Cassiar Gold Intersects 45.5 m of 2.40 g/t Au, 45.6 m of 1.83 g/t Au and 35.5 m of 1.59 g/t Au from Bulk-Tonnage Taurus Deposit at Cassiar North
Cassiar Gold Intersects 45.5 m of 2.40 g/t Au,
45.6 m of 1.83 g/t Au and 35.5 m of 1.59 g/t Au
from Bulk-Tonnage Taurus Deposit at Cassiar
North
Calgary, Alberta--(Newsfile Corp. - November 15, 2021) -
Cassiar Gold Corp. (TSXV: GLDC)
(OTCQX: CGLCF)
(the "Company") is pleased to release assay results from four of 15 diamond holes
drilled at the Taurus Deposit, located in the Cassiar North project area of the Company's flagship
Cassiar Gold Property in northern British Columbia, Canada. The Taurus Deposit hosts a near-surface,
bulk-tonnage inferred gold resource of one million ounces grading 1.43 g/t Au
[1]
. Results from the first
four holes successfully confirm the presence of continuous zones of higher-grade, shallow (<200 m
vertical depth) gold mineralization in the Northwest zone of the Taurus Deposit area (See Figure 1).
Highlights:
Drillhole 21TA-134 intersected
45.5 m of 2.40 g/t Au
from 172.9 to 218.4 m downhole, including
13.9 m of 3.76 g/t Au
;
and
35.5 m of 1.59 g/t Au
between 98.21 and 133.7 m downhole
.
Drillhole 21TA-132 intersected
45.6 m of 1.83 g/t Au
from 180.1 to 225.7 m downhole.
Drillhole 21TA-130 intersected
7.8 m of 1.86 g/t Au
from 200.3 to 208.2 m downhole and
5.3 m of
2.75 g/t Au
from 133.0 to 138.2 m downhole, including
0.6 m of 16.50 g/t Au
.
Drillhole 21TA-131 intersected
41.3 m of 1.05 g/t Au
from 24.7 m to 66.0 m downhole.
"Cassiar Gold's technical team continues to deliver exceptionally strong results from our 2021 drill
campaign - this time from the near-surface, bulk-tonnage Taurus Deposit at Cassiar North," stated
Marco Roque, President and CEO of Cassiar Gold. "Intercepts from all four holes drilled at the
Northwest zone demonstrate significant gold grades and continuity of mineralization which underscores
an incredibly robust asset that deserves greater recognition in the market."
David Rhys, Senior Technical Advisor for Cassiar Gold, stated, "These excellent results confirm the
presence of a wide, higher-than-resource-grade corridor in the Taurus West area that is open beyond
the known deposit footprint. With much of the known Taurus Deposit defined with widely spaced drill
holes, this drilling also illustrates the potential to further enhance the resource by better defining higher-
grade zones within the deposit."
Cassiar North 2021 Drill Program at Taurus Deposit
The 2021 Cassiar North Drill Program focused on the Taurus Deposit area and consisted of 15
drillholes totaling 4,098 m which were completed from early June to mid-August (Figure 1). The program
targeted the 88 Hill, Gap, Southwest and Northwest zones of the resource and was aimed at upgrading
existing resources by better defining higher-grade mineralized areas where historical drillholes are
widely spaced (~100 m apart). The resource remains open in all directions and successful target areas
are being reviewed for further advancement in upcoming drill programs.
Figure 1. Cassiar North 2021 Taurus Drill Campaign Drillhole Location Map. Historical
production figures from September 2017 NI43-101 Technical Report on the Cassiar Gold
Property, BC by Paul Cowley, P.Geo.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2958/103421_1f95a95d94038a8e_002full.jpg
The Company drilled four holes targeting the east side (hangingwall) of the moderately east-dipping
Taurus West fault, which is interpreted to be a reactivated structure with an early shear zone overprinted
by later brittle movement. Mineralization in the Northwest zone appears to have a northerly trend parallel
to the fault which contrasts with the dominantly westerly trend of mineralization through the central portion
of the Taurus Deposit. The four drillholes were therefore designed to test both the northerly and westerly
mineralization trends in this area and results are discussed below (see Figure 2 and Table 1):
Hole 21TA-134:
drilled with a northwesterly azimuth to test a 100 m gap between historical
drillholes that pierced the Taurus West fault, reducing drillhole spacing to 50 m. Results included
45.5 m of 2.40 g/t Au from 172.9 to 218.4 m downhole, including 13.9 m of 3.76 g/t Au; and 35.5 m
of 1.59 g/t Au from 98.2 to 133.7 m downhole. These results confirm significant grade and
continuity of gold mineralization in the area parallel to, and branching off, the Taurus West fault (see
Figures 2 and 3).
Hole 21TA-132:
drilled with a southwesterly azimuth to simultaneously test potential westerly and
northerly mineralization trends and was located approximately 50 m from historical intercepts to
test the hangingwall of the Taurus West fault (see Figures 2 and 4). A broad zone of 45.6 m at 1.83
g/t Au was intersected at target depth and confirmed a zone of consistent gold mineralization,
which was followed up by drillhole 21TA-135 (assays pending).
Holes 21TA-130 and 21TA-131:
both were drilled with a northwesterly azimuth targeting east of
drillhole 21TA-132. Both intersected numerous mineralized zones, including 7.8 m of 1.86 g/t Au
and 41.3 m of 1.05 g/t Au, and demonstrate continuity of gold mineralization.
Overall, drilling at Northwest zone has shown continuous zones of shallow