Vancouver, British Columbia, May 17, 2021 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - May 17, 2021) - CARLYLE COMMODITIES CORP. /zigman2/quotes/209733141/delayed CA:CCC -16.67% /zigman2/quotes/209277835/delayed DE:1OZA 0.00% (otc pink:DLRYF) (" Carlyle " or the " Company ") is pleased to announce a 5-year Notice of Work application was filed this past February under the Mines Act for a Permit which, once granted, will allow for the commencement of a drilling campaign on the 100% owned Newton Gold-Silver Project. The Permit will initially allow for 50 drill site locations and can be expanded upon as work progresses. Newton covers approximately 24,000 contiguous hectares of generally flat-lying topography, located approximately 100 km west-southwest of Williams Lake in south-central British Columbia, Canada. The area is accessible year-round.
The Newton Gold-Silver Project contains an historical mineral resource estimated at the inferred confidence level of 1.6 million ounces gold, and 7.7 million ounces silver , as reported in a NI 43-101 technical report effective dated December 19, 2012, entitled "Technical Report on the Initial Mineral Resource Estimate for the Newton Project, Central British Columbia, Canada", prepared by Reno Pressacco, M.Sc.(A), P.Geo., of Roscoe Postle and Associates Ltd (see description below).
Morgan Good, President and Chief Executive Officer of Carlyle, commented, " The summer field season is nearly here, and we can feel the excitement building as we prepare for our initial exploration and drilling program on the 100% owned Newton Gold-Silver Project. We are fully committed towards this as our flagship asset and the expansion of the bulk tonnage, open-pitable historical mineral resource outlined and estimated at the inferred confidence level of 1.6 million ounces gold, and 7.7 million ounces silver. The Blackwater Gold Project owned by Artemis Gold Inc. is approximately 185 km's northeast of Newton, and boasts and incredible measured + indicated resource estimated at 11.7 million ounces gold and 122 million ounces of silver. Carlyle and its team believe there are many similarities between both projects and is extremely bullish that 2021 will be a year of immense opportunity and success for the Company, particularly as we see the precious metals sector improving and various investment sectors flocking into the space. "
The Newton Project is a large, bulk tonnage, low - to intermediate-sulphidation, epithermal gold deposit that has had nearly 30,000 m of drilling exploring and developing the historical resource, mostly between 2009-2012.
Newton encompasses more than 24,000 Ha and contains 1.6 million oz Au & 7.7 million oz Ag ( Table 1 ) estimated at the inferred confidence level (see description below). Carlyle believes Newton represents an outstanding development project.
Mineralization occurs within an 800 x 400 m area defined by drilling to depths of 560 m , but primarily of depths only down to 300 m.
Underlying the deposit, a large IP anomaly measures 4 km x 2 km and covers an area greater than 7 sq/km - yet the historical resource occupies slightly over 0.5 sq/km or just 7% of the anomaly.
Gold and associated base metal mineralization precipitated in extensive zones of strong quartz-sericite alteration as well as in mafic volcanic and clastic sedimentary rocks and along fault and fracture zones.
The alteration types and metal associations at Newton are similar to large epithermal gold deposits elsewhere in British Columbia including Blackwater (Artemis Gold Inc), New Prosperity (Taseko Mines Ltd) and Brucejack (Pretium Resources Inc) deposits. The very large Blackwater Gold Project is the most proximal of those deposits located approximately 185 km to the northeast of Newton, where it is one of Canada's largest open-pit gold deposits and one of the world's largest environmental assessment (EA) approved gold development projects. Blackwater has a measured+indicated resource estimated at 11.7 million ounces gold and 122 million ounces of silver (Blackwater Gold Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study: authored by Sue Bird, Daniel Fontaine, Tracy Meintjes, Marc Schulte and John Thomas, August 26, 2020; www.artemisgoldinc.com ).
To view an enhanced version of Table 1, please visit:
Newton Gold-Silver Project - Historical Resource
The Newton Gold Project includes more than 30,000 m of drilling, and a 2012 historic mineral resource estimated at the inferred confidence level for 1.6 million ounces gold (Au), and 7.7 million ounces silver (Ag), as reported in a NI 43-101 technical report effective dated December 19, 2012 entitled "Technical Report on the Initial Mineral Resource Estimate for the New Project, Central British Columbia, Canada", prepared by Reno Pressacco, M.Sc.(A), P.Geo., for Amarc and filed under Amarc's profile on www.sedar.com (the "Newton Technical Report"). This inferred mineral resource estimates a grade of 0.44 g/t Au and 2.1 g/t Ag. at a cut-off grade of 0.25 g/t Au. The mineralization is typical of bulk-tonnage, low to intermediate sulphidation, disseminated epithermal gold-silver deposit. Mineralization occurs within an 800 x 400 m area defined by drilling to depths of 560 m, but primarily of depths only down to 300 m, representing a fraction within a larger 7 square kilometer hydrothermal system as defined by an induced polarity chargeability anomaly. Drill results reported in the Newton Technical Report suggest that the gold and silver mineralization may be expandable with additional possibilities to discover structurally controlled zones of higher-grade gold.
The Newton Technical Report historic estimate is the most recent mineral resource estimate for the Newton Gold-Silver Project and was prepared by Amarc. No qualified person (" QP ") (as such term is defined in NI 43-101) working for the Company has done sufficient work to classify the historic estimate as a current mineral resource, and the Company is treating the estimate as historical mineral resources. The Company also does not imply that information or results from the Newton Gold-Silver Project, either at present or in the future, will be similar to that of Artemis' Blackwater project or other large epithermal projects. The Company's planned drilling campaign is in part designed to determine what work needs to be done to upgrade or verify the historical estimate.
Amarc has retained a 2.0% of the net smelter returns royalty from all products that are mined or extracted from, or that otherwise originate from the mineral claims which comprise the Newton Gold-Silver Project. There is also a 2.0% of the net smelter returns royalty on certain mineral claims at the Newton Gold-Silver Project in favour of two underlying owners, which can be purchased at any time for $2,000,000.
Harrison Cookenboo Ph.D., P.Geo., and a QP by the standards of Canadian National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.