VANCOUVER, Nov. 27, 2017 /CNW/ - Marlin Gold Mining Ltd. (TSX-V: MLN) ("Marlin" or the "Company") is pleased to announce positive drill results from the Colinas target area ("Colinas") less than 1 kilometer from the Taunus pit within the permitted mining boundary at the wholly owned La Trinidad gold mine in Sinaloa, Mexico ("La Trinidad Mine").
The drilling at Colinas has focused on an area that is amenable to open pit mining along a southeast trending structural corridor, which is interpreted to be an extension of the structure that controls gold mineralization in the Taunus pit.
The current projection of this structure near Colinas is now 100 meters to the west of previous interpretations, resulting in a large area that has not been tested. Results of the surface mapping and current drill program indicate that the area is structurally complex with low angle faults, possibly thrusts, as well as high angle normal faults. Anomalous gold has been identified over a significant vertical extent, indicating the limits of the hydrothermal system that developed gold mineralization at the Taunus pit have not been determined.
These drill results are considered to be significant since they are essentially blind intercepts along a projected structural corridor under post mineral cover and indicate the presence of a larger hydrothermal auriferous system.
Akiba Leisman, Executive Chairman and Interim CEO states that "this is a watershed moment for the La Trinidad Mine. Following up on an extensive review of geochemistry, geophysics, surface mapping and trenching at Colinas, we were able to hone in on an additional and potentially significant gold zone within our permitted mining boundary. In fact, the Colinas target area is a shorter haul distance to our processing infrastructure than where we are currently mining within the Taunus pit. The first two holes at Colinas, of which the first was abandoned mid-hole, have returned multiple high grade intercepts, highlighted by 10.57 g/t Au over 6.00 meters in hole 17COLDDH02. Most importantly, drilling thus far is suggesting that the gold-hosting structural corridor needs to be reinterpreted 100 meters to the west, leaving large areas of prospective ground untested."
Diamond drill hole 17COLDDH01 was drilled to confirm results of a historic reverse circulation drill hole, however the diamond hole was lost due to difficult drilling conditions at 151.65 meters prior to its final proposed depth of 250 meters. The hole was lost in a fault / fracture zone with the last assay interval from 150.00 meters to 151.65 meters assaying 1.3 g/t Au.
In addition to the reportable intercept of 0.61 g/t Au over 11.65 meters in 17COLDDH01, the diamond hole intersected 12.2 g/t Au over 1.95 meters at 132 meters downhole; however, the subsequent interval of anomalous gold did not meet our reporting criteria. If this anomalous interval is included with the 12.2 g/t Au at 132 meters, the 19.65 meters interval from 132.00 meters to 151.65 meter would average 0.99 g/t Au, which is comparable to the reverse circulation hole 08TRRC016 that averaged 1.37 g/t Au over 20 meters from 128.00 meters to 148.00 meters (see press release dated March 3, 2008). The deeper 14-meter interval of hole 08TRRC016 from 182.00 meters to 196.00 meters at 1.98 g/t Au was not intersected by diamond hole 17COLDDH01 since the hole was lost at 151.65 meters.
The anomalous zones appear to be associated with quartz carbonate veinlets and ferruginous argillic zones, which are likely fault zones within andesitic breccias and tuffs. All intervals are oxide.
Diamond drill hole 17COLDDH02 was drilled approximately 50 meters to the southeast of hole 17COLDDH01. The hole intersected 10.57 g/t Au over 6.00 meters from 194.00 meters to 200.00 meters, which includes a high-grade 2-meter sample at 20.9 g/t Au. The other two samples in the interval were 0.84 g/t Au and 9.97 g/t Au. This interval is preceded by an anomalous interval of 0.15 g/t Au over 5.75 meters and a reportable interval of 0.86 g/t Au over 7.03 meters. If all three intervals are combined, the 18.78 meters intercept from 181.22 meters to 200.00 meters averages 3.73 g/t Au.
