultants Inc. ("P&E") for Carlisle under the supervision of Eugene Puritch, P.Eng., President of P&E, who is a Qualified Person as defined by NI 43-101 with more than 30 years of experience in exploration and development of gold projects.
Carlisle's exploration programs are carried out under the supervision of Peter Karelse, P.Geo., Vice-President of Exploration, who is also a Qualified Person as defined by NI 43-101 with more than 30 years of experience in gold exploration and development.
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.
All technical information contained in this news release has been reviewed and approved by Peter Karelse, P.Geo. and Eugene Puritch, P.Eng. of P&E, both Qualified Persons as defined under NI 43-101.
About Carlisle: Carlisle Goldfields Limited is a Canadian‐based gold exploration and development company focused on development of its mining leases and claims in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares, which include the former MacLellan Gold mine and two other former producing gold mines as well as numerous other historically identified Gold Zones, all within close distance of the town of Lynn Lake.
In March 2012 (see news release dated March 13, 2012), Carlisle announced an updated Resource Estimate on its MacLellan Gold Project in Lynn Lake, Manitoba. This included Open Pit and Underground Resources in the Measured and Indicated Categories having increased to 32.4 million tonnes containing 2,018,100 ounces of AuEq at an average grade of 1.94 grams per tonne ("g/t") AuEq (1.9 g/t Au and 4.4 g/t Ag). The pit‐contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8 g/t AuEq (1.7 g/t Au and 4.4 g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.
In September 2012 (see news release dated September 24, 2012), Carlisle announced its initial Burnt Timber Project Inferred Resource estimate totaling 23,438,000 tonnes containing 780,500 ounces of gold at an average grade of 1.04 g/t. The Indicated Resource is estimated to be 1,021,000 tonnes containing 45,900 ounces of gold at an average grade of 1.40 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 170 metres from surface.
In January 2013 (see news release dated January 15, 2013), Carlisle announced its initial Linkwood Project Inferred Resource estimate totaling 21,004,000 tonnes containing 783,000 ounces of gold at an average grade of 1.16 g/t. The Indicated Resource is estimated to be 984,000 tonnes containing 37,000 ounces of gold at an average grade of 1.16 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 160 metres from surface.
In March 2013 (see news release dated March 07, 2013), Carlisle announced its initial Last Hope Project Inferred Resource estimate totaling 1,067,000 tonnes containing 182,000 ounces of gold at an average grade of 5.75 g/t. The Indicated Resource is estimated to be 201,000 tonnes containing 37,000 ounces of gold at an average grade of 5.75 g/t. The Company's new resource estimate used a 2.0 g/t cut off.
In May 2013 (see news release dated May 06, 2013), Carlisle announced its initial resource estimate for the Farley Lake Mine Project totaling 610,000 ounces of gold in the Indicated category grading 3.21 g/t and 403,000 ozs of gold in the Inferred category grading 2.87 g/t. The Open Pit portion is estimated to a depth of only 200 metres from surface. Our initial resource including the underground portion was estimated to a depth of only 350 metres.
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.
