Toronto, ON - May 22, 2008 - Carlisle Goldfields Limited (the "Company" or "Carlisle") has received the results of an initial NI 43-101 compliant resource estimate for the McLellan Gold Project near Lynn Lake Manitoba containing Measured and Indicated resources of 932,000 tonnes @ 6.81 g/t gold (Au) and 11.4 g/t silver (Ag) and an Inferred resource of 904,000 tonnes @ 7.16 g/t Au and 11.4 g/t Ag.
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
The purpose of this resource estimate was to:
- Delineate the project resources taking into account previous historic drilling and a more recent 2007 drilling program.
- Identify areas where Inferred resources can potentially be upgraded to Indicated with additional drilling.
- Identify areas where the resource can be expanded.
Diamond drill data from a total of 428 surface and 810 underground drill holes were utilized for the resource calculation of which 41 are new holes completed in the 2006-2007 drilling program. The drilling to date was conducted on an approximate 15 metre section spacing. Drilling prior to 2006 was undertaken by LynnGold Resources. Grade interpolation was undertaken with the inverse distance cubed estimation method. The McLellan deposit remains open down dip to the north.
The resource estimate prepared on the McLellan Deposit included silver and combined it with Au as Au Equivalent (AuEq). Details of the resources residing on the McLellan Deposit are shown in Table 1. below.
Table 1: Resource Estimate @ 3.5 g/t AuEq** Cut-Off Grade.
|
Classification |
Tonnes |
Au (g/t) |
Ag (g/t) |
AuEq** (g/t) |
Au (oz) |
Ag (oz) |
AuEq ** (oz) |
|
Measured |
187,000 |
6.86 |
10.6 |
7.04 |
41,200 |
63,400 |
42,300 |
|
Indicated |
745,000 |
6.80 |
11.6 |
7.00 |
163,000 |
277,900 |
167,800 |
|
Meas. & Ind. |
932,000 |
6.81 |
11.4 |
7.01 |
204,200 |
341,300 |
210,100 |
|
Inferred |
904,000 |
7.16 |
11.4 |
7.36 |
208,000 |
330,900 |
213,700 |
** The AuEq grade was calculated from metal prices of Au US$710/oz and Ag US$13.69/oz with respective recoveries of 95% and 85%. The calculated Au:Ag ratio was 58:1
Readers are cautioned that:
- 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.
- The quantity and grade of reported Inferred Resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource. It is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
For the purposes of reporting, the resource was defined using April 30, 2008 24 month trailing average metal prices of US$710/oz Au, US$13.69/oz Ag and a US exchange rate of $0.93. Operating costs of CDN$50/tonne for mining, CDN$25/tonne for processing/tailings management and CDN$10/tonne for G&A combine for a total of CDN$85.00/tonne. Process recoveries of 95% for Au and 85% for Ag along with the CDN$85/tonne total operating cost yield a cut-off grade of approximately 3.5 g/t AuEq.
The resource update was prepared by Independent Qualified Persons, Eugene Puritch, P.Eng., Dr. Wayne Ewert, P.Geo. and Tracy Armstrong, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario and Peter Karelse, P.Geo. of PK Geologic Services Ltd. The resource estimate reviewed original assay certificates from core samples, check samples, and Mr. Puritch collected his own verification samples on two site visits in 2006 and 2007. It is the authors' opinion that the data have been adequately verified for the purposes of an NI 43-101 resource estimate and all historic and current data were found to be reliable, with an acceptable level of precision. An updated NI 43-101 resource estimate technical report will be issued within 45 days of this press release.
Samples were prepared and assayed at TSL Laboratories, Saskatoon, Saskatchewan. Gold and silver were assayed with fire assay and AAS or gravimetric finish. Reference materials were inserted by Carlisle geologists as part of a comprehensive quality assurance/quality control program.
This news release has been reviewed and approved for dissemination by Stephen Mlot, P.Eng., President of Carlisle Goldfields Limited, who is the Qualified Person responsible for verification and quality assurance of the company's exploration data and analytical results.
Carlisle Goldfields Limited is encouraged by the results of the NI 43-101 Compliant Resource Estimate and is currently continuing work to advance the McLellan Project, with further drilling currently underway. The Company views the determination of Measured and Indicated resources as positive for the property given that exploration drilling first commenced only 18 months ago. The quantity of Inferred resources, and the fact that the resource exists between surface and 450 metres depth also suggests that there is potential for additional resources to be developed at depth, as drilling in 2007 returned mineralized intersections at depths below 600 metres.
About Carlisle
Carlisle Goldfields Limited (TSX: CGJ) is a Canadian based gold exploration and development company. Carlisle is focused on its group of mining leases and claims in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares. Included in the Land package are the formerly producing BT and Farley lake Open Pit Mines as well as the underground MacLellan Mine. These properties produced approximately 433,000 ounces of gold and 1,308,000 ounces of silver were produced between 1986 and 1999. This large land holding contains a number of other known Gold occurrences which require additional exploration. Additional details about Carlisle and its projects can be viewed on the Company's website at www.carlislegold.com.
For further information please contact:
Stephen G. Mlot, President
Carl J. McGill, Director
Telephone: (416) 368-0028
Fax: (416) 703-3695
info@carlislegold.com
Renmark Financial Communications Inc.
Neil Murray-Lyon : nmurraylyon@renmarkfinancial.com
Jen Power : jpower@renmarkfinancial.com
Media - Eva Jura : ejura@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
Forward-Looking Statements
This press release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact included herein, including without limitation, statements regarding exploration results, future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX and the Canadian Securities Commissions. Not to be construed as an offer to buy or sell securities of this Company. Readers are advised to discuss all of their stock purchases with a registered securities b roker or personal finance professional prior to investing.
