VANCOUVER, Dec. 5, 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 (the "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.
Diamond drill hole 17COLDDH03 intersected 0.65 g/t Au over 34.65
meters from 158.00 meters to 192.65 meters. This intercept
includes 1.03 g/t Au over 6.65 meters from 186.00 meters to 192.65
meters. The anomalous zones appear to be associated with
locally intense quartz carbonate veinlets and ferruginous argillic
zones, which are likely related to fault zones within andesitic
breccias and tuffs. All intervals are oxide.
Diamond drill hole 17COLDDH04 was drilled from the same pad as
17COLDDH03 but at a 15-degree steeper angle (-75 degrees).
Hole 17COLDDH04 intersected 4.65 g/t Au over 7.20 meters from 6.70
meters to 13.90 meters. This zone correlates well to a
historic vertical hole (TCC-90), which is located approximately 4
meters to the east that intersected 2.7 g/t Au over 10
meters. However, this shallow zone was not intersected in
hole 17COLDDH03 (located approximately 3 meters west of 17COLDDH04)
indicating the zone either pinched out or is offset by post mineral
faulting.
Similar mineralization was encountered in a trench located
approximately 8 meters to the south of hole 17COLDDH04.
Column tests on material from this trench conducted at the La
Trinidad Mine's onsite lab indicate the material has the potential
for similar gold recoveries as the material currently being
processed from the Taunas pit.
The geology in 17COLDDH04 is similar to the geology of the
abovementioned trench. Gold grades appear to be related to
argillic ferruginous zones with silicified clasts associated with
low angle structures in andesitic volcanics and volcaniclastics
that are locally intensely fractured and/or brecciated. All
intervals are oxide.
Akiba Leisman, Executive Chairman
and Interim CEO states that "the ability to process the near
surface material intersected in hole 17COLDDH04 through the
existing heap leach pad and ADR plant at La Trinidad bodes well for the potential
extension of mine life. Additionally, areas of altered gold
bearing zones deeper at Colinas continue to indicate the presence
of a larger hydrothermal auriferous system that is only beginning
to be tested."
The table below summarizes the significant intercepts drilled by
Marlin at Colinas that are discussed in this press release.
Drill Hole
(1)
|
From
(m)
|
To
(m)
|
Length (m)
(2)
|
Au
(g/t)
|
17COLDDH03
|
158.00
|
192.65
|
34.65
|
0.65
|
17COLDDH04
|
6.70
|
13.90
|
7.20
|
4.65
|
(1)
|
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.
|
(2)
|
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.
About Marlin
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.