Carlyle Completes Phase 1 Drilling At Its Newton Gold Silver Project; Awaiting Assay Results
1500 – 409 Granville Street, Vancouver, British Columbia V6C 1T2
News Release
CARLYLE COMPLETES PHASE 1 DRILLING AT ITS NEWTON GOLD SILVER
PROJECT; AWAITING ASSAY RESULTS
March 1, 2023 CSE:CCC | FSE:BJ4 | OTCQB:DLRYF
CARLYLE COMMODITIES CORP. (CSE:CCC, FSE:BJ4, OTCQB:DLRYF) (“Carlyle” or the “Company”) is
pleased to announce that is has completed its Phase 1 diamond drill program at its 100% owned
Newton Gold Silver Project near Williams Lake, British Columbia. The Newton Gold Silver Project is a
low sulphide epithermal system. The system remains open in multiple directions, within a highly
prospective land package that is workable year-round.
The Company’s Phase 1 diamond drill program was intended to test high priority targets with aims of
increasing both tonnage and ounces of the Company’s current National Instrument 43-101 -
Standards of Disclosure for Mineral Projects (“NI 43-101”) pit-constrained inferred mineral resource
estimate (for further information, see the technical report entitled “Technical Report on the Updated
Mineral Resource Estimate for the Newton Project, Central British Columbia, Canada” dated effective
June 13, 2022, available on www.sedar.com and at www.carlylecommodities.com (the “Technical
Report”)). The initial focus tested a key zone of felsic volcanic host rock that is outside of the current
pit-constrained inferred mineral resource estimate with the intention of discovering a new zone of
mineralization, particularly at depth below the current inferred resource. For further clarity, the
current inferred resource is primarily hosted in the felsic volcanic units at Newton (see the Technical
Report for further information).
The main objective of drill hole #1 (N23-089) and drill hole #3 (N23-091) was to test continuity and
dip of the well mineralized main felsic domain, which remains open at depth below approximately
500 meters of historical drilling. Carlyle successfully completed drill hole #1 by drilling to a depth of
1,001 meters directly through the current inferred resource and extending to untested sections of
the felsic domain at depth. Visual reports indicate that much of the host rock encountered
throughout the entire 1,001 meters of drill length encompasses the felsic volcanic unit, which
historically hosted much of the gold and silver mineralization within the current inferred resource
(see the Technical Report for further information). Drill hole #3, which ran 764 meters, tested the
same felsic domain at depth and ended 170m south of drill N23-89. The drill site was collared 75m
due north from drill N23-089 and drilled southwestward through the deposit and into the untested
felsic domain. The Company expects that assay results from its Phase 1 diamond drilling program will
enhance the Company’s current understanding and modelling of the trend of the mineralized zone
at depth below the current inferred resource, and ultimately expand the overall size of the deposit.
Figure 1 – Drill Site N23-091
Drill hole #2 (N23-090) tested the southern boundary of the current inferred resource and went to a
depth of 251 meters. The objective of drill hole #2 was to test the southern contact between the felsic
and epiclastic volcano-sedimentary units where a series of faults create an irregular boundary of the
mineralized domain.
Mr. Morgan Good, Chief Executive Officer commented: “We are excited to have completed our first
phase of diamond drilling at Newton so efficiently, testing depths that have historically been untested
at the Project. Modelling has indicated several mineralized felsic domains that expand well outside of
the current inferred resource, providing potential for discovery of new zones of mineralization. The
initial three drill holes tested beyond the depth of the current inferred resource by approximately 250-
500 meters in some cases, most of which cut through the targeted felsic volcanic unit host rock. Carlyle
is optimistic that the results from these three initial holes will tell a whole new story at Newton.”
Table 1 – Drill Collars UTM Zone 10N
Hole Easting Northing Elevation Azimuth Dip Length
N23-089 457500 5738701 1269 270 -65 1001
N23-090 457498 5738588 1254 267 -78 251
N23-091 457497 5738775 1275 220 -69 764
Figure 2: East – West section displaying open mineralized felsic volcanic domains with the traces of N23-089 and
N23-091. Hole 091 is drilling SW and is 170m southward (in front in image) of 089.
Figure 3: Quartz sericite altered felsic volcanics with disseminated and
vein controlled pyrite – marcasite sulphides. These are select small sections of the core within the felsic volcanic
units that were intercepted being shown here for demonstrative purposes.
