CARLYLE COMMODITIES CORP. (CSE:CCC, FSE:1OZA, OTC:DLRYF) (“Carlyle” or the “Company”) is pleased to announce the start of its first drilling program at the Cecilia Project has been slated for early February 2021. The work program will test the un-drilled San Jose structure on the Cerro Magallanes target where recent sampling returned values up to 48.3 g/t gold over 0.75 m at surface (out of 21 samples; see press release of November 18, 2020 and website shows video of the project). As project operator, Riverside Resources has planned a total of 6 drill holes designed to test down to roughly 250 m in depth between 2,200 m and 1,900 m elevation over the Cerro Magallanes rhyolitic dome. This target is one out of five major targets on the 7,000 hectares (70 sq. km) claim block in the prolific gold and copper mining region of northern Sonora, Mexico.
Carlyle’s President and CEO, Morgan Good, commented, “Carlyle is excited to report the 2021 kick-off of its initial drill campaign with its partner Riverside at the gold-silver Cecilia Project for early February. After several months of phase one exploration work, which returned excellent high-grade gold values from channel sampling not only confirming historical results, but it has given the Company the confidence it’s been seeking to maximize success while drilling the highest priority targets possible.”
Riverside’s President and CEO, John-Mark Staude, stated, “We are starting 2021 strong with an exciting drill program at the Cecilia Project. Recent exploration work has demonstrated the potential for high-grade gold mineralization at structural intersections namely the San Jose fault and the Agua Prieta structural corridor. Further work on the other target areas later this year can continue as well as progressing the Cerro Magallanes area.”
Recent underground sampling has returned positive results, which demonstrate the value of drill testing the area of Cerro Magallanes. Additionally, geophysical survey work, primarily Induced Polarization (IP) and magnetics have highlighted the targets already identified by the field crews (see press releases dated September 21, 2020 and November 18, 2020). This work shows the significance of the northwestern and northeastern structures as fluid migration paths. The intersection of structures is often where gold bearing fluids are concentrated and could lead to discoveries of high-grade zones. Carlyle and Riverside have planned the drilling program to target, at depth, the high-grade gold system that was identified at surface during its first-phase exploration program (see press release of June 6, 2017).
These drill results are expected to increase our knowledge on potentially larger targets related to the dome margin complex, a deposit type known for hosting multi-million ounces of gold and silver. Analogs include projects such as La Pitarrilla Deposit in Durango held by SSR Mining and San Julian Mine of Fresnillo. While the mineralization at Cecilia is predominantly gold-rich, the flow-dome related Ag-Pb-Zn(-Au) deposits of north-central Mexico represent important geological models for exploration at Cecilia. Drilling of these potential targets will be tested in subsequent drill programs.
Figure 1: 3D block diagram of the Cerro Magallanes rhyolite dome target, showing vertical magnetic processing and a long-section along the San Jose Target which is intersected by theLa Cueva/Agua
Prieta northeast trending fault zone.
Qualified Person & QA/QC
Harrison Cookenboo Ph.D., P.Geo., and a QP by the standards of Canadian National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Rock samples from the previous exploration programs discussed above at Cecilia were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
Carlyle is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to earn a 100% interest in the Cecilia Gold-Silver Project located in the State of Sonora, Mexico. Carlyle formed a strategic partnership with HDI and has formed a 50-50 joint venture with HDI affiliate United Mineral Services Ltd. on the Mack Project and has an option to earn a 50% interest in the Jake project, both located in B.C., as well owns 100% of The Newton Gold Project in the Clinton Mining Division of B.C. The Company also wholly owns the Star, Porcher, Peneece and Blackie Fe-Ti-V properties located along tidewater in western B.C. and holds an option to earn a 100% interest in the promising Sunset property located in the Vancouver Mining Division near Pemberton, B.C. Carlyle is based in Vancouver, B.C., and is listed on the Canadian Securities Exchange (“CSE”) under the symbol “CCC”.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CARLYLE COMMODITIES CORP.
Chief Executive Officer
For more information regarding this news release, please contact:
Morgan Good, CEO and Director
W: www.carlylecommodities.comCautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the exercise of the Company’s option on Cecilia Project, the expected results of the Program, and any plans for further exploration of the Cecilia Project. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will exercise its option on the Mack Project and form the joint venture with UMS (or its assigns), that the results of the work to be conducted on the Cecilia Project will be satisfactory to warrant further exploration, that market fundamentals will support the viability of gold and other precious mineral exploration of the Cecilia Project, the availability of the financing required for the Company to carry out its planned future activities, and the Company’s ability to retain and attract qualified personnel.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to exercise its option on the Cecilia Project, execute its proposed business plans, and carry out planned future activities. The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold or other precious metals, changes in the financial markets and in the demand for gold or other precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and risks related to the Company’s investments and operations in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company’s annual and quarterly management’s discussion and analysis and other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
Historical information contained in this news release cannot be relied upon as the Company’s Qualified Person, as defined under NI 43-101 has not prepared nor verified the historical information.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release).