Mr. Wayne Livingstone reports

CARLIN GOLD CORP. ACQUIRES NEVADA COPPER-GOLD PROPERTY

Carlin Gold Corp. has acquired a copper-gold property in northeastern Nevada, United States, through purchase of a 100-per-cent interest of a core claim group from a private party and additional claim staking by Carlin. The property consists of 49 unpatented mining claims (the IVY property). The purchase price is $25,000 (U.S.) and a 1-per-cent net smelter production royalty on gold and silver and 0.75 per cent on all other metals, to the seller.

IVY property description

The IVY property is located within the Contact mining district in northeastern Elko county, Nevada, 20 miles (32 kilometres) southwest of the town of Jackpot and five miles (eight kilometres) southwest of the small community of Contact. The claims are within one mile of State Highway 93, on land administered by the Bureau of Land Management (BLM).

"We are pleased to find an undrilled copper/gold project of this calibre," commented Wayne Livingstone, president. "The elevated copper grades (over 1 per cent copper) and the finely disseminated nature of the chalcopyrite/bornite mineralization contained within a large well-defined area of skarn alteration are very encouraging. Carlin looks forward to evaluating the project further."

The IVY property covers an area of late Paleozoic altered limestone/skarn in the western contact aureole of a large Jurassic-age granodiorite stock. Copper/gold mineralization occurs mainly in calc-silicate altered limestone/skarn both adjacent to and outboard of the granodiorite stock. Numerous historic workings on the IVY claims include prospect pits, shafts and adits. The copper mineralization observed to date defines a 2.7 km long northwest-trending zone reaching widths of 0.7 km. Due diligence sampling by Carlin demonstrates that copper mineralization is widespread. Mineralization occurs in sulphidic skarn zones containing 1 to 3 per cent disseminated pyrite, chalcopyrite and plus or minus bornite and in narrow oxidized zones of calc-silicate altered carbonate rocks containing secondary copper minerals. Lesser covellite and chalcocite have also been described in a 2019 MSc study of the skarns. Fifty-seven initial samples were collected by Carlin geologists, from select dump samples in old workings and outcrop/subcrop samples. Thirty-six of the samples contained greater than 0.5 per cent Cu, with 27 samples grading over 1 per cent Cu. The highest copper value (15.2 per cent Cu with 1.7 parts per million gold) came from a small dump of an adit. Twenty-three of the samples contained greater than 0.100 ppm Au. Silver values ranged up to 231 ppm. Lead and zinc values were generally low.

Carlin geologists believe that the observed mineralization may represent leakage from a deeper intrusive system capable of generating skarn deposits in the carbonate units or disseminated intrusive porphyry-style mineralization. A variety of intrusive rocks have been identified in addition to the granodiorite, including quartz monzonite (termed leucogranite in old reports), andesite porphyry (reported to locally contain secondary biotite), syenite and quartz porphyry.

A 1912 United States Geological Survey bulletin describes a 400-foot-wide (122 metres) sulphide zone extending for about 6,000 ft (1,830 m), lying about 1,200 ft (366 m) outboard (west) and parallel to the igneous contact, located within the current IVY property. It is described as following the strike of the steeply dipping sedimentary rock package. This report states that "chalcopyrite, bornite and molybdenite are disseminated throughout silicified skarn consisting of garnet, epidote, diopside and iron oxides." Carlin's initial investigation supports the USGS description of this feature.

The only documented previous modern (post 1975) exploration in the IVY claim area is limited to a trenching permit in which the work may have taken place in the early to mid-1990s. Public BLM records show that there has been no exploration drilling since records started to be maintained in the mid-1970s. The initial Carlin field investigation did not encounter any obvious previous drilling activity.

Carlin is planning to follow up on this initial due diligence work with additional surface sampling and geological mapping to evaluate and delineate future exploration work.

The Contact mining district was established in 1870 as a gold camp, but since 1876 the main commodity has been copper. A copper deposit occurs near Contact, 4.5 miles (7.2 km) northeast of the IVY claims, where prior exploration has delineated a reported historical resource estimate of a 831-million-pound measured/indicated resource grading 0.20 per cent Cu, amenable to heap leach solvent extraction and electrowinning. Most of this resource is hosted in sheeted quartz vein zones within the granodiorite.

About Carlin Gold Corp.

In addition to IVY, Carlin controls two 100-per-cent-owned gold exploration properties in Nevada, the Cortez Summit property and Willow property, both containing Carlin-style gold targets. Cortez Summit lies about one kilometre northeast of the north end of Nevada Gold Mines' (NGM) 13-million-ounce Goldrush deposit and east of Barrick's Fourmile 3.19 Moz resource. Cortez Summit is contiguous with Barrick and NGM claims on all sides. NGM has submitted a final environmental impact statement for Goldrush and a record of decision is expected in Q4 2023.

The Willow property is an early-stage project in Elko county north of the town of Wells, Nev. Willow is located within a potential new gold belt that contains the Long Canyon mine operated by NGM.

Robert Thomas, CPG, vice-president of Carlin and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release on behalf of the company.

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