Assays from the first drill hole conducted by Carlyle Commodities Corp (CSE: CCC) were released this morning, with the company reporting a significant interval of gold. The assays come from the firms Newton Gold-Silver Project, found near to Williams Lake, BC.
Highlights from the results include:
- N23-089: 689 metres of 0.51 g/t gold, 1.48 g/t silver from 18.0 metres depth
- Including 548 metres of 0.60 g/t gold, 1.75 g/t silver from 18.0 metres
- Including 448 metres of 0.67 g/t gold, 2.03 g/t silver from 18 metres
- Including 30 metres of 1.24 g/t gold, 1.61 g/t silver from 413 metres
The drill hole was conducted as a means of testing continuity of the main mineralized domain beyond a depth of 500 metres. Given the results, the company has indicated that the felsic domain “is much more extensive than previously understood.” As a result, the company believes that there are several opportunities to expand the current inferred resource estimate.
The current resource at the Newton project estimates 861,400 ounces of gold grading 0.63 g/t gold and 4,678,000 ounces of silver exist on an inferred basis within a pit-constrained model. Mineralization meanwhile currently has a footprint of 800 metres by 400 metres, and is defined by drilling to depths of 500 metres, with the majority of drilling not exceeding 300 metres. An IP anomaly meanwhile measuring 4 kilometres by 2 kilometres underlays the deposit.
The hole, drilled to a depth of 1,001 metres, is said to have confirmed continuity of the mineralized main felsic volcanic domain, and extended known mineralization by 345 metres beyond the current limits of the inferred resource. A higher grade zone was also discovered below the current resource.
“With our first drill hole we have confirmed that this system is open for potentially vast expansion. Drilling nearly 700 meters of over half a gram gold from near surface shows how continuous and deep this system is. Our team is thrilled with the success of this initial drill hole as it further demonstrates the size potential of the deposit,” commented CEO Morgan Good.
Carlyle Commodities last traded at $0.15 on the CSE.
FULL DISCLOSURE: Carlyle Commodities is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Carlyle Commodities on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.