Carlyle Commodities Corp (CSE:CCC, OTC:DLRYF) announced it has completed its Phase 1 diamond drill program at its 100%-owned Newton gold-silver project near Williams Lake, British Columbia and is awaiting assay results.
The company said the drill program was intended to test high-priority targets with the aims of increasing both the tonnage and ounces of the company’s current National Instrument 43-101 - Standards of Disclosure for Mineral Projects pit-constrained inferred mineral resource estimate.
The initial focus tested a key zone of felsic volcanic host rock that is outside of the current pit-constrained inferred mineral resource estimate with the intention of discovering a new zone of mineralization, particularly at depth below the current inferred resource, Carlyle said.
READ: Carlyle Commodities arranges non-brokered private placement for gross proceeds of up to $250,000
Carlyle CEO Morgan Good said the company was excited to have completed its first phase of diamond drilling at Newton so efficiently, testing depths that have historically been untested at the project.
“Modelling has indicated several mineralized felsic domains that expand well outside of the current inferred resource, providing potential for discovery of new zones of mineralization,” Good said.
“The initial three drill holes tested beyond the depth of the current inferred resource by approximately 250 to 500 meters in some cases, most of which cut through the targeted felsic volcanic unit host rock.
“Carlyle is optimistic that the results from these three initial holes will tell a whole new story at Newton."
Carlyle Commodities is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties.
Contact the author at emily.jarvie@proactiveinvestors.com
Find her on Twitter @emilyjjarvie