Barrick Commences Drill Program at Carlin Gold’s Cortez Summit Property
Barrick Commences Drill Program at Carlin Gold’s Cortez
Summit Property
VANCOUVER, British Columbia, June 06, 2017 (GLOBE NEWSWIRE) -- Carlin Gold Corporation (TSX
Venture:CGD), ("Carlin" or the “Company”) is pleased to announce Barrick Gold Exploration ( “Barrick”) has
commenced drilling on Carlin ’s Cortez Summit property (the “Property”), Eureka County, Nevada. The
Company entered into an Exploration and Earn -In agreement with Barrick on Cortez Summit in November
2016. Under the terms of this agreement, Barrick has the right to earn a 70% interest in the Property by
making expenditures totaling US$5 million by December 31, 2020, of which US$500,000 is a firm
commitment to be completed by September 1, 2017. Upon expenditure by Barrick of US$5 million, a limited
liability company will be formed to own the Property with membership interests owned 70% by Barrick and
30% by Carlin. Carlin retains a 2% net smelter return royalty in addition to its 30% interest.
Barrick has collared their initial core hole in an area that Carlin geologists refer to as the Fourmile
structural zone in the southwest section of the Property. This target area has been defined on Carlin lands
and adjacent Barrick property by geological, geochemical and alteration information generated by mapping
and sampling. Shallow drilling by the Company of upper plate rocks and geophysical surveys indicate that
the target structural zone projects under post -mineral cover rocks.
Wayne Livingstone, Carlin ’s President and CEO, states “This drilling program is testing an excellent Carlin -
style structural, stratigraphic, and geochemical target in a setting adjacent to known large gold deposits
with high grade mineralization. This is an opportunity for the Company to have this exciting target drill
tested and to advance the project with Barrick as a partner. ”
About Cortez Summit
Cortez Summit is located within 1 kilometer of Barrick ’s 11.5 million ounce Goldrush resource, of which 9.6
million oz grading 9.6 grams per tonne (gpt) are reported to be in the measured and indicated category
(Barrick 2016 Q4 Report). Cortez Summit is contiguous with Barrick claims on all sides and on the west
boundary adjoins the Fourmile exploration target area described by Barrick in its February 22, 2016 News
Release. Here, the Property’s potential was further augmented as a result of two high grade holes drilled in
2015 at Barrick ’s Fourmile target north of their Goldrush resource located adjacent to Carlin ’s Cortez
Summit property. Barrick states that these holes have encountered mineralization “well above the average
grade of the indicated and inferred resources at Goldrush ”, for example 14.3 meters(m) grading 31.7 gpt
and 5.8m grading 49.6 gpt (Barrick Feb. 22, 2016 news release). Barrick ’s Fourmile success represents a
different mineralization style than at Goldrush; although still hosted in similar lower plate stratigraphic units,
it is within the contact metamorphic zone adjacent to the Mill Canyon stock. Barrick points out similarities in
mineralization style to the Deep Star and Deep Post deposits on the Carlin Trend (Barrick Investor Day
webcast presentation, Feb. 22, 2016). The high grade mineralization encountered by Barrick within the
contact metamorphic zone is a positive development for the Company because this contact metamorphic
zone is present on the Property and represents an additional attractive target for this drill program.
In addition to the classic, passive, Carlin -type replacement style mineralization displayed at other deposits
in the area, Cortez Summit also has excellent potential for hosting higher grade and more structurally
controlled mineralization in calc -silicate altered rocks within the metamorphic aureole of the Mill Canyon
stock. Much of this target is blind, being covered by Miocene -age post -mineral basaltic andesite and
interlayered gravels. A major structural feature that Carlin geologists refer to as the Fourmile structural
zone trends for 1,370 m (4,500 ft.) within the western part of the Property, and extends an additional 6.5
kilometers (4 miles) on Barrick property to the Crescent Valley range front (Barrick 2016 Q4 webcast).
