Cascadia Options Sands of Time Property, Yukon
Cascadia Options Sands of Time Property,
Yukon
VANCOUVER, BC
,
Aug. 8, 2023
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce that it has optioned the 57 km
2
Sands of Time property ("
the Property
") from
Dr.
Jack Milton
.
Sands of Time Location Map (CNW Group/Cascadia Minerals Ltd.)
The Property is located immediately adjacent to Western Copper and Gold's
Casino
Project
("
Casino
") in central
Yukon
, and preliminary exploration results from the Property are indicative of
the potential for similar copper-molybdenum-gold porphyry mineralization.
Sands of Time Highlights
Large, 57 km
2
land package
located adjacent to the
Casino
porphyry project
, where
Rio
Tinto and Mitsubishi Materials are strategic investors
(Figure 1);
Two large, underexplored
molybdenum
±
copper
soil anomalies
similar in size to the
anomalies over
Casino
Deposit, the larger of which has never been drilled (Figure 2); and
Casino
Suite aged zircons
present in stream sediments indicating an undiscovered
Casino
Suite aged intrusion is likely present on the Property.
"
We're pleased to be adding the Sands of Time property to our portfolio of copper exploration
projects,
" stated Cascadia's president and CEO,
Graham Downs
. "
Jack has utilized modern
geological techniques to identify compelling, science-based
evidence that the property may host
porphyry-style mineralization under cover. We look forward to building on Jack's work on the
property with a systematic exploration campaign to fully evaluate its potential.
"
Figure 1 – Property Location
Figure 2 – Molybdenum-in-Soil
Property
Geology and Mineralization
The 57 km
2
Sands of Time Property is located immediately adjacent to Western Copper and Gold's
Casino
Project. The Property hosts 2 large molybdenum ± copper soil geochemical anomalies
similar in size to the
Casino
Deposit.
The property is in unglaciated terrain and a copper-depleted leached cap is expected in this
environment, similar to the
Casino
deposit. Molybdenum is relatively immobile compared to copper
under these weathering conditions and can be used as a vector towards blind porphyry molybdenum
± copper-gold mineralization.
The Amoco showing, located on the western side of the SOT claims, has a 1,100 x
600 m
copper-
molybdenum soil anomaly (Figure 2). Four shallow diamond drill holes located just outside of the soil
anomaly were drilled by Amoco Canada Petroleum Company in 1976. The holes were anomalous
for copper and molybdenum, with up to 0.02% copper and 50 ppm molybdenum over
154 m
and
were not assayed for gold.
The northeast corner of the SOT claims has a large 5,000 x
1,500 m
molybdenum±copper soil
anomaly that has not been drilled (Figure 2). The target is located within a moderate to strong 4 x 4
km magnetic high and coincident with two roughly 1,000 x
1,000 m
potassium highs identified by a
2012 airborne radiometrics survey.
Casino
Suite aged zircons were identified in stream sediments draining the Property, suggesting
there is an unmapped intrusion of similar age to the
Casino
Deposit present on the property. In
addition,
a high abundance of gold grains
were also encountered in stream sediments in similar
abundance to the drainage below the
Casino
Deposit, suggesting a bedrock gold source is present
on the Property.
The Property is underlain by Devonian to Permian metamorphic rocks of the Yukon Tanana terrane,
which are intruded by Cretaceous to Palaeogene intrusive and volcanic rocks. The Property is
dominantly underlain by the mid-Cretaceous Dawson Range batholith.
Option terms
Cascadia can acquire a 100% interest in the Property by making aggregate cash payments of
$200,000
, aggregate issuance of 900,000 shares, and incurring
$1,300,000
in exploration
expenditures on or before
December 31, 2026
. Following completion of the option, the Property will
remain subject to a 2% net smelter return royalty, of which half (1%) can be purchased by Cascadia
for
$1,000,000
. A milestone payment of
$1
per ounce of gold equivalent will also be due to Dr.
Milton upon the completion of the first measured or indicated mineral resource on the Property equal
to or greater than 1,000,000 ounces of gold equivalent.
QA/QC
Results reported in this release are from samples collected by Dr. Milton and historical assessment
reports and have not been independently verified by Cascadia.
Results referenced in this release represent highlight results only and consist of samples collected
by previous operators in 2022 and earlier years. Below detection values for gold, copper and
molybdenum have been encountered in soil and rock samples in these target areas.
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 purposes of National Instrument 43-101.
About Cascadia
Cascadia is a Canadian junior mining company focused on exploring for copper and gold in
Yukon
and
British Columbia
. Cascadia's flagship Catch Property is a brand-new grassroots discovery which
exhibits extensive high-grade copper and gold mineralization across a 5 km long trend, with rock
samples returning peak values of 3.88% copper and 30.00 g/t gold. Diamond drilling is planned to
commence at Catch in early August. In addition to Catch, Cascadia is conducting exploration work at
its PIL Property in
British Columbia
and the Sands of Time and Rosy properties in
Yukon
, as well as
evaluating additional regional opportunities.
On behalf of Cascadia Minerals Ltd.
Graham Downs
, President and CEO
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 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.
SOURCE
Cascadia Minerals Ltd.
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For further information:
Andrew Carne, M.Eng., P.Eng., VP Corporate Development, Cascadia
Minerals Ltd., T: 604-688-0111 ext. 106, [email protected]
CO: Cascadia Minerals Ltd.
CNW 08:00e 08-AUG-23