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VANCOUVER, May 15, 2017 /CNW/ - Marlin Gold Mining Ltd. (TSX-V: MLN) ("Marlin" or the "Company") is pleased to report drilling results from its wholly owned Commonwealth silver and gold project in Cochise County, Arizona (the "Commonwealth Project").
Core hole 17CDDH26 intersected 1.56 g/t gold equivalent (0.83 g/t Au and 116 g/t Ag) using a 160:1 silver to gold ratio ("AuEq") over 102.5 meters (57.4 meters estimated true width). The hole was programmed as a twin to reverse circulation ("RC") hole E-9, drilled by DRX Inc. ("DRX") 6.5 meters away nearly 30 years ago. The grade x thickness profile of 17CDDH26 was over 2.5 times that of the 1980's RC hole.
Fourteen of Marlin's 27 core holes completed to date were programmed to confirm results of adjacent historic RC holes. Most core holes yielded results similar to the historic RC holes but importantly, several modern holes yielded significant intercepts far greater than the neighboring RC holes. Additional twin holes are being evaluated to confirm that a significant positive reconciliation between core and RC drilling exists. This is an important exercise as all historic RC holes were used in the calculation of the resource estimate in the April 2014 NI 43-101 Technical Report and Preliminary Economic Assessment.
Click HERE for a histogram comparing the individual gold and silver assays of core hole 17CDDH26 with that of DRX's E-9 RC hole assays.
It should also be noted that 17CDDH26 is the highest grade x thickness intercept in Commonwealth's 45-year drilling database, surpassing that of 17CDDH10, which hit 2.12 g/t AuEq over 55 meters (33 meters estimated true width). As is the case with 17CDDH26, the only existing drill data near 17CDDH10 was that of historic RC holes (see press release dated February 2, 2017).
Akiba Leisman, Executive Chairman and Interim CEO of Marlin states that, "the significance of 17CDDH26 cannot be overstated. We hit 1.56 g/t gold equivalent over an estimated 57.4 meters true width, and only 9.5 meters from surface. This is in an open pit and potentially heap leachable project. The positive reconciliation that we see in hole 17CDDH26, and other twin holes drilled to date, is hinting that the historic RC holes are potentially underestimating grade, which if proven true, may have a positive impact on the economics of the Commonwealth Project."
Additionally, core hole 17CDDH25 was designed to test the down-dip extension of the Footwall Zone. We are pleased to report that 17CDDH25 hit two significant intercepts in the down-dip extension of the Footwall Zone, both of which are interpreted to be true widths, of 0.98 g/t AuEq over 11.4 meters and 1.04 g/t AuEq over 16.5 meters.
Click HERE for a cross section that highlights drill hole 17CDDH25.
All holes drilled to date have been in oxide mineralization, which can potentially be recovered through a heap leach process.
See below for a summary table of newly released drill holes. Intercepts in bold intersected the Footwall Zone.
|
Drill Hole(1) |
From (m) |
To (m) |
Length (m) |
AuEq (g/t)(2) |
Au (g/t) |
Ag (g/t) | |
|
17CDDH25 |
108.70 |
153.00 |
44.30 |
1.08 |
0.64 |
71 | |
|
including(3) |
111.28 |
120.00 |
8.72 |
2.60 |
1.54 |
170 | |
|
and |
184.60 |
195.95 |
11.35 |
0.98 |
0.94 |
6 | |
|
and |
201.55 |
218.00 |
16.45 |
1.04 |
0.98 |
10 | |
|
17CDDH26(4) |
9.54 |
112.00 |
102.46 |
1.56 |
0.83 |
116 | |
|
including(3) |
9.54 |
28.00 |
18.46 |
2.10 |
0.95 |
191 | |
|
including(3) |
48.00 |
68.00 |
20.00 |
2.60 |
1.29 |
203 | |
|
including(3) |
75.89 |
92.60 |
16.71 |
2.60 |
1.87 |
123 | |
|
and |
118.00 |
124.00 |
6.00 |
0.56 |
0.25 |
50 | |
|
and |
166.00 |
172.25 |
6.25 |
0.48 |
0.47 |
2 | |
|
17CDDH27 |
27.00 |
33.00 |
6.00 |
1.02 |
0.30 |
115 | |
|
and |
40.00 |
48.00 |
8.00 |
0.70 |
0.27 |
69 | |
|
and |
64.00 |
96.00 |
32.00 |
0.44 |
0.26 |
29 | |
|
and |
101.35 |
107.70 |
6.35 |
0.91 |
0.75 |
26 | |
|
(1) |
Significant intercept defined as a minimum assay of 0.3 g/t AuEq over a minimum 6-meter interval with no more than 2 meters of internal dilution below 0.3 g/t AuEq. |
|
(2) |
Gold equivalent ("AuEq") values at a silver to gold ratio of 160:1. |
|
(3) |
Significant internal intercept defined as a minimum assay of 2.0 g/t AuEq over a minimum 6-meter interval with no more than 2 meters of internal dilution below 0.5 g/t AuEq. |
|
(4) |
Significant intercept criteria for hole 17CDDH26 was modified from all previously reported drill holes to properly account for the length of the intercept from 9.54 to 112.00 meters. For this intercept, a single 4-meter zone of internal dilution of 0.246 g/t AuEq, below the cutoff grade of 0.300 g/t AuEq, was included in the reported intercept. All other criteria remained the same. |
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 Project 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.
Notes on Sampling and Assaying
Drill core was continuously sampled from inception to termination of the drill hole. Sample intervals were typically two meters. All drill holes were started as large diameter PQ (8.5cm) core holes, and were reduced to HQ (6.35cm) only where drilling conditions required. Geologic and geotechnical data was captured into a digital database, core was photographed, then one half split of the core was collected for analysis and one half was retained in the core library. Samples were kept in a secured logging and storage facility until such time that they were received on site by representatives of Skyline Assayers and Laboratories ("Skyline"). Sample preparation and analysis of pulps was done in the Tucson, Arizona facilities of Skyline. Gold was analyzed by standard fire assay fusion, 30 gram aliquot, AAS finish, with samples reporting greater than 10 grams per tonne gold re-assayed by fire assay fusion with gravimetric finish. Controls samples consisting of duplicates, standards, and blanks were inserted into the sample stream and analytical results of control samples confirmed reliability of the assay data.
About Marlin Gold
Marlin is a growth-oriented gold and silver mining company focused on the Americas. The company owns two properties located in Sinaloa, Mexico and Arizona, USA and a portfolio of royalties. 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. Marlin is backed by a well-funded investor with a successful track record in the resources sector. The La Trinidad Mine in Sinaloa, Mexico declared commercial production on November 1, 2014 and is one of the highest-grade open pit heap leach gold mines in Mexico. 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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