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Carlyle Commodities Corp
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Riverside's Cecilia prepared for exploration by Carlyle

2020-07-24 09:20 ET - News Release

See News Release (C-RRI) Riverside Resources Inc

Mr. Morgan Good reports


Carlyle Commodities Corp. has mobilized crews for phase 1 of its 2020 exploration program at the 7,739-hectare Cecilia gold-silver project located in Sonora, Mexico. The property is optioned from Riverside Resources Inc. with business terms announced last week with the signing of a definitive agreement and now the phase 1 exploration program outlined. The property is well located in the highly metal-endowed northern part of the Sonora state gold-silver belt with nearby mining operations including the Cananea copper mine and the Santa Gertrudis gold mine.

Phase 1 exploration program

The phase 1 exploration program has been designed to refine targeting at Cerro Magallanes, which is a large rhyolite flow dome complex, host of several historic workings and multiple high-grade gold mineral occurrences. Additionally, the program will focus on expanding knowledge on the sedimentary-hosted mineralized targets, including to date a total of five gold-mineralized areas. The program will consist of:

  • Property-scale mapping to better identify mineralized targets over a district-scale project;
  • A detailed structural mapping study focused on the primary dome target, Cerro Magallanes, to better understand the structural controls of mineralization;
  • Processing and interpretation of Aster data, which will lead to a better understanding of the alteration signatures across the district;
  • Surface sampling including rock and soil sampling over the multiple targets to further focus targeting in preparation for phase 2;
  • A geophysical survey consisting of 10 line kilometres of induced polarization centred over the sedimentary-hosted anomalies identified outside of the dome target, road rehabilitation and pad building to support a maiden drill program to commence immediately following the phase 1 program.

This program is expected to take approximately five weeks to complete and will ultimately culminate in a phase 2 diamond drilling program that will test the Cerro Magallanes target once pads and other infrastructure are complete, materials needed for the phase 2 drilling are at site, and the results of phase 1 work has been integrated. The exploration work will be managed by Riverside Resources, which has extensive infrastructure, knowledge and logistical support in the area, and will begin a COVID-19 adjusted and managed program. Previous work by Riverside Resources on the project is summarized in reports with information available at Riverside's website and Carlyle is now taking those data and expanding on Riverside's findings with detailed sampling ahead of the phase 2 work program.

Morgan Good, chief executive officer of the company, stated: "One of the main attractions of the Cecilia gold-silver project and partnering with such a technically sound team like Riverside was its 'turnkey' nature. The fact we can get to work immediately after entering into this deal is a game changer. The Riverside team have been the main operators for many international companies over the past decade, and maintain an active office and program that is well staffed and has the working continuity for the Cecilia project. Riverside and Carlyle have a good alignment of shared goals for testing targets, finding large mineralized systems and a business structure, which favours collaborative efforts. Mobilizing today signals an important milestone and sets the stage for the launching of our maiden drill campaign once we get the results back and the drilling aspects in place."

About the Cecilia property

The Cecilia gold project is a district-scale gold and silver low-sulphidation epithermal system centred on multiple mineralized rhyolitic flow-dome complexes, and is located 40 km southwest of the Mexico-United States border town of Agua Prieta in Sonora, Mexico. The project is directly accessible by well-maintained dirt roads from Sonora Highway 17. Mineralization is related to structures of N30W and N70E with high grades of gold assayed at the intersection of these structures. One of the workings at the Cerro Magallanes dome returned high grades up to 133.7 grams per tonne Au and 335 g/t Ag. In addition to the rhyolite domes, the underlying sedimentary Cabullona group and Paleozoic limestone provide an environment for replacement-style mineralization at depth. Current deposit model type for Cecilia are SSR Mining's Pitarrilla deposit and Fresnillo's San Julian deposit, which contain 526 million ounces Ag (measured plus indicated) and over 230 million ounces Ag, respectively. The mineralization hosted at the Pitarrilla or San Juan projects is not necessarily indicative of mineralization hosted on the company's property.

Qualified person and quality assurance/quality control

The scientific and technical data contained in this news release pertaining to the Cecilia project were reviewed and/or prepared under the supervision of Freeman Smith, PGeo, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

All of Riverside's rock samples were analyzed at the Hermosillo and Vancouver laboratories of Bureau Veritas where gold content was determined by fire assaying with atomic adsorption finish and inductively coupled plasma mass spectrometry was used to analyze for 45 other elements. For quality control purposes, three standard samples and one blank sample were included with the batch of 91 field samples.

About Carlyle Commodities Corp.

Carlyle is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties including its option to earn a 100-per-cent interest in the Cecilia gold-silver project in Sonora, Mexico. The company also wholly owns the Star, Porcher, Peneece and Blackie iron-titanium-vanadium properties located along tidewater in western British Columbia, and has an option to earn a 100-per-cent interest in the promising Sunset property located in the Vancouver mining division near Pemberton, B.C.

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