Cassiar Gold Expands Mineralization at the Taurus East Area, with Initial Assays of the 2022 Program Intersecting 1.50 g/t Au over 22.2 m and 4.47 g/t Au over 10.5 m
Cassiar Gold Expands Mineralization at the
Taurus East Area, with Initial Assays of the
2022 Program Intersecting 1.50 g/t Au over
22.2 m and 4.47 g/t Au over 10.5 m
Calgary, Alberta--(Newsfile Corp. - September 13, 2022) -
Cassiar Gold Corp. (TSXV: GLDC)
(OTCQX: CGLCF)
(the "Company") is pleased to announce assay results from seven initial diamond
drill holes of the 2022 exploration program.
The results reported are from the ongoing drill program at the
Taurus Deposit located in the Cassiar North area of the Company's flagship Cassiar Gold Property in
northern British Columbia, Canada. The Taurus Deposit hosts a substantial near-surface, bulk-tonnage
Inferred gold resource of 1.4 million ounces grading 1.14 g/t Au
[1]
which remains open and is a priority
target for further expansion and definition by the current exploration campaign.
These first results from
the eastern portion of the Taurus Deposit (Figure 1) confirm the potential for the resource to extend
significantly eastward, well outside of the current resource footprint.
Highlights:
Drillhole 22TA-142 intersected
22.2 m of 1.50 g/t Au
from 129.8 m downhole, including 0.75 m of
9.61 g/t Au, extending known mineralization northward in the hangingwall of the Decline Fault.
Drillhole 22TA-146 intersected
10.5 m of 4.47 g/t Au
from 12.9 m downhole, including
3.3 m of
11.1 g/t Au with 0.5 m of 45.30 g/t Au
.
All drillholes reported in this release intersected multi-meter intercepts of gold mineralization above
the
0.5 g/t Au cutoff grade of the 2022 Inferred Mineral Resource at Taurus, including up to
700 m east and 450 m south of modeled grade shells.
"Initial reports from our 2022 drill program at the Taurus Deposit have delivered strong first results and
highlight an important potential for expanding the deposit well beyond the extents of the current
resource," stated Marco Roque, CEO of Cassiar Gold Corp. "Our programs to date coupled with these
results provide new insight for our targeting and open up sizeable areas for additional exploration.
Our
2022 drill program is our largest drilling campaign to date, and we look forward to reporting additional
results in the coming weeks."
2022 Cassiar North Drill Program at Taurus Deposit
The ongoing 2022 Cassiar North Drill Program has been largely focused on the Taurus Deposit area
where 32 drillholes totaling 10,180 m have been completed so far this season. The Taurus East, Sable,
Gap, Highway, Taurus West, Taurus NW, and Taurus SW areas of the deposit (Figure 1) have been
targeted in 2022.
Seven of the initial drillholes totaling 1,719 m from Taurus East are reported here. The
Taurus drilling, which commenced in early June and remains in progress, was designed to test for
extensions of key mineralized trends with the goal of expanding the mineralization footprint laterally and
at depth.
The program continues to improve resource confidence in areas of historical drilling and collect
additional structural data for use in modeling. The deposit remains open on most sides as well as at
depth.
Mineralization is open and completely untested toward placer deposits and mineral prospects
around the Snow Creek regional target, 1 km to the east of Taurus.
Snow Creek exhibits outcropping
mineralization similar in style to the Taurus Deposit and remains under explored.
Figure 1. Cassiar North 2022 drill campaign drillhole locations plan map with Taurus East (blue
square). Historical production figures from Taurus MINFILE Production Detail Report, file
number 104P 012, BC Geological Survey. The Taurus East mineralization model (orange)
represents upside for expansion of the deposit and was not included in the 2022 Taurus
resource model (pink).
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2958/136898_da693442d4da5a46_002full.jpg
The 2022 drill campaign at the Taurus East zone (Figure 1, 2) is designed to expand known
mineralization in areas outside of the resource and current mineralization model (0.3 g/t Au) including
both west and east of the Decline Fault near the past-producing Taurus Mine. Results received to-date
are discussed below:
Six of seven drillholes reported in this release aimed to expand the mineralization both
northward and southward in the area of the past-producing Taurus Mine at the far east
area of the Taurus deposit, while evaluating the interpreted Decline Fault model.
Drillholes
were targeting potential north-northwest mineralized trends along the Decline Fault, as well as
potential east-west sheeted vein sets and associated bulk-tonnage style disseminated pyrite
mineralization, which may extend off and continue beyond the Decline Fault. Both the hangingwall
and footwall blocks of the Decline Fault are being evaluated for the presence of mineralization.
22TA-140, 22TA-144 (northwest directed), and 22TA-143, 22TA-146 (southwest directed) aimed
to identify the extension of mineralization southward along the Decline Fault beyond the extent of
current mineralization model.
