Carlyle News Release - Carlyle Mobilizes Crew for Phase I Exploration Program
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News Release
Carlyle Mobilizes Crews for Phase 1 Exploration Program at The Cecilia
Gold-Silver Project in Sonora, Mexico
DATE: July 24th, 2020 CSE:CCC | FSE:1OZ | OTC:DLRYF
CARLYLE COMMODITIES CORP. (CSE:CCC, FSE:1OZ, OTC:DLRYF) (“Carlyle” or the “Company”) is pleased
to announce that it has mobilized crews for Phase 1 of its 2020 exploration program at the 7,739 hectare
Cecilia Gold-Silver Project located in the State of Sonora, Mexico. The property is optioned from Riverside
Resources Inc (TSXV: RRI), (OTCQB: RVSDF) (FSE: R99) with business terms announced last week with the
signing of Definitive Agreement and now the Phase 1 exploration program outlined. The property is well
located in the highly metal endowed northern part of Sonora state gold -silver belt with nearby mining
operations including Cananea Copper Mine and Santa Gertrudis Gold Mine.
Phase 1 Exploration Program
The Phase 1 exploration program has been designed to refine targeting at Cerro Magallanes which is a
large rhyolite flow dome complex, host of several historic workings and multiple high -grade gold mineral
occurrences. Additionally, the program will focus on expanding knowledge on the sedimentary hosted
mineralized targets, including to-date a total of five gold-mineralized areas. The program will consist of:
• Property scale mapping to better identify mineralized targets over a district scale project;
• A detailed structural mapping study focused on the primary dome target Cerro Magallanes to
better understand the structural controls of mineralization;
• Processing and interpretation of Aster data , which will lead to a better understanding of the
alteration signatures across the district;
• Surface sampling including rock and soil sampling over the multiple targets to further focus
targeting in preparation for Phase 2;
• A geophysical survey consisting of 10 line kilometers of IP centered over the sedimentary hosted
anomalies identified outside of the dome target , road rehabilitation and pad building to support
a maiden drill program to commence immediately following the Phase 1 program.
This program is expected to take approximately 5 weeks to complete and will ultimately culminate in a
Phase 2 diamond drilling prog ram that will test the Cerro Magallanes target once pads and other
infrastructure is complete, materials needed for the Phase 2 drilling are at site and the results of Phase 1
work has been integrated. The exploration work will be managed by Riverside Resources who have
extensive infrastructure, knowledge and logistical support in the area and will begin a COVID adjusted and
managed program. Previous work by Riverside Resources on the project is summarized in reports with
information available at Riverside’s website and Carlyle is now taking that data and expanding on
Riverside’s findings with detailed sampling ahead of the Phase 2 work program.
Morgan Good, Chief Executive Officer of the Company, stated: “One of the main attractions of The Cecilia
Gold-Silver Project and partnering with such a technically sound team like Riverside was its ‘Turnkey’
nature. The fact we can get to work immediately after entering into this deal is a game changer . The
Riverside team have been the main operators for many international companies over the past decade and
maintain an active office and program that is well staffed and has the working continuity for the Cecilia
project. Riverside and Carlyle ha ve a good alignment of shared goals for testing t argets, finding large
mineralized systems and a business structure which favors collaborative efforts. Mobilizing today signals
an important milestone and sets the stage for the launching of our maiden drill campaign once we get the
results back and the drilling aspects in place.”
About The Cecilia Property
The Cecilia Gold Project is a district scale gold and silver low sulfidation epithermal system centered on
multiple mineralized rhyolitic flow-dome complexes and is located 40 km southwest of the Mexico-U.S.A.
border town of Agua Prieta in Sonora, Mexico. The project is directly accessible by well -maintained dirt
roads from Sonora highway 17. Mineralization is related to structures of N30W and N70E with high grades
of gold assayed at the intersection of these structures. One of the workings at the Cerro Magallanes dome
returned high grades up to 133.7 g/t Au and 335 g/t Ag1. In addition to the rhyolite domes the underlying
sedimentary Cabullona group and Paleozoic limestone provide an environment for replacement style
mineralization at depth. Current deposit model type for Cec ilia are SSR Mining’s Pitarrilla deposit and
Fresnillo’s San Julian deposit, which contain 526 million oz Ag (Measured + Indicated 2) and over 230
million oz Ag respectively. The mineralization hosted at the Pitarrilla or San Juan projects is not necessarily
indicative of mineralization hosted on the Company’s property.
