Sep 17 2013
Carlin Gold Corporation is pleased to report that it has initiated a core drilling program on its Cortez Summit property, Eureka County, Nevada.
The program will consist of entering and deepening one or two of the reverse circulation holes completed in 2012 on the west side of the Property and is designed to test deeper parts of the stratigraphic section. The two existing holes are vertical and are 1500 feet (457 m) and 1760 feet (536 m) deep. Approximately 1500 foot (457 m) deepening extensions are planned. The 2012 reverse circulation drilling confirmed Carlin-type geology, alteration and geochemistry in the limited area tested, and encountered Carlin-type pathfinder elements in six of the seven holes drilled. One of the deeper holes penetrated and bottomed in a 300 foot (90 m) interval of variably laminated calcareous siltstones. Carlin geologists have tentatively assigned this calcareous unit to the Devonian Horse Canyon Formation, which overlie the rocks believed to host the bulk of gold mineralization at Barrick Gold Corporation’s neighboring new Goldrush discovery. Goldrush lies less than a mile from the southwest corner of the Property.
Cortez Summit is centrally located in Eureka County on the Cortez Trend, in the middle of what has become the most active gold exploration area in Nevada. The Property consists of 142 100%-owned unpatented claims located in the southern Cortez Mountains between the historic Buckhorn and Horse Canyon mines. The east edge of the Property lies 2/3 mile (1 km) west of the Buckhorn mine, and the west edge of the Property lies 1.5 miles (2.5 km) east of the Horse Canyon mine. Barrick’s Cortez Hills operation (11 million oz gold pre-production reserve/resource) lies 4 miles (6.4 km) west of the Property. Goldrush has grown rapidly since the initial announcement on September 7, 2011 which stated a 3.5 million ounce inferred resource with a grade of 0.123 oz per ton gold (4.2 grams/tonne). As at December 31, 2012, the estimated resources reported by Barrick stood at 14.1 million ounces, with a grade of 0.129 oz per ton gold (4.4 grams/tonne). The resource is open in several directions. Barrick has statedthat the geology at the new discoveries is similar to its other deposits in the district. Barrick has announced that they are advancing the project through prefeasibility and has stated that a number of development options are being considered (Barrick Q2 2013 report).