All four drillholes identified multi-meter mineralized intercepts within the hangingwall block at
grades higher than the 0.5 g/t Au cutoff grade of the 2022 Taurus resource and occur
approximately 40m to 450m outside of the current Taurus East mineralization model (0.3g/t
Au; Figure 2).
22TA-146: encountered 10.5 m of 4.47 g/t Au at 12.9 m downhole; including 3.3 m at
11.12 g/t Au with 0.5 m of 45.3 g/t Au; including 0.8 m at 12.65 g/t Au
See Table 1 for additional assay highlights.
These drill holes are located well outside of the area of the Taurus Resource and
demonstrate the potential for significant expansion of the Taurus deposit.
Mineralization is
completely open to the east and surrounding these drill holes.
22TA-142 (southwest directed) and 22TA-145 (northwest directed) were designed to evaluate the
potential northward extension of mineralization along the Decline Fault beyond the extent of known
mineralization.
Both drillholes encountered multi-meter hangingwall intercepts above the cutoff grade of the
2022 inferred resource, up to 130 m north of the current mineralization model. Results
include:
22TA-142 (Figure 3): encountered 22.2 m of 1.50 g/t Au at 129.8 m downhole,
including 0.8 m of 9.61 g/t Au, 100m northeast of historical drillhole T95-19 which
returned 56.0 m of 1.18 g/t Au.
See Table 1 for additional assay highlights,
See Table 2 for select historical assay highlights from Taurus East.
The six drillholes (22TA-140, 22TA-144, 22TA-143, 22TA-146, 22TA-142 and 22TA-145) along
the Decline Fault demonstrate the potential for lateral expansion of mineralization proximal to this
structure. The Decline Fault occurs sub-parallel to the Taurus West Fault which is interpreted to be
of similar age and importance in local mineralization paragenesis
and a potential feeder to
broader zones. The Taurus West Fault is located at the western extent of the 2022 inferred
resource which is coincident with a broad, gently southerly plunging mineralized zone within the
resource block model. In the Taurus East area, broader potential for expansion of mineralization
remains along east-west trends typically associated with sheeted vein sets internal to the Taurus
Resource and at the past-producing Taurus Mine.
A seventh drillhole, 22TA-141, was designed to test for the potential eastward continuation of
mineralization between the 2022 Taurus resource and known mineralization proximal to the past-
producing Taurus Mine in an area with limited historical drilling west of the Decline Fault.
22TA-141 encountered 6.8 m of 3.14 g/t Au at 111.7 m downhole over 280 m east of the
2022 resource model and 200 m west of the current Taurus East mineralization model, and
The drillhole confirmed the potential for above-resource grade mineralization to occur
between the inferred resource and the Taurus East mineralization model (Figure 1).
Results from an additional three drillholes at Taurus East remain pending for reporting. Drillholes
22TA-166 and 22TA-169 are designed to test for the potential eastward and downdip extensions
of known mineralization east of the past-producing Taurus Mine, while 22TA-167 was designed to
follow up on the broad mineralized intercept encountered in 22TA-142.
Figure 2. Plan map of 2022 drillholes reported in this release from the Taurus East Zone.
Vertical projection of mineralized intercepts are included for reference. The Taurus East
mineralization model (orange) was generated from an internal mineralization model and is
independent of the 2022 inferred resource model (pink).
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2958/136898_da693442d4da5a46_003full.jpg
Figure 3. Vertical section showing 22TA-142 at Taurus East, looking northwest with the Taurus
East mineralization model (orange) for reference. The Taurus East mineralization model was
generated from an internal mineralization model and is independent of the 2022 inferred
resource model.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2958/136898_da693442d4da5a46_004full.jpg
Table 1. Significant 2022 drilling results from Taurus East based on a >0.5 g/t cutoff.
Target Area
Drillhole
From
To
Length*
Grade
Taurus East
22TA-140
42.7
43.1
0.34 m
34.00 g/t Au
90.0
98.5
8.50 m
0.75 g/t Au
incl.
98.0
98.5
0.50 m
5.55 g/t Au
22TA-141
111.7
118.5
6.75 m
3.14 g/t Au
22TA-142
129.8
152.0
22.20 m
1.50 g/t Au
incl.
132.2
133.0
0.75 m
9.61 g/t Au
22TA-143
7.8
12.1
4.35 m
0.72 g/t Au
38.0
45.5
7.45 m
2.58 g/t Au
incl.
43.1
43.8
0.65 m
22.60 g/t Au
68.8
72.1
3.30 m
3.12 g/t Au
incl.
71.0
71.5
0.50 m
7.19 g/t Au
85.0
92.0
6.95 m
1.74 g/t Au
incl.
