Carlisle Announces Option Agreement on Johnson & Johnson Property
TORONTO, June 13, 2013 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited
("Carlisle" or the "Company") (TSX:CGJ) is pleased to announce that it has
successfully reached an agreement to option the Johnson & Johnson Property
(the "J&J Property") near Lynn Lake, Manitoba. The J&J Property, located along
the Johnson Shear due west of Carlisle's Linkwood Project, completes
Carlisle's Dunvegan Zone land package.
Carlisle's President and CEO, Bruce Reid commented that: "We are pleased to
add the Johnson & Johnson Property to our exploration portfolio. It is the
last piece of the puzzle to completing the Dunvegan Zone. This property is an
area of significant and strategic interest to Carlisle as it is located in the
heart of the Johnson Shear where the Company has already had great success
with the Burnt Timber and Linkwood Projects. We look forward to unlocking the
potential value we believe this property holds."
Under the terms of the option agreement, Carlisle has agreed to incur an
aggregate of $2,000,000 of exploration expenditures on or before June 1, 2016,
make three annual cash payments of $100,000 upon signing and $100,000 on or
before June 1, 2014 and June 1, 2015 and a final cash payment of $2,000,000 on
or before June 1, 2016. The vendor has reserved a net smelter return royalty
of 2.5% of which one half may be purchased for $1,250,000 to reduce the
royalty to 1.25%.
The J&J Property is located approximately 10 km south of Lynn Lake, Manitoba
and 4 km west of Carlisle's Burnt Timber and Linkwood Projects along strike on
the Johnson Shear. Historical geophysics and drilling on the J&J Property
identified three areas of mineralization called the Foster Chopper Veins, the
Austin Vein and the Johnson Vein.
The J&J Property was previously drilled during the 1980s. Historical drill
data on the Foster Chopper Veins includes Hole F87-7 which intersected 0.082
ounces of gold per ton ("opt Au") and 0.10 oz of silver per ton ("opt Ag")
over 19.5 feet [2.8 grams of gold per tonne ("g/t Au") and 3.4 grams of silver
per ton ("g/t Ag") over 5.9 metres ("m")]. Hole F88-7 intersected 0.049 opt Au
and 0.05 opt Ag over 20.5 feet [1.7 g/t Au and 1.7 g/t Ag over 6.3 m] and
0.058 opt Au as well as 0.03 opt Ag over 23.0 feet [2.0 g/t Au and 1.0 g/t Ag
over 7.0 m].
Carlisle plans to begin IP geophysics on the J&J Property later in 2013.
All technical information contained in this news release has been reviewed and
approved by Peter Karelse, P.Geo. a Qualified Person as defined under NI
About Carlisle: Carlisle Goldfields Limited is a Canadian‐based gold
exploration and development company focused on development of its Lynn Lake
Gold Camp in the Lynn Lake Greenstone Belt of Northern Manitoba, covering
approximately 20,000 hectares, which includes 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
The Lynn Lake Gold Camp has five NI 43-101 compliant resource estimates
containing 2.75 M oz of Gold in the Measured and Indicated Categories and 2.28
M oz of Gold in the Inferred Category.
Resource MacLellan Burnt Last Farley Combined
Project Category Mine Timber Linkwood Hope Lake Projects
Measured 15,010,000 - - - - 15,010,000
Tonnes Indicated 17,374,000 1,021,000 984,000 201,000 5,914,000 25,494,000
Inferred 1,898,000 23,438,000 21,004,000 1,067,000 4,364,000 51,772,000
Measured 2.08 - - - - 2.08
Grade Indicated 1.82 1.40 1.16 5.75 3.21 2.13
Inferred 2.01 1.04 1.16 5.29 2.87 1.37
Contained Measured/ 2,018,000 46,000 37,000 37,000 610,000 2,748,000
Ounces of Indicated
Inferred 127,000 781,000 783,000 182,000 403,000 2,276,000
Further details including technical reports are available on SEDAR
To view an image of the Carlisle Goldfields Property Location Map, please
This press release shall not constitute an offer to sell or solicitation of an
offer to buy the securities in any jurisdiction.The Company's shares and
other securities have not been and will not be registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States absent an applicable exemption from the registration requirements.
Except for statements of historical fact contained herein, the information in
this press release may constitute "forward-looking information" within the
meaning of Canadian securities law.Other than statements of historical fact,
all statements are "forward-Looking Statements", including the establishment
and estimate of resources, that involve various known and unknown risks and
uncertainties and other factors.There can be no assurance that such
statements will prove accurate.Results and future events could differ
materially from those anticipated in such statements.Readers of this press
release are cautioned not to place undue reliance on these "forward-looking
statements".Except as otherwise required by applicable securities statutes or
regulation, Carlisle expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new information,
future events or otherwise.
Neither IIROC nor the TSX accepts responsibility for the adequacy or accuracy
of this release.
CONTACT: CARLISLE GOLDFIELDS LIMITED
2702 - 401 BAY STREET
TORONTO, ONTARIO, CANADA
416-642-0869 ext. 353 or email@example.com
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