Carlyle Commodities Corp (CSE:CCC, OTCQB:CCCFF) said it has commenced its Phase 2 drilling program at its 100%-owned Newton Gold Project near Williams Lake in British Columbia.
Vancouver-based Carlyle said the program, designed to explore high-priority targets, aims to enhance understanding and potentially expand the current NI 43-101 inferred mineral resource calculation for the low sulphide epithermal system.
Carlyle's Phase 2 initiative will investigate near-surface targets, including geochemical gold anomalies, open mineralization, and mineralized volcanic and intrusive rocks from historical distal drilling.
"The company is feeling optimistic with its phase 2 drill strategy considering the various high-priority targets we have available to test," Carlyle CEO Morgan Good commented in a statement.
"A potential new discovery zone northwest of the current inferred NI 43-101 mineral resource calculation boundary is of keen interest, and timing of the current overall macro environment for gold only increases our enthusiasm for this program."
Vice President for Exploration Jeremy Hanson added: "We have several untested drill targets both nearby and distal to the Newton resource. Phase 2 drilling is going to focus primarily on the near-surface potential of higher-grade targets."
The Newton Gold Project, covering over 24,000 hectares, boasts an updated inferred pit-constrained mineral resource containing 861,400 ounces (oz) of gold and 4,678,000 oz of silver. The average grade stands at 0.63 grams per tonne (g/t) gold, with a cut-off of 0.25 g/t gold throughout 42,396,600 tonnes.
The deposit remains open in multiple directions with the potential for increased size, grade, and additional mineralized areas. The current inferred mineral resources occupy only approximately 7% of the area of an underlying broad-induced polarization (IP) anomaly.
The company said immediate areas for exploration include the south and southwest of the current inferred mineral resources, where historic drilling intercepted mineralized volcanics, and down-dip to the southwest, where mineralization remains open.
Carlyle aims to capitalize on the project's extensive potential, comparable to the Blackwater gold project of Artemis Gold Inc. Blackwater, located 185 km northeast of Newton, has a measured and indicated resource estimated at 11.7 million ounces of gold and 122 million ounces of silver.
Carlyle Commodities is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. The company owns 100% of the Newton Project in British Columbia’s Clinton Mining Division.
Contact the author at stephen.gunnion@proactiveinvestors.com