Drilling resumed November 2012 and is the focus for the remainder of the year.
- Drilling 21 holes of 6500 metres will be focused along an 800-metre strike length, located near the previously mined pits to the west end of the deposit.
NI 43-101 Resource resport is expected by March 2013
Additional claims have been staked both northwest and southeast of the present claim block. An additional 80 line km of IP geophysics will commence by November 15th, with an end of December 2012 completion date.
Property Overview
Carlisle has a 100% interest in the Farley lake Gold Mine Project. It consists of a series of 9 mining leases and claims approximately 35 km east of the Town of Lynn Lake. Access is from the paved Provincial Highway 391 with a 10 km all-weather road north to the Mine site. The original discovery was made back in the late 1940's. Since then the project was well drilled during the 1980's and 90's.
In 1989 an historical resource was calculated,
containing 1,430,000 tons grading 0.205 ounces of
gold per ton (7.1 grams per tonne). This is
approximately 290,000 troy ounces of gold.
At that time (1988) of this non-compliant resource calculation the target was considered a potential underground mine. This resource was calculated down to a depth of just less than 250 metres using a cut-off grade of approximately 4 grams. There were a number of other holes from the 1980's that pierced the ore zone below 500 metres that shows the deposit has continued depth at similar grades. All of the core from the 1980's and 90's drilling are intact at the Mine site.
It should also be mentioned that there are an
additional 13 gold zones identified through
historical drilling over a 7 km strike length
around the Farley Lake claims.
None of these were followed up with sufficient drilling to calculate resources.
The Farley Lake Mine was put into production as an open pit by the Keystone Joint Venture in 1996 for a little less than 3 years when it was shut down in late 1999 because of weakening gold prices below $270 an ounce.
In that time 1,707,000 Tonnes were mined at a grade of 4.23 g/t for 213,124 oz gold.
Mining was undertaken through two side by side pits called the Farley pit and the Wendy pit. The Farley pit achieved a depth of approximately 65 metres and the Wendy pit was dug to a depth of 45 metres below bedrock.
The remaining deposit package shows significant potential to be a high grade open pit again especially when viewed in the context of todays' gold price.