85.7
86.2
0.45 m
20.20 g/t Au
22TA-144
27.8
33.4
5.60 m
2.52 g/t Au
127.1
134.6
7.50 m
1.68 g/t Au
22TA-145
119.8
128.6
8.75 m
1.33 g/t Au
incl.
127.7
128.6
0.85 m
8.46 g/t Au
22TA-146
12.9
23.4
10.50 m
4.47 g/t Au
incl.
13.8
17.0
3.25 m
11.12 g/t Au
with
15.4
15.9
0.50 m
45.30 g/t Au
incl.
20.4
21.1
0.75 m
12.65 g/t Au
* Drill core lengths are reported here. True widths for these intervals have not been established
Table 2. Significant unmined historical drill results within the 0.3 g/t Au mineralization model at
Taurus East.
Target Area
Drillhole
From
To
Length*
Grade
Taurus East
T95-19
26.0
82.0
56.00 m
1.18 g/t Au
incl.
60.0
78.0
18.00 m
2.25 g/t Au
T95-36
42.0
52.0
10.00 m
4.50 g/t Au
incl.
42.0
44.0
2.00 m
19.20 g/t Au
T95-39
16.0
48.0
32.00 m
0.58 g/t Au
incl.
20.0
30.0
10.00 m
1.23 g/t Au
* Drill core lengths are reported here. True widths for these intervals have not been established
2022 Full Drill Campaign Status Update
The Company's 2022 drill campaign, which commenced on June 1
st
, remains ongoing with two active
drill rigs at Cassiar North and one active rig at Cassiar South. Over 18,000 m of drilling and 46 drillholes
have been completed across the property in 2022 and surrounding the Taurus Deposit, as well as
priority vein prospects at Cassiar South and regional targets on the property. Further drill results remain
pending and will be released for all drillholes as they become available.
The current program is projected
to be completed during the month of October where projections for drill production may allow for the
program to exceed 20,000 m of drilling.
Option, RSU and DSU Grants
The Company also announces that it has granted options, restricted share units ("
RSUs
") and deferred
share units ("
DSUs
") pursuant to the Company's stock option plan and share unit plan, respectively, to
certain officers, directors, employees and consultants as set out below.
The Company has granted
options to acquire a total of 1,930,000 common shares in the capital of the Company ("
Common
Shares
"), at an exercise price of $0.66 per Common Share, for a period of 5 years, subject to vesting
requirements.
Additionally, the Company has granted 924,000 RSUs and 350,000 DSUs pursuant to the Company's
share unit plan. The RSUs have a 2-year vesting period, with each vested RSU entitling the holder to
receive, at the discretion of the Company's board of directors, either: (i) one Common Share; or (ii) a
cash amount equal to the closing price of the Common Shares on the last trading date prior to the
vesting date, settled as soon as reasonably practicable following the vesting thereof.
The granted options, RSUs and DSUs are subject to the Company's stock option plan and share unit
plan, which were approved by shareholders of the Company at the 2022 annual and special meeting of
shareholders held on March 16, 2022.
Qualified Person
The technical information in this news release has been reviewed and approved by Jill Maxwell, P.Geo.,
Cassiar Gold Corp.'s Exploration Manager, who is a Qualified Person as defined by National Instrument
43-101.
Quality Assurance (QA) and Quality Control (QC)
The 2022 Cassiar drilling program comprises HQ drill core oriented using the REFLEX ACTIII system.
Drill core samples are selected and logged by geologists prior to being cut in half using a diamond
cutting saw at a secure facility located in Jade City, British Columbia. Certified gold reference standards
and blanks are routinely inserted into the sample stream as part of the Company's QA/QC program. All
samples are delivered to the ALS Global preparation facility in Whitehorse, Yukon, where they are
processed, and then shipped to the ALS Global analytical facility in North Vancouver, British Columbia.
Samples are analyzed for gold by 50-gram fire assay with finish by atomic absorption or gravimetric
methods. Screen metallic analysis is performed on selected samples. ALS Global quality systems and
technical aspects conform to requirements of ISO/IEC Standard 17025 guidelines.
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 km
2
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 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, posted to 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 Au
(2017, Cowley
1
), underscoring the high potential for further discovery and expansion of high-grade
orogenic gold veins.
The Company also holds a 100% interest in the Sheep Creek gold camp located near Salmo, BC. The
Sheep Creek gold district ranks as the third largest past-producing orogenic gold district in BC 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.
CONTACT INFORMATION
Cassiar Gold Corp.
E-mail:
Phone: 236-878-6160
1
Cowley, 2017, NI43101 Technical Report on the Cassiar Gold Property, British Columbia, for China Minerals Mining Corp, June 26, 2017, revised
Oct 2, 2017
Forward-Looking Statements
This press release may contain forward-looking statements including those describing the Company'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 the Company 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, mineral resource estimates and the
assumptions underlying such estimates, and economic factors, business and operations strategies.
Although the Company 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.
[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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/136898