(via Thenewswire.ca)
Vancouver, British Columbia - Carlin Gold Corporation (TSX Venture, CGD), ("Carlin" or the "Company") is pleased to provide an update and review of its 100% owned Cortez Summit property, which consists of 142 claims located on the Cortez trend in Nevada. Yesterday Barrick announced two new gold discoveries, Red Hill and Goldrush, on property adjacent to the Cortez Summit claims. The closer Red Hill discovery is reported to contain 3.5 million ounces of gold at a grade of 0.123 oz/ton. One of the better holes at Red Hill contains 194 feet grading 0.90 ounces per ton gold, and is located 2,000 meters south-southwest of the Cortez Summit claims. Barrick states that the geology is similar to its other deposits in the district. Barrick's operating Cortez Hills mine is located 6.5 kilometers west of the Cortez Summit claims.
The Company's primary focus at Cortez Summit is for Carlin-style mineralization in a geological setting similar to that at the Cortez Hills mine and the Red Hill discovery. Several untested drill targets have been defined at Cortez Summit and a drill permit application is in progress. An untested conceptual structural and stratigraphic target exists in the upper limestone and Horse Canyon members of the Wenban Formation at depth in proximity to north-south trending structural zone on the west side of the property that may represent the northward projection of important structural features at the Red Hill discovery. Much of this target is blind, being covered by post-mineral gravel and basaltic andesite. Sampling along this structural zone has yielded gold values of 447 and 263 ppb on the west edge of the property in altered Horse Canyon rocks. The most favorable area to test the target concept is in the southwest portion of the property in the vicinity of the west side north-south structural zone and/or Red Hills fault zone structures.
The Cortez gold trend exceeds 29 million ounces total gold produced, reserves and resources. Production at Barrick's Cortez district's 2010 operations is reported to be 1.14 million ounces of gold, which included the start of production at Cortez Hills. The two new discoveries illustrate that this significant gold district continues to contain excellent potential for growth.
About Carlin
Carlin is a gold exploration company focused in Nevada and Yukon. Carlin owns 100% of three properties in Nevada, including the Cortez Summit property, all of which represent Carlin-type gold targets.
The JDS property is 12 miles southeast of Cortez Summit along the southeast extension of the Cortez gold trend near the southernmost Paleozoic carbonate window in the trend. The property is covered by late Tertiary sedimentary rocks and alluvium. Drill targets have been defined by gravity and mercury-gas geochemistry. Drill permitting will be initiated shortly.
The Willow property is located in northeast Nevada, northwest of the new Long Canyon gold discovery in the Pequop Mountains, which is part of the recently completed Newmont Mining Corporation acquisition of Fronteer Gold Inc., a $2.3 billion transaction.
Carlin and Constantine Metal Resources Ltd. (TSXV: CEM) have formed a 50/50 Joint Venture to explore gold targets in Yukon Territory, Canada. The JV has acquired 4,967 mineral claims that total approximately 375 square miles, in 12 project blocks.
The JV is currently completing a sampling intensive field program which has provided first pass coverage over the properties, and has identified follow-up areas for drill target evaluation. These include the recently announced 6.5 kilometer long, 300-1,200 meter wide coincident gold and arsenic anomaly defined by soil sampling and supported by rock samples of up to greater than 10 gpt gold. Evaluation of this anomaly and gold anomalies on other JV properties is in progress, and is designed to identify drill targets for the 2012 field season. Additional acquisitions in the Yukon are being evaluated.
"K. Wayne Livingstone"
K. Wayne Livingstone, President and Chief Executive Officer
Telephone: (604) 638-1402
Website: www.carlingold.com
Note:
Robert Thomas CPG, Vice President for Carlin Gold Corporation and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release on behalf of Carlin Gold Corporation.
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 release, including, without limitation, statements regarding timing and completion of the proposed private placement, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Carlin 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 the proposed private placement, regulatory approval, actual exploration results, 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. 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.
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 release.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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