Barrick has mapped surface alteration and detected geochemical anomalies for the length of this extension
beyond Cortez Summit (Barrick 2016 Q4 webcast), which is consistent with what Carlin geologists have
encountered on the west side of the Property. The Fourmile structural zone represents a high -quality
target for classic Carlin -style mineralization where it intersects the favorable carbonate stratigraphy.
Additional prospective northwest -trending structural zones are located parallel and east of the Fourmile
zone, although covered by the post -mineral Miocene basalt/gravel sequence.
The Company ’s 100% owned Cortez Summit Property consists of 142 unpatented claims centrally located
on the Cortez Trend, in what is currently one of the most active gold exploration areas in Nevada. The
Cortez Trend contains a major gold endowment that exceeds 50 million oz. total gold produced, reserves
and resources (Nevada Bureau of Mines and Geology annual mineral reports, Barrick annual reports).
Production in 2016 at Barrick ’s Cortez district operations was reported to be 1.05 million ounces of gold at
an all -in sustaining cost (AISC) of US$518 per oz (Barrick Q4 2016 Report). Barrick has advanced its
Goldrush project though the prefeasibility stage, and envisions annual underground production of 450,000
oz at average AISC of US$660/oz. Barrick contemplates a mine life of 21 years with production beginning
as early as 2021. The permitting process is scheduled to commence in 2018 (ref: Barrick news release
Feb. 15, 2017), and permits to begin construction of the twin exploration declines have been received
(Barrick 2016 Q4 webcast).
About Carlin
In addition to Cortez Summit, Carlin owns two additional properties in northern Nevada, both of which
represent Carlin -type gold targets. The JDS property consists of 77 100% owned unpatented claims
located in Eureka County, approximately 13 miles southeast of Cortez Summit. The Willow property
consists of 89 100% owned unpatented claims located in northeast Nevada, northwest of the Long Canyon
gold discovery in the Pequop Mountains, owned by Newmont Mining Corporation. The Company also
controls, in a 50 -50 joint venture with Constantine Metal Resources, Ltd., over six hundred square
kilometers of claims covering precious metal and base metal targets in the Selwyn Basin, Yukon.
K. Wayne Livingstone, President and Chief Executive Officer
Notes:
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 accuracy of this news
release.
The statements contained herein reflect the views of Carlin and may not reflect the views of Barrick or its
affiliates.
Robert Thomas CPG, Vice President of Carlin and a qualified person as defined by Canadian National
Instrument 43-101, has reviewed and approved the technical information contained in this news release on
behalf of Carlin.
Forward looking statements: This news release includes certain “forward-looking information ” within the
meaning of Canadian securities legislation and "forward -looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements"). ”
Forward-looking statements include predictions, projections and forecasts and are often, but not always,
identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, "forecast", “expect”,
"potential", "project", "target", "schedule", budget" and “intend” and statements that an event or result
“may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes
the negatives thereof. All statements other than statements of historical fact included in this news release
are forward -looking statements that involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and future events could differ materially
from those anticipated in such statements
Forward-looking statements are based on a number of material factors and assumptions. Important factors
that could cause actual results to differ materially from Carlin ’s expectations include availability of capital
and financing in connection with future private placements, actual exploration results from the Cortez
Summit project, changes in project parameters as plans continue to be refined, results of future resource
estimates, future metal prices, availability of capital and financing on acceptable terms, general economic,
market or business conditions, uninsured risks, regulatory changes, defects in title, availability of
personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in
receiving government approvals, unanticipated environmental impacts on operations and costs to remedy
same, and other exploration or other risks detailed herein and from time to time in the filings made by the
Company with securities regulators. Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ from those described in forward -looking statements,
there may be other factors that cause such actions, events or results to differ materially from those
anticipated. In making the forward -looking statements, the Company has applied several material
assumptions including, but not limited to, the assumption that the proposed exploration and earn -in
agreement with Barrick will proceed as planned. There can be no assurance that forward -looking
statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on
forward-looking statements.
K. Wayne Livingstone,
President and Chief Executive Officer
Telephone: (604) 638 -1402
Website: www.carlingold.com