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Carlisle Goldfields Announces Positive Drilling Results from its Farley Lake Mine Project, including 10 Metres Grading 5.1 g/t Au

Mar 19 2013 12:00AM

Marketwire

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TORONTO, ONTARIO -- (Marketwire) -- 03/19/13 -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX: CGJ), announces new results from its 2012 drill program at its Farley Lake Mine Project, highlighted by drill hole FL12-08, which showed 10 metres (m), from 60 to 70 m, grading 5.1 g/t Au (grams per tonne of gold). Exploration and drilling work at Farley Lake was completed in December 2012. An initial NI 43-101 compliant resource estimate is expected in Q2 2013.

Bruce Reid, President and CEO of Carlisle commented, "The latest set of results confirms our belief that Farley Lake has great potential with an attractive grade. We are encouraged that Farley Lake shows mineralization from surface down which is similar to the rest our projects in the Lynn Lake Camp."

----------------------------------------------- Drill From To Interval Au GradeHole(i) (m) (m) (m)(ii) g/t-----------------------------------------------FL12-04 137 140 3 3.54----------------------------------------------------------------------------------------------FL12-05 148 149 1 1.34----------------------------------------------------------------------------------------------FL12-08 60 70 10 5.1----------------------------------------------------------------------------------------------FL12-10 151 153 2 9.11----------------------------------------------------------------------------------------------FL12-11 70 77 7 7.35 --------------------------------- 97 99 2 3.05 --------------------------------- 119 121 2 1.44 --------------------------------- 157 159 2 2.09----------------------------------------------------------------------------------------------FL12-12 106 109 3 1.57 --------------------------------- 113 115 2 7.33 --------------------------------- 160 164 4 3.84----------------------------------------------------------------------------------------------FL12-13 155 157 2 1.89----------------------------------------------------------------------------------------------FL12-14 83 87 4 1.34 --------------------------------- 89 90 1 6.17 --------------------------------- 93 103 10 1.7 --------------------------------- 105 109 4 1.52 --------------------------------- 136 140 4 1.29 --------------------------------- 143 145 2 11.56 --------------------------------- 153 154 1 10.36 --------------------------------- 165 166 1 2.19----------------------------------------------------------------------------------------------(i)Drill Results highlighted and sub results use an arbitrary cut-off grading of 0.5 g/t Au(ii) Orebody geometry has yet to be determined, but true width is estimated to be 80% of core length



About Farley Lake Mine Project: The Farley Lake Mine Project ("Farley Lake") is located approximately 35 km east of the Town of Lynn Lake. The project was well drilled during the 1980s and 90s. The Farley Lake Mine was put into production as an open pit. 1,707,000 tonnes were mined at a grade of 4.23 g/t recovering 213,124 oz gold.

Historically, the project has been extensively drilled. The Company commenced a 25 hole drill program on the project in June 2012. This deposit differs from the Company's other deposits in that it hosted in a Pre-Cambrian sedimentary iron formation. The iron formation in the Farley Lake area is 6 km long by 600 m wide (Milligan, 1960) and is predominantly composed of an oxide facies iron formation that is intercalated with clastic sediments (Dahlstrom, 1949; Milligan, 1960).

The oxide facies iron formation consists of interbedded laminae of magnetite, chert and layers of chlorite, and amphibole. The oxide facies iron formation hosts several zones of gold mineralization. They occur as lens-shaped deposits within and subparallel to alteration zones characterized by silicification, chloritization and sulphidization; both the deposits and the alteration zones are oblique to layering. The gold and sulphide bearing iron formation consists of interbedded pyrrhotite/magnetite and chert laminae. Minor amounts of pyrite and silicate minerals are also present. The proportion of pyrrhotite in individual pyrrhotite/magnetite laminae ranges from less than 5% up to 90% and contains small isolated grains of gold in the cavities of the silicate matrix and within pyrrhotite and magnetite grains (Manitoba Mineral Resources, internal report). Traces of gold and sulphides also occur in quartz veins within the iron formation, argillite, mafic volcanics and quartz diorites.

