TORONTO, ONTARIO -- (Marketwire) -- 01/15/13 -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX: CGJ)(OTCQX: CGJCF) is pleased to announce its Linkwood Deposit initial resource estimate totaling 783,000 ounces of gold (Au) in the inferred category grading 1.16 g/t. In addition the Linkwood Deposit resource estimate has an Indicated resource of 37,000 ounces of gold also grading 1.16 g/t.
Carlisle's President and CEO, Bruce Reid commented that: "The addition of the Linkwood resource estimate provides considerable gold ounces to our total Lynn Lake Gold Camp resource base. Both Burnt Timber and Linkwood have proven that there is significant upside for development and future exploration along strike on the Johnson Shear. We will follow up on known historical gold zones west along the Johnson Shear from the Linkwood deposit in 2013."
---------------------------------------------------------------------------- Tonnes Au Grade g/t Contained Au Ounces----------------------------------------------------------------------------Indicated 984,000 1.16 37,000----------------------------------------------------------------------------Inferred 21,004,000 1.16 783,000----------------------------------------------------------------------------1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to the Indicated or Measured mineral resource category.3. The mineral resources in this press release were estimated using the inverse cubed grade interpolation method and the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions adopted by CIM Council.4. The gold price used was the August 31, 2012 two year trailing average of US$1,555/oz with a process recovery of 95%. The US$ exchange rate was $1.00.5. Process costs used were C$15/tonne and G&A was C$4/tonne. Open pit mining costs were C$3.25/tonne for mineralized material and C$2.50/tonne for waste. Open pit slopes were 50 degrees.6. The Company's initial resource estimate used a 0.4 g/t cut-off grade.
In 2012, Carlisle launched a 25 hole drill program on the Linkwood deposit. The Linkwood deposit is located along strike approximately 4 km west of the Burnt Timber Project along the Johnson Shear. Both projects show similar east-west strike and 45-55 degree dip to the North. The Linkwood Deposit was essentially re-discovered by the company using IP geophysics in early 2012. The project was originally identified and partially outlined by drilling in the 1980's by Sherritt Gordon.