The geology in 17COLDDH02 is similar to the geology of 17COLDDH01 with gold grades related to argillic ferruginous zones with silicified clasts, and quartz carbonate veins in andesitic volcanics and volcaniclastics that are locally intensely fractured and/or brecciated. All intervals are oxide.
The table below summarizes the significant intercepts in the first two holes drilled by Marlin at Colinas.
Drill Hole (1)
Length (m) (2)
Significant intercept defined as a minimum assay of 0.3 g/t Au over a minimum 6-meter interval with no more than 2 meters of internal dilution below 0.3 g/t Au.
True widths of the intercepts are not known, they will require additional drilling to determine the orientation of the auriferous zones.
A map of the Colinas target area that includes the location the drill holes discussed in this press release can be viewed by clicking HERE.
Dr. Matthew D. Gray. C.P.G., of Resource Geosciences Incorporated, which oversees, directly or indirectly, the Company's exploration programs in Mexico and Arizona, a Qualified Person under the definitions of CSA NI 43-101, has supervised the preparation of the information that forms the basis for the scientific and technical disclosure in this news release.
Notes on Sampling and Assaying
Drill core was continuously sampled from inception to termination of the drill hole. Sample intervals were typically two meters. Drill core diameter was HQ (6.35 centimeters). Geologic and geotechnical data was captured into a digital database, core was photographed, then one half split of the core was collected for analysis and one half was retained in the core library. Samples were kept in a secured logging and storage facility until such time that they were received on site by representatives of Bureau Veritas Commodities Canada Ltd. ("Bureau Veritas"). Sample preparation was done in the Durango facilities of Bureau Veritas and pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion, 30 gram aliquot, AAS finish, with samples reporting greater than 10 grams per tonne gold re-assayed by fire assay fusion with gravimetric finish. Controls samples consisting of duplicates, standards, and blanks were inserted into the sample stream and analytical results of control samples confirmed reliability of the assay data.
Marlin is a growth-oriented gold and silver mining company focused on the Americas. The company owns three properties located in Mexico and the USA and a portfolio of royalties. Marlin's priority is to profitably operate its La Trinidad Mine, conduct further exploration on its other projects and enhance shareholder value through growth of its wholly owned subsidiary, Sailfish Royalty Corp. Marlin is backed by a well-funded investor with a successful track record in the resources sector. The La Trinidad Mine in Sinaloa, Mexico declared commercial production on November 1, 2014 and is one of the highest-grade open pit heap leach gold mines in Mexico.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward‐looking information
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation statements relating to: the receipt of assay results; the anticipated access to mineralized material at the Taunus Pit; the timing of certain drilling programs; the anticipated uses of the Increased Facility; and the completion of the Arrangement. These forward-looking statements are necessarily based upon a number of estimates and assumptions that are based on management's expectations and considered reasonable at the time they are made, including among others: that work proceeds in accordance with the timing and scope anticipated by management; that the Company will obtain all necessary court, shareholder and regulatory approvals for the Arrangement; that the Company will be able to complete the Arrangement as expected; that the SpinCo Shares will be accepted for listing on the TSX-V; that the Company will hold the Meeting on or about December 14, 2017; and that the Company will complete the acquisition of the TZ Royalty concurrently with the Arrangement. Investors are cautioned that all forward-looking statements are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold; the risk that the Company is unable to obtain all necessary court, shareholder and regulatory approvals for the Arrangement as and when expected or at all; the risk that the Company is unable to complete the Arrangement as expected or at all; the risk that the Company fails to hold the Meeting when expected; the risk that the Company may not close the acquisition of the TZ Royalty as expected or at all; and other risks and uncertainties, including those described in the Company's annual management's discussion and analysis filed on SEDAR at www.sedar.com. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release. Unless required by law, Marlin has no intention to and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Marlin Gold Mining Ltd.
For further information: Akiba Leisman, Executive Chairman and Interim CEO, Marlin Gold Mining Ltd., Telephone: 203-862-7059, E-mail: [email protected]