About Carlisle Goldfields Limited

Carlisle Goldfields Limited is a Canadian-based gold exploration and development company, focused on development of its mining leases and claims in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares which include the former MacLellan Gold mine and two other former producing gold mines as well as numerous other historically identified Gold Zones all within close distance of the town of Lynn Lake.

In March 2012 (see News Release dated March 13, 2012), Carlisle announced an updated Resource Estimate on its MacLellan Gold Project in Lynn Lake, Manitoba. This included Open Pit and Underground Resources in the Measured and Indicated Categories having increased to 32.4 million tonnes containing 2,018,100 ounces of AuEq at an average grade of 1.94 g/t AuEq (1.9 g/t Au and 4.4g/t Ag). The pit-contained Measured and Indicated categories of 29.9 million tonnes contain 1.7 million ounces of AuEq at an average grade of 1.8g/t AuEq (1.7 g/t Au and 4.4g/t Ag). The current Measured and Indicated Categories represent 94% of this total resource estimate.

In September 2012 (see News Release dated September 24, 2012), Carlisle announced its initial Burnt Timber Project Inferred Resource estimate totaling 23,438,000 tonnes containing 780,500 ounces of gold ("Au") at an average grade of 1.04 grams per tonne ("g/t"). The Indicated Resource is estimated to be 1,021,000 tonnes containing 45,900 ounces of gold at an average grade of 1.40 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 170 metres from surface.

In January 2013 (see News Release dated January 15, 2013), Carlisle announced its initial Linkwood Project Inferred Resource estimate totaling 21,004,000 tonnes containing 783,000 ounces of gold ("Au") at an average grade of 1.16 grams per tonne ("g/t"). The Indicated Resource is estimated to be 984,000 tonnes containing 37,000 ounces of gold at an average grade of 1.16 g/t. The Company's new resource estimate used a 0.4 g/t cut off to a depth of 160 metres from surface.

In March 2013 (see News Release dated March 07, 2013), Carlisle announced its initial Last Hope Project Inferred Resource estimate totaling 1,067,000 tonnes containing 182,000 ounces of gold ("Au") at an average grade of 5.75 grams per tonne ("g/t"). The Indicated Resource is estimated to be 201,000 tonnes containing 37,000 ounces of gold at an average grade of 5.75 g/t. The Company's new resource estimate used a 2.0 g/t cut off.

QA/QC

Carlisle's exploration programs are carried out under the supervision of Peter Karelse, P.Geo., Vice-President of Exploration, who is also a Qualified Person as defined by NI 43-101 with more than 30 years of experience in gold exploration and development. All technical information contained in this news release has been reviewed and approved by Peter Karelse, P.Geo.

Samples were transported directly in secure containers from the Carlisle Goldfields site in Lynn Lake, Manitoba, to the TSL Laboratories in Saskatoon, Saskatchewan. TSL, which is an accredited ISO/IEC 17025 lab, assayed the samples using standard fire assay methods with a gravimetric finish. Certified standards are placed in the sample stream at a rate of one standard per 20 samples. Certified blanks are placed in the sample stream at a rate of one blank every 40 samples.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Company's shares and other securities have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.

Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-looking statements", including the establishment and estimate of resources, that involve various known and unknown risks and uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, Carlisle expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

To view the figures associated with this press release, please visit the following links:

Image 1: http://media3.marketwire.com/docs/CGJimage1.pdf

Image 2: http://media3.marketwire.com/docs/CGJimage2.pdf

Neither IIROC nor the TSX accepts responsibility for the adequacy or accuracy of this release.



Contacts:
Carlisle Goldfields Limited
Carl McGill
Vice President, Corporate Development
416-278-8406
cmcgill@carlislegold.com

Carlisle Goldfields Limited
Nicholas Konkin
Investor Relations
416-642-0869 ext. 353
nkonkin@buickgroup.com

Carlisle Goldfields Limited
2702 - 401 Bay Street
Toronto, Ontario, Canada
info@carlislegold.com
www.carlislegold.com





Source: Marketwire


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