Phase One Drilling Commences At Cecilia Project

VANCOUVER - Carlyle Commodities Corp. has commenced its phase one drill campaign at The Cecilia Gold-Silver Project in Sonora, Mexico, as of Saturday February 6, 2021.

The work program will test the un-drilled San Jose structure on the Cerro Magallanes target where recent sampling returned values up to 48.3 g/t gold over 0.75 m at surface (out of 21 samples; see press release of November 18, 2020). As project operator, Riverside Resources has planned a total of 6 drill holes designed to test down to roughly 250 m in depth between 2,200 m and 1,900 m elevation over the Cerro Magallanes rhyolitic dome. This target is one out of five major targets on the 7,000 hectares (70 sq. km) claim block in the prolific gold and copper mining region of northern Sonora, Mexico.

President and CEO, Morgan Good, said, "We are extremely excited to report the initiation of our phase one drill campaign at The Cecilia Project. We have worked diligently with our partner Riverside since last summer to finance, plan and develop the exploration strategy. With logistics running very efficiently, as well having fully financed the first-year option exploration commitments, Carlyle is positioned for success as Riverside commands the drill bit in Sonora. We are confident and optimistic that recent field success from channel sampling will bode well for drilling success in February and March."

Recent underground sampling has returned positive results, which demonstrate the value of drill testing the area of Cerro Magallanes. Additionally, geophysical survey work, primarily Induced Polarization (IP) and magnetics have highlighted the targets already identified by the field crews. This work shows the significance of the northwestern and northeastern structures as fluid migration paths. The intersection of structures is often where gold bearing fluids are concentrated and could lead to discoveries of high-grade zones. Carlyle and Riverside have planned the drilling program to target, at depth, the high-grade gold system that was identified at surface during its first-phase exploration program.

These drill results are expected to increase our knowledge on potentially larger targets related to the dome margin complex, a deposit type known for hosting multi-million ounces of gold and silver. Analogs include projects such as La Pitarrilla Deposit in Durango held by SSR Mining and the San Julian Mine of Fresnillo. While the mineralization at Cecilia is predominantly gold-rich, the flow-dome related Ag-Pb-Zn(-Au) deposits of north-central Mexico represent important geological models for exploration at Cecilia. Drilling of these potential targets will be tested in subsequent drill programs.