This morning Carlyle Commodities Corp. (CSE: CCC) announced they have received assay results from their third and final drill hole in their Phase 1 drill program at their 100% owned Newton Gold-Silver Project in British Columbia.
The drill hole intercepted 613.9 meters of consistent, well-mineralized bulk tonnage mineralization grading 0.53 g/t Au, 1.93 g/t Ag. The company discovered higher-grade intercepts close to the surface and at depth, which they believe confirms that mineralization extends well below the current inferred mineral resource depth limits. They also stated that the results suggest that the Newton Project system may be larger than previously understood, with the potential for resource expansion.
The goal of the Phase 1 drill program was to confirm the Newton Project’s potential to expand the current inferred mineral resource with highly prospective and untested zones in the surrounding area. Near-surface higher-grade intercepts confirmed in the third drill hole will be a focus of the phase 2 drilling strategy, which will aim to locate additional near-surface higher-grade mineralization.
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The project contains numerous highly prospective targets that the company believes have not been adequately followed up on, with historical drilling indicating mineralization potential in various directions.
The CEO of Carlyle, Morgan Good, stated that the company is thrilled to have confirmed such consistency and continuity of the main felsic volcanic domain to a depth below the known limits of the inferred mineral resource. He added that there are various higher-grade zones close to the surface, which leads the company to believe there may be a higher-grade zone of interest to target early in the phase 2 drill program.
Shares of Carlyle last traded at 15c on the CSE at the time of publishing.
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