From Top:
1: N23-091 198.90 – 202.48m (Qtz-ser altered felsic volcanics)
2: N23-091 395.64 – 400.05m (Qtz-ser altered felsic volcanics)
3: N23-091 598.39 – 602.50m (Qtz-ser altered sediments)
The Carlyle technical team demobilized from camp upon completion of Phase 1 Drilling. All of the
core samples have been submitted and received at Bureau Veritas Commodities Canada Labs, located
in Vancouver, BC. The Company expects to receive the assay results from its first 1,001 meter drill
hole N23-089 over the coming couple of weeks. Assay results from the remainder of the Phase 1
drilling program are expected on or around the end of Q1 2023.
Quality Assurance/Quality Control (QA/QC)
Carlyle Commodities has applied a rigorous quality assurance/quality control program at the Newton
Project using best industry practice. All core was logged by a geoscientist. The Newton drill core was
drilled at NQ diameter . The drill core was split in half using a core saw and each sample half was placed
in a marked sample bag with corresponding sample tag then sealed. The remaining half core is retained
in core boxes that are stored in a secure facility. Chain of custody of samples was recorded and
maintained for all samples from the drill to the laboratory.
All diamond drilling sample batches included 5% QA/Q C samples consisting of certified blanks,
standards, and field duplicates. Multiple certified ore assay laboratory standards and one blank standard
were used in the process. Samples were submitted to Bureau Veritas British Columbia, an independent
ISO 9001: 2008 certified lab, for gold, silver and base metal analysis using Inductivity Coupled Plasma
(ICP), and Fire Assay (FA) methods.
Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and
pulverizing the split to better than 85% passing 75 microns. Gold was analyzed using a 30-gram fire assay
and ICP-AES.
Qualified Person
Jeremy Hanson, P.Geo. and a Qualified Person for purposes of NI 43-101, has reviewed the scientific
and technical information that forms the basis for this news release and has approved the disclosure
herein. Historical information contained in this news release has not been verified by Mr. Hansen and
cannot be relied upon.
About Carlyle
Carlyle is a mineral exploration company focused on the acquisition, exploration, and development
of mineral resource properties. Carlyle owns 100% of the Newton Project in the Clinton Mining
Division of B.C. and is listed on the CSE under the symbol “CCC”.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CARLYLE COMMODITIES CORP.
“Morgan Good”
Morgan Good
President and Chief Executive Officer
For more information regarding this news release, please contact:
Morgan Good, CEO and Director
T: 604-715-4751
W: www.carlylecommodities.com
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the
meaning of applicable Canadian securities laws. All statements in this news release, other than statements of
historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or
expectations of future performance, including without limitation, statements regarding the assay results from the
Phase 1 drill program at the Newton Project, including the expected timing for the Company to receive such results
and the Company’s expectation that such results will support the discovery of a new zone of mineralization and
ultimately expand the overall size of the deposit, are forward-looking statements and contain forward-looking
information. Generally, forward-looking statements and information can be identified by the use of forward-looking
terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “should” or “would” or occur. Forward-looking statements are based on
certain material assumptions and analysis made by the Company and the opinions and estimates of management as
of the date of this press release, including that the assay results from the Phase 1 drill program will be received within
the timelines anticipated and that such results will improve the Company’s current inferred mineral resource estimate
as anticipated. These forward-looking statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance, or achievements of the Company to be
materially different from those expressed or implied by such forward -looking statements or forward-looking
information. Important factors that may cause actual results to vary, include, without limitation: that the assay
results from the Phase 1 drill program will be not be received within the timelines anticipated or at all, or that such
results will not improve the Company’s current inferred mineral resource estimate as anticipated or at all; general
business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory,
political, and competitive developments; and other risks outside of the Company’s control. Further, the ongoing
COVID-19 pandemic, labour shortages, high energy costs, inflationary pressures, rising interest rates, the global
financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting
current economic conditions and increasing economic uncertainty, which may impact the Company’s operating
performance, financial position, and future prospects. Although management of the Company has attempted to
identify important factors that could cause actual results to differ materially from those contained in forward-looking
statements or forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward-looking information. These forward-looking
statements are made as of the date of this news release and, unless required by applicable law, the Company assumes
no obligation to update these forward-looking statements.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for
the adequacy or accuracy of this release.