Carlin Gold announces disposal of Yukon properties

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Vancouver, British Columbia–(Newsfile Corp. – September 13, 2022) – Carlin Gold Corporation (TSXV: CGD) (the “Company” or “Carlin”) is pleased to announce that it has transferred its remaining mining properties from Yukon to HighGold Mining Inc. (“HighGold”). The transfer consists of four separate properties (the “Properties”) totaling 1,023 claims and 21,000 ha (210 square kilometres) which were part of a joint venture with HighGold.

Agreement Terms

Carlin has entered into an agreement with HighGold to transfer its interest in the properties in consideration for a cash payment of $75,000 plus 200,000 common shares of HighGold, the issuance of which is subject to regulatory approval. Pursuant to the agreement, the properties will be subject to a 0.5% net smelter return royalty in favor of Carlin, which may be purchased by HighGold under certain conditions for a lump sum payment of $750,000.

Context of Yukon properties

The properties were first staked between 2010 and 2011 as part of a major gold-focused grassroots exploration program in Yukon’s Selwyn Basin, carried out as an equal joint venture between Constantine Metal Resources Ltd. (“Constantine”) and Carlin. Initial staking focused on areas with regional stream silt geochemical anomalies with high gold and pathfinder anomalies with later work including the collection of over 12,000 samples of soil, sediment from creek and rock through the largest set of land.

HighGold acquired its initial 50% interest in the properties upon formation of the company through Constantine’s “spin-out” plan of arrangement in 2019. Over the past three years, portions of the significant set of properties have been optioned to Fireweed Zinc and Snowline Gold. Corp., Carlin and HighGold receiving certain NSR royalty rights and shares of each company. The purchase agreement announced today grants HighGold 100% ownership of the remaining properties held under the original joint venture.

About HighGold

HighGold is a junior mining exploration company focused on high-grade gold projects located in North America. HighGold’s flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) project located in south-central Alaska, USA, which, according to HighGold’s August 25, 2022 press release, contains an indicated resource of 3.49 Mt grading 9.39 g/t gold. (AuEq) for 1,053,000 ounces AuEq and an additional inferred resource of 0.71 Mt grading 4.76 g/t gold equivalent for 108,000 ounces AuEq (see HighGold’s technical report entitled “Updated Mineral Resource Estimate and NI 43-101 Technical Report for the Johnson Tract Project, Alaska” dated August 25, 2022). HighGold also controls a portfolio of gold projects in the large Timmins Gold Camp, Ontario, Canada, which includes the property Munro-Croesus Gold, renowned for its high-grade mineralization, and the large Golden Mile and Timmins South properties.

About Pug

Carlin controls two wholly owned gold exploration properties in Nevada, both containing Carlin-type gold targets. The 142-claim Cortez Summit property is located directly adjacent to Nevada Gold Mines’ 12.7 million ounce Goldrush deposit, which is currently under development. Barrick Gold’s Fourmile property is located immediately north of Goldrush and contains indicated and inferred resources of 2.55 million ounces at an average grade of 10.6 grams/tonne. The Willow Property is an early stage project consisting of 47 claims in Elko County, north of the City of Wells. Willow is located in a potential new gold belt that contains the Long Canyon mine operated by Nevada Gold Mines.

“K.Wayne Livingstone”

K. Wayne Livingstone,
President and CEO

Telephone: (604) 638-1408
Website: www.carlingold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements: This press release contains certain “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively “statements”). forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”. “, “expect”, “potential”, “project”, “target”, “timing”, “budget” and “intend” and statements that an event or result “may”, “should”, ” should”, “might” or “might” occur or be achieved and other similar expressions and include their negatives. All statements other than statements of historical fact included in this release, including, without limitation, the declarations rning the future benefits of the transfer of its Yukon gold properties are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of important factors and assumptions. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of resource estimates futures, future metal prices, availability of capital and financing on acceptable terms, general economic conditions, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment in a timely manner, accidents or equipment failures, delays in receiving government approvals, unforeseen environmental impacts on operations and costs to address them, and other risks exploration or other risks detailed herein and from time to time in documents filed by the a Company with securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in the forward-looking statements, there may be other factors that cause such actions, events or results differ significantly from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and, therefore, readers are cautioned not to place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137066

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