Highlights (see Table 1 and Figures 1-4)
- Drill hole TRC-2, which was drilled from the northwest to the southeast, has intercepted multiple mineralization styles while displaying excellent continuity over the entire interval as follows:
- 646.0 metres @ 0.81 g/t gold equivalent from 19.5 metres depth including:
- 301.5 metres @ 1.01 g/t gold equivalent from 19.5 metres downhole (19.1 metres vertical depth)
- 301.5 metres @ 1.01 g/t gold equivalent from 19.5 metres downhole (19.1 metres vertical depth)
- 646.0 metres @ 0.81 g/t gold equivalent from 19.5 metres depth including:
- TRC-2 bottomed in mineralization with the final 11.05 metres averaging 0.98 g/t AuEq
- Drill hole TRC-3 was drilled from the east to the west from a separate pad to TRC-2. The hole cut two intervals of continuous mineralization with a post mineral dyke in between that is expected to be limited in dimensions based on surface mapping. Assay results for this hole are as follows:
- 159.75 metres @ 1.04 g/t gold equivalent from 86.80 metres downhole (44 metres vertical depth) including:
- 47 metres @ 2.25 g/t gold equivalent from 188 metres downhole (133 metres vertical depth)
- 47 metres @ 2.25 g/t gold equivalent from 188 metres downhole (133 metres vertical depth)
- 72.7 metres @ 0.77 g/t gold equivalent from 359.35 metres downhole (286 metres vertical depth)
- 159.75 metres @ 1.04 g/t gold equivalent from 86.80 metres downhole (44 metres vertical depth) including:
- The Trap porphyry target has been traced by rock and soil sampling over a large area measuring 2 kilometres by 2 kilometres. Reconnaissance drilling to date has outlined mineralization only over a small portion of the target area measuring 340 metres along strike (in a SE-NW direction) by 170 metres across by up to 687 metres vertically and remains open in all directions.
- Mineralization at Trap is hosted predominantly in a quartz diorite unit with two styles of late stage CBM sheeted veins overprinting a gold-copper mineralized porphyry system (magnetite and minor chalcopyrite). The core for both holes is heavily altered with sericite indicating that drilling to date likely has only covered the shallow elevation of this porphyry system.
- Drilling at Trap is expected to resume in the coming days. The next hole will be drilled steeper to test for continuity of mineralization at depth and see if the porphyry system alteration transitions from the current sericitic phase to the potassic phase.
Table 1: Assay Results for TRC-2 and TRC-3
Hole # | From | To | Length | Au | Ag | Cu | Mo | AuEq |
TRC-2 | 19.50 | 665.50 | 646.00 | 0.71 | 6 | 0.02 | 0.001 | 0.81 |
incl | 19.50 | 321.00 | 301.50 | 0.84 | 7 | 0.04 | 0.003 | 1.01 |
and incl | 385.60 | 477.30 | 91.70 | 0.96 | 4 | - | - | 1.00 |
TRC-3 | 86.80 | 246.55 | 159.75 | 0.69 | 15 | 0.07 | 0.004 | 1.04 |
Incl | 188.00 | 235.00 | 47.00 | 1.68 | 28 | 0.12 | 0.003 | 2.25 |
and | 359.35 | 432.05 | 72.70 | 0.61 | 6 | 0.04 | 0.003 | 0.77 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%) x 11.62 x 0.85) utilizing metal prices of Cu – |
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Founded by the team that developed and sold
The Company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company's near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol "CNL" and on the OTCQX under the trading symbol "CNLMF".
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in
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