1 See RRI press release dated June 6, 2017
2 See SSR website, ssrmining.com
Qualified Person & QA/QC
The scientific and technical data contained in this news release pertaining to the Cecilia Project was
reviewed and/or prepared under the supervision of Freeman Smith, P.Geo., a non -independent
qualified person to Riverside Resources Inc. who is responsibl e for ensuring that the geologic
information provided in this news release is accurate and who acts as a “qualified person” under
National Instrument 43-101 Standards of Disclosure for Mineral Projects.
All of Riverside's rock samples were analyzed at the Hermosillo and Vancouver laboratories of Bureau
Veritas where gold content was determined by fire assaying with atomic adsorption finish and ICP-mass
spectrometry was used to analyze for 45 other elements. For quality control purposes, three standard
samples and one 'blank' sample were included with the batch of 91 field samples.
About Carlyle
Carlyle is a mineral exploration company focused on the acquisition , exploration and development of
mineral resource properties including its Option to earn a 100% interest in the Cecilia Gold-Silver Project
in S onora, Mexico . The Company also wholly owns the Star , Porcher, Peneece and Blackie Fe -Ti-V
properties located along tidewater in western British Columbia and has an option to earn a 100% interest
in the promising Sunset property located in the Vancouver Mining Division near Pemberton , British
Columbia. Carlyle is based in Vancouver, British Columbia, 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
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 news release contains forward -looking statements and forward -looking information (collectively, “forward-
looking statements”) within the meaning of applicable Canadian legislation. All statements in this news release that
are not purely historical are forward -looking statements and include statements regarding beliefs , plans,
expectations and orientations regarding the future including, without limitation, the exercise of the Option (and the
transactions contemplated thereby, including payment of the Option Payments and incurring the Expenditures), and
plans for further exploration of the Property are forward -looking statements. Although the Company believes that
such statements are reasonable and reflect expectations of futu re developments and other factors which
management believes to be reasonable and relevant, the Company can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”,
“anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or
variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results
that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this
news release , the Company has applied several material assumptions , including without limitation , that it and
Riverside will obtain any necessary third p arty approvals for the Option Agreement and exercise of the Option
pursuant thereto, that the results of the work to be conducted on the Property will be satisfactory and warrant
exercise of the Option, market fundamentals will result support the viability of gold mineral exploration, the receipt
of any necessary permits , licenses and regulatory approvals in connection with the future development of the
Property, the availability of the financing required for the Company to carry out its planned future activities, to retain
and attract qualified personnel and the ability of the Company to exercise the Option.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to differ materially from any future results, performance
or achievements expressed or implied by the forward -looking information. Such ris ks and other factors include the
inability of the Company to exercise the Option , execute its proposed business plans , and carry out planned future
activities. The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and
immeasurable. Other factors may also adversely affect the future results or performance of the Company, including
general economic, market or business conditions, future prices of gold, changes in the financial markets and in the
demand for gold, changes in laws, regulations and policies affecting the mineral exploration industry, risks related to
the acquisition of the Property and the Company ’s investment and operation in the mineral exploration sector in
Canada and abroad, as well as the risks and u ncertainties which are more fully described in the Company ’s annual
and quarterly management’s discussion and analysis and other filings made by the Company with Canadian securities
regulatory authorities under the Company’s profile at www.sedar.com. Readers are cautioned that forward-looking
statements are not guarantees of future performance or events and , accordingly, are cautioned not to put undue
reliance on forward-looking statements due to the inherent uncertainty of such statements.
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 the forward -looking statements or to update the reasons why
actual results could differ from those projected in these forward-looking statements.
Historical information contained in this news release cannot be relied upon as the Company ’s Qualified Person, as
defined under NI 43-101 has not prepared nor verified the historical information.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts
responsibility for the adequacy or accuracy of this release).