Cascadia Announces Closing of Spin-Out Transaction with ATAC Resources Ltd.
Cascadia Minerals Ltd.
1500 – 409 Granville St. [email protected]
Vancouver, BC, V6C 1T2 604-688-0111
Canada www.cascadiaminerals.com
Cascadia Announces Closing of Spin-Out Transaction with ATAC Resources Ltd.
July 10, 2023 - Vancouver, BC – Cascadia Minerals Ltd. (“Cascadia”) is pleased to announce the
close of the previously announced transaction between ATAC Resources Ltd. (“ATAC”) and Hecla
Mining Company (“ Hecla”)(NYSE:HL) whereby Hecla acquired all of the issued and outstanding
shares of ATAC for consideration payable i n shares of Hecla and in shares of Cascadia by way of
a court-approved statutory plan of arrangement (“Arrangement”). Pursuant to the Arrangement,
each share of ATAC has been exchanged for 0.0166 common shares of Hecla and 0.1 common
shares of Cascadia.
In connection with the Arrangement, ATAC’s rights and interests with respect to the Catch, PIL,
Rosy and Idaho Creek properties (the “ Cascadia Properties”) were transferred to Cascadia ,
subject to a right of first refusal to Hecla, in addition to ATAC’s remaining cash balance and certain
exploration equipment, supplies, and intellectual property, on the day prior to the Arrangement
taking effect. Cascadia’s initial focus will be the Catch property in central Yukon, with full details
of the 2023 exploration plans to be announced in coming weeks.
Cascadia Highlights
• Experienced Management Team and Highly Qualified Board – Proven Yukon and British
Columbia discovery track record with ATAC’s former management team moving to
Cascadia to focus their efforts on exploring and developing the Cascadia Properties.
• Catch Property, Yukon – Grassroots discovery with high-grade copper-gold in outcrop (up
to 3.03% copper and 14.6 0 g/t gold) across extensive areas. Contractors are in place to
initiate a maiden diamond drill program in August targeting coincident mineralized
outcrop and geophysical anomalies.
• PIL Property, British Columbia – Multiple untested copper-gold porphyry and gold-silver
epithermal targets located in the heart o f British Columbia’s Toodoggone district.
Exploration commences in two weeks to refine drill targets for 2024.
• Rosy Property, Yukon – Numerous low sulphidation epithermal veins with high grade gold
and silver. Prospecting is underway.
• Capitalized with approximately C$2.8 million in cash.
Concurrently with the closing of the Arrangement, Cascadia has closed a C$2.0 million strategic
investment with Hecla (the “Strategic Investment”) whereby Hecla acquired 5,502,956 units of
Cascadia (the “Cascadia Units”) at a price of C$0.36 per Cascadia Unit. Each Cascadia Unit consists
of one common share of Cascadia (a “Cascadia Share”) and one warrant (a “Cascadia Warrant”).
Each Cascadia Warrant entitle s Hecla to purchase one additional Cascadia Share for a pe riod of
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five years at a price of C$0.36. This Strategic Investment provides Hecla with ownership of 19.9%
of Cascadia’s issued and outstanding common shares.
Following the closing of the Arrangement, Cascadia Shares will be listed on the TSX Venture
Exchange (“ TSX-V”). Conditional listing approval for the Cascadia Shares is yet to be received
from the TSX-V. Upon satisfaction of the listing conditions of the TSX -V, Cascadia Shares are
expected to trade on the TSX-V under the symbol “CAM”. Trading of the Cascadia Shares on the
TSX-V is anticipated to commence in late July.
“I am very excited to begin a new chapter of discovery with Cascadia,” stated Cascadia’s president
and CEO, Graham Downs. “ With backing from Hecla as a strategic investor, and a strong and
experienced management team, we are ready to hit the ground running with a robust exploration
program for 2023. Building on our knowledge and understanding of northern BC and Yukon, we
are well positioned to advance Cascadia’s current properties and make new discoveries across
underexplored portions of the Stikine terrane.”
Catch Property Highlights
The 71 km2 Catch property is located in central Yukon, 56 km southeast of the town of Carmacks,
in an underexplored part of the Stikine terrane – a key geological terrane which extends from the
Golden Triangle in British Columbia into Yukon . The property is only 20 km from the all -season
Robert Campbell Highway and adjacent high-voltage powerline.
High-grade copper and gold mineralization has been identified in outcrops across a 500 m extent
in the Main Zone, with rock samples returning peak values of 3.06% copper and 14.6 0 g/t gold.
Grab rock samples from a mineralized diorite porphyry body, that grade up to 1.27% copper with
0.57 g/t gold, were collected late in the 2022 field season 2 km south of the Main Zone. None of
these high priority targets have been diamond drilled.
Soil sampling has outlined a 5 km long trend of anomalous copper response, which remains open
in multiple directions. Numerous high -grade copper soil samples have yet to see systematic
follow-up, and much of the recently expanded property remains unsampled . Additional
prospecting, mapping and geophysic al survey s are underway to prepare for diamond drilling .
Further soil sampling will be initiated in late July, with diamond drilling slated to begin in early
August.
“The copper-gold porphyry-related Catch discovery presents a compelling grassroots exploration
opportunity in an underexplored portion of the prolific Stikine Terrane, with many characteristics
similar to the world -class Red Chris deposit in BC’s Golden Triangle,” stated Cascadia’s VP
Exploration, Adam Coulter. “We are just beginning to scratch the surface of a 5 km long copper -
in-soil anomaly and have identified two exciting drill targets for 2023.”
PIL Property Highlights
The PIL property is a district-scale 150 km2 land package located in the heart of the Toodoggone
district in northern British Columbia. This relatively underexplored area hosts numerous highly
prospective copper -gold porphyry and epithermal gold -silver targets. 2022 exploration at PIL
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returned high-grade samples from prospecting, including 18.40% copper with 111 g/t silver at
the Spruce target, 78.30 g/t gold with 2,830 g/t silver at the Atlas target, and 3.89% copper with
173 g/t silver in a large underexplored 2.3 x 1.5 km copper -gold soil anomaly at the PIL South
target.
Desktop work is underway to compile and prioritize targets from the vast database o f historical
work completed on the project.
Please refer to ATAC’s October 12, 2022 and January 18, 2023 news releases for QA/QC
information regarding the results of 2022 exploration work at the PIL Property. Please refer to
ATAC’s January 23, 2023 news re lease for QA/QC information regarding the results of 2022
exploration work at the Catch Property.
The technical information in this news release has been approved by Adam Coulter, M.Sc.,
P.Geo., VP Exploration for Cascadia and a qualified person for the p urposes of National
Instrument 43-101.
On behalf of Cascadia Minerals Ltd.
Graham Downs, President and CEO
For further information, please contact:
Andrew Carne, M.Eng., P.Eng., VP Corporate Development
Cascadia Minerals Ltd.
T: 604-688-0111 ext. 106
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TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary note regarding forward-looking statements:
This press release may contain “forward -looking information” within the meaning of applicable
securities laws. Readers are cautioned to not place undue reliance on forward -looking
information. Actual results and developments may differ materially from those contemplated by
these statements. The statements in this press release are made as of the date of this press
release. The Company undertakes no obligation to update forward -looking information, except
as required by securities laws.