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Carlyle Commodities, Riverside Resources Report High-Grade Gold Discovery In Mexico

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Carlyle Commodities, Riverside Resources Report High-Grade Gold Discovery In Mexico

Carlyle Commodities Corp (Pink: DLRYF), a partner of Hunter Dickinson, released the second batch of results Tuesday from its recent drill program in Sonora, Mexico.

What Happened: Together with its other partner Riverside Resources Inc. (OTCQB: RVSDF), Carlyle Commodities, a Vancouver-based mineral exploration company, reports seven additional anomalous intercepts in the last two drill holes of the Phase 1 drill program at its Cecilia Project.

The results include its first drill intercept of 3.3 meters of 3.37 grams per ton of gold with drill hole No. 6 into the North Breccia Target, and the second intercept of 3.05 meters of 0.67 grams per ton of gold with drill hole No. 7 into the Central Target.

Tuesday’s results follow Carlyle Commodities' April 15 announcement, when the company reported the intercept of 24.2 meters of 1.51 grams per ton of gold from only 2.3 meters downhole at its North Breccia Target and an intercept of 8.9 meters of 0.64 grams per ton of gold near the end-of-hole starting from 40.35 meters.

“Carlyle is excited to yet again receive positive drill results from the Cecilia Phase 1 campaign. Hole 6 returning high-grade gold with its intercept into the North Breccia target further confirms the presence of something potentially very exciting,” CEO Morgan Good said in a statement. 

Why It Matters: The evidence of mineralization, which follows faults, indicates the possibility that a major gold or silver deposit lays deeper beneath the surface.

Carlyle Commodities believes the system could be comparable to SSR Mining Inc’s (NASDAQ: SSRM) discovery of a deposit recording more than 526 million ounces of silver at its Pitarilla project, which is located 900 km northwest of Carlyle Commodities’ Cecilia project.

“All the efforts from field work to drilling have led to advanced interpretation, expectation and decreased risk moving forward for a future drill program. The drilling has found gold in structural controlled feeder zones which could continue and broaden to depth,” the company said in a press release.

What’s Next: Carlyle Commodities is on track with its exploration project and is planning further drilling strategies at its Cecilia project, as well as at six additional targets within the district.

“We are more confident by the day that a subsequent Phase 2 drill campaign is warranted and optimistic that the results, especially drill testing to depth, will prove successful and continue to provide added value to all shareholders as we continue seeing more bullish sentiment surrounding the gold sector,” Good said in the press release.

DLRYF, RVSDF Price Action: Carlyle Commodities shares were up 3.83% at 16 cents at the close Monday.

RVSDF shares were down 4.88% to 16 cents.

(Photo: Riverside Resources video of the Cecilia Project, 2017.) 

 

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