Aug 5 2015
Carlisle Goldfields Limited announces the results of a quarterly feasibility update from joint venture partner Alamos Gold Inc.. These include interim results from an initial 4,841.2m of drilling in 38 holes on the 2015 feasibility-level Infill drill program at the Farley Lake Mine Project.
While several holes were also dedicated to condemnation testing of the modeled deposit margins, drill hole FL15-38 also intersected 16.4 g/t gold ("Au") over 9.3m between 212.0m to 221.8m downhole.
Carlisle's President and CEO, Abraham Drost commented that: "assays from the initial 38 holes from the feasibility infill drill program continue to showcase the Farley Lake Mine Project's considerable gold grade potential. Meanwhile infill drilling with three rigs has also commenced at the MacLellan Deposit. The forthcoming mineral resource update for both Farley Lake and MacLellan will support commencement of the formal Feasibility Study referenced in the April 28, 2015 feasibility study update."
Carlisle's partner Alamos Gold, as Operator, has a 25% interest in the Lynn Lake Joint Venture (LLJV) and has the right to increase its interest to 51% by spending CAD$20 million on the advancement of a Feasibility Study by November 10, 2017. Alamos may increase its interest in the LLJV to a maximum of 60% by delivering a compliant Feasibility Study within the same period.
The partners are also jointly funding a CAD$4 million Special Exploration program outside the Feasibility Study area in calendar 2015. Carlisle is the Operator of Special Exploration on the balance of the approximately 38,000 hectare LLJV land position.
To view the drill results table and maps associated with this release, please visit the following link: http://media3.marketwire.com/docs/CGJ830.pdf