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.
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