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VANCOUVER, Jan. 30, 2017 /CNW/ - Marlin Gold Mining Ltd. (TSX-V: MLN) ("Marlin" or the "Company") is pleased to report drilling results from its first nine core holes at its wholly owned and newly consolidated Commonwealth silver and gold project in Cochise County, Arizona (the "Commonwealth Project").
Six of the holes (16CDDH01/03-04/07-09) were twins of historical drill holes designed to both confirm the historical drilling, as well as to accumulate enough core material to conduct comprehensive metallurgical testing. Management is working to improve the engineering and design of the Commonwealth Project's flow sheet and potentially enhance the 34% silver recoveries (versus 79% for gold) using a conventional three-stage crushing and agglomeration heap leach process as estimated by the April 2014 NI 43-101 Technical Report and Preliminary Economic Assessment. Until silver recoveries are proven to be higher, we will report significant intersections using gold equivalent ("AuEq") values at a silver to gold ratio of 160:1.
Two of the holes (16CDDH05-06) were designed to obtain assay and geologic data from areas lacking drill data and to test a gold rich mineralized zone in the footwall of the North Vein fault that bounds the main resource area. This footwall zone has only been tested by one other hole, CSG002 drilled in 2011, which intersected 1.67 g/t gold and 23 g/t silver over 8.30 meters in siltstones. 16CDDH05 and 06 were 40 meter and 100 meter step-out holes, respectively, along strike from the CSG002 intercept and successfully demonstrated continuity of this zone. 16CDDH06 intersected 2.91 g/t gold equivalent over 25.80 meters, including 5.78 g/t gold equivalent over 9.90 meters. True mineralized widths are estimated to be 80% of the drill intercepts. The strike and downdip dimensions of this zone are not yet defined by drill data and are therefore both open. Click HERE for a cross section that highlights drill hole 16CDDH06.
All holes drilled to date have been in oxide mineralization which can potentially be recovered through a heap leach process.
|
Drill Hole |
From (m) |
To (m) |
Length (m) |
AuEq (g/t) |
Au (g/t) |
Ag (g/t) |
|
16CDDH01 |
18.00 |
116.00 |
98.00 |
0.87 |
0.34 |
84 |
|
16CDDH03 |
56.00 |
71.00 |
15.00 |
0.68 |
0.42 |
41 |
|
and |
86.00 |
104.85 |
18.85 |
0.46 |
0.18 |
45 |
|
16CDDH04 |
21.00 |
38.00 |
17.00 |
0.54 |
0.23 |
48 |
|
and |
48.00 |
84.00 |
36.00 |
1.01 |
0.37 |
102 |
|
including |
76.00 |
82.35 |
6.35 |
2.27 |
0.89 |
220 |
|
and |
106.00 |
113.00 |
7.00 |
0.87 |
0.48 |
61 |
|
16CDDH05 |
28.00 |
34.00 |
6.00 |
0.39 |
0.10 |
46 |
|
and |
54.00 |
70.00 |
16.00 |
0.68 |
0.22 |
74 |
|
and |
131.20 |
149.55 |
18.35 |
1.01 |
0.83 |
29 |
|
16CDDH06 |
109.10 |
134.90 |
25.80 |
2.91 |
2.72 |
30 |
|
including |
125.00 |
134.90 |
9.90 |
5.78 |
5.46 |
51 |
|
16CDDH07 |
2.00 |
53.00 |
51.00 |
1.15 |
0.77 |
61 |
|
16CDDH08 |
21.10 |
39.00 |
17.90 |
0.66 |
0.25 |
66 |
|
and |
50.00 |
72.54 |
22.54 |
1.10 |
0.52 |
92 |
|
and |
79.24 |
86.15 |
6.91 |
1.26 |
0.68 |
92 |
|
16CDDH09 |
14.00 |
25.40 |
11.40 |
1.04 |
0.41 |
100 |
|
and |
30.00 |
75.28 |
45.28 |
1.26 |
0.56 |
113 |
|
including |
38.00 |
56.00 |
18.00 |
2.27 |
1.03 |
198 |
|
and |
118.00 |
126.00 |
8.00 |
0.49 |
0.29 |
32 |
|
and |
144.50 |
152.00 |
7.50 |
0.45 |
0.38 |
10 |
|
*Significant intersection defined as minimum gold assay of 0.3 g/t over minimum 6 meter interval with no more than 2 meter of internal dilution below 0.3 g/t. Gold equivalent ("AuEq") values at a silver to gold ratio of 160:1. 16CDDH02 was abandoned due to difficult drilling conditions. |
Dr. Matthew D. Gray. C.P.G., of Resource Geosciences Incorporated, a Qualified Person under the definitions of CSA NI 43-101, implemented and supervised industry standard QA/QC protocols for the Commonwealth drill sampling program including insertion of duplicate and reference standard samples. Dr. Gray has verified the reliability of the drill sampling results reported in this press release.
After receiving this data, all drilling has been redirected to follow up on these results, which could have a positive impact on the economics of the Commonwealth Project.
In addition, now that the Commonwealth Project is fully consolidated, we are commissioning a district-scale geochemistry and geophysics program to develop drill targets on the surrounding satellite targets. Management believes the approximately 3,500 acres of mineral rights and surface rights the Company privately owns is part of the same large hydrothermal system that includes the historical Commonwealth Mine, which produced 138,000 ounces of gold and 12 million ounces of silver from 1895 to 1942 according to the Arizona Department of Mineral Resources (Keith, 1973).
About Marlin Gold
Marlin is a publicly-traded gold and silver mining company with properties located in Sinaloa, Mexico and Arizona, USA. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through the growth of its wholly owned subsidiary, Sailfish Royalty Corp. The La Trinidad property in Sinaloa, Mexico, declared commercial production on November 1, 2014. A NI 43-101 mineral resource estimate and preliminary economic assessment for the La Trinidad mine and Commonwealth project can be found at www.sedar.com or at www.marlingold.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward‐looking information
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, the intended use of proceeds. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while based on management's expectations and considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: the risk that the anticipated effects of the equity financing may not result in the outcomes predicted by management, uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's current Annual Information Form filed on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Marlin Gold Mining Ltd.
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