Calgary, Alberta--(Newsfile Corp. - August 22, 2024) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) ("Cassiar Gold" or the "Company") is pleased to provide an exploration program update for its flagship Cassiar Gold Project in northern British Columbia, Canada.
Highlights:
Drill campaign in progress; expanded beyond initial 5,000 m Phase 1 scope.
6,520 m of drilling has been completed at the Cassiar North project area to-date, including:
5,275 m completed at the Taurus Deposit; drilling remains in progress.
1,245 m of drilling in 3 drill holes completed at the Newcoast target.
Data collection phase of an induced polarization (IP) survey was completed in August.
Drone-supported magnetic and VLF surveys are scheduled for fall.
Field mapping and sampling is ongoing at outlying target areas.
"We are very encouraged by the progress of the ongoing exploration activities at the Cassiar Gold Property. Our 2024 exploration campaign continues to evaluate the expansion potential of the Taurus Deposit, while also advancing new target areas in this highly prospective district," stated Marco Roque, President and Chief Executive Officer. "We look forward to sharing detailed results of this work as they become available."
2024 Drill Program Overview
The Company's 2024 drill campaign commenced on June 4th and continues with drilling at the Taurus Deposit in the Cassiar North area. The program is progressing ahead of schedule with an expanded scope and is projected to conclude by this fall. The program will consist of approximately 30 drill holes at the Cassiar North project area including at deposit-based and regional targets within the 59,000-hectare land package. Twenty-six of the planned holes have now been completed. The field program is concurrent with the drilling and includes geological mapping and sampling as well as geophysical surveys which will form a basis to support future drilling and exploration.
Cassiar North project area - Taurus Deposit
The Taurus Deposit hosts a substantial near-surface, bulk-tonnage, pit-constrained inferred gold resource of 1.4 million ounces grading 1.14 g/t Au[1]. Drill holes of the 2024 program have been designed to further define mineralization continuity and outline extensions of mineralization that expand the deposit footprint.
To date, a total of 23 drill holes totalling 5,275 metres have been completed at the Taurus Deposit in 2024. Of the holes completed, 6 holes were step-out holes designed to expand the deposit laterally and at depth beyond the current footprint of the Taurus resource and 17 were infill holes designed to test continuity of mineralization in untested areas between resource blocks.
Target areas tested include the Sable, Taurus West, Northwest, and Southwest parts of the deposit (Figure 1). Several drill holes targeted a broad, gently SSE plunging higher grade mineralized shoot along the Taurus West Fault which carries high potential to contribute to near-term expansion of mineralization laterally and internal to the Taurus resource. Results are being received and will be disclosed as reviewed and interpreted.
Figure 1. Cassiar North 2024 drill campaign drill hole locations plan map of infill and expansion drilling at the Taurus deposit, as well as exploration drill holes at the Newcoast regional target. Surface projection of the 2022 resource estimate >0.3 g/t Au grade shell is shown for reference (from Zelligan, Moors, Jolette2022).
A total of 1,245 m in three drill holes has been completed in 2024 at the Newcoast target, which is located south of Taurus near the Stewart-Cassiar Highway. Newcoast comprises a > 2 km long east-west corridor with shallow and outcropping quartz veins, pyrite, and iron carbonate-pyrite alteration, where limited historical drilling intersected several samples exceeding 5 g/t Au [2]. Multiple outcrops with gold-mineralized samples were identified up to 2.5 km to the east along strike of the target corridor during the 2023 field campaign (see NEWS RELEASE, March 1, 2024 ).
Drilling conducted at Newcoast in 2023 encountered a broad series of sheeted veins with extensive alteration and disseminated sulphide mineralization in multiple drill holes, returning 136.8 m of 0.71 g/t Au from 222.6 m downhole, including 95.3 m of 0.90 g/t Au, in drill hole 23NC-004 (see NEWS RELEASE, January 18, 2024). This season's follow up drilling is designed to test for extensions of mineralization encountered during the 2023 program.
Geophysical Surveys
Expanding on induced polarization (IP) survey coverage acquired in 2023, the data collection phase of an approximately 6 km2 IP survey, conducted by Dias Geophysical, was completed at the Cassiar North project area over and east along the Newcoast target corridor and outlying areas of interest (Figure 2). Grid design includes 175 m line spacing and 75 m receiver stations. Data processing is underway. The intent of the survey is to aid in the identification of mineralization-controlling faults and shear zones where rock types of different response or thickness are apparent, particularly with contrast across faults, and potential direct detection of pyritic mineralization such as is present within the Taurus Deposit.
A drone-supported very low frequency electromagnetic (VLF) survey over approximately 7.5 km2 is planned over a portion of the Cassiar South project area with relatively thin cover, little outcrop exposure, and limited exploration (Figure 2). Additionally, a drone-supported magnetometer survey is planned over an approximately 60 km2 footprint at Cassiar North. These surveys are slated to be flown this fall to aid in understanding the structural framework of the property, potential delineation of structures significant to gold mineralization and associated alteration, and support exploration targeting.
Figure 2. Map of location and extent of 2024 areas subject to geophysical surveys and field mapping/sampling. Stars indicate areas of focus for geological mapping and sampling. Surface projection of the 2022 resource estimate >0.3 g/t Au grade shell is shown for reference (from Zelligan, Moors, Jolette2022).
Focused geological mapping and sampling remains ongoing over known and recently identified gold prospects (Figure 2) as follow up to results from previous field programs, including 9.82 g/t Au and 20.30 g/t Au in surface samples collected during the 2023 field season at the Auroch target area (see NEWS RELEASE, March 1, 2024). Grab and float samples are selective by nature and are not necessarily indicative of similar mineralization on the property. Surface rock sampling will be complemented by additional soil sampling in select areas known or interpreted to host anomalous gold mineralization.
Field data and pending assay results will be integrated with results from drilling and geophysical surveys to identify new areas for follow up in 2025. Field work is anticipated to remain ongoing throughout the fall and will directly contribute to target development on the district scale property.
Stock Options
Effective August 22, 2024 and concurrent with the appointment of Mr. Jason Shepherd as Vice President of Investor Relations of the Company, Cassiar Gold has granted, in accordance with the Company's stock option plan, an aggregate of 150,000 stock options (the "Options") to Mr. Shepherd. The Options will vest in two equal installments, twelve and twenty-four months from the date of grant. Each vested Option will entitle the holder to acquire one common share of the Company at an exercise price of C$0.28 for a period of 5 years and are subject to vesting provisions.
Qualified Person
The technical information in this news release has been reviewed and approved by Jill Maxwell, P.Geo., Cassiar Gold Corp.'s VP Exploration, who is a Qualified Person as defined by National Instrument 43-101.
About Cassiar Gold Corp.
Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship Cassiar Gold Property located in British Columbia, Canada. The Cassiar Gold property spans 590 km2 and consists of two main project areas: Cassiar North, which hosts a NI 43-101-compliant inferred resource estimate of 1.4Moz at 1.14 g/t Au (cutoff grade of 0.5 g/t Au) known as the Taurus Deposit (see National Instrument 43-101 Technical Report on the Cassiar Gold property, April 28, 2022, by S. Zelligan, J. Moors, C. Jolette, which is available on SEDAR+); and Cassiar South, which hosts numerous gold showings, historical workings, and exploration prospects. Historical underground mines in the Cassiar South area have yielded over 315,000 oz of Au at average head grades of between 10 and 20 g/t Au1, underscoring the high potential for further discovery and expansion of high-grade orogenic gold veins.
The Company also holds a 100% interest in properties covering most of the Sheep Creek gold camp located near Salmo, British Columbia, Canada. The Sheep Creek gold district ranks as the third largest past-producing orogenic gold district in British Columbia with historical gold production of 742,000 ounces gold at an average grade of 14.7 g/t gold from 1900 to 1951. Minimal exploration work has been conducted since the 1950s.
Cassiar Gold Corp. acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.
This press release may contain forward looking statements including those describing Cassiar's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Cassiar and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the Company's exploration plans and work commitments.
Although Cassiar believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, general economic, market or business conditions, risks associated with the exploration and development industry in general (e.g., operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
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 release.
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[1] See April 28, 2022, NI43-101 Report titled "National Instrument 43-101 Technical Report on the Cassiar Gold Property" by Zelligan, P.Geo, Moors, P.Geo, Jolette, P.Geo.
[2] See 2006, Assessment Report on the Table Mountain and Taurus Property, AR29235, Event Number: 4145387, prepared by Mike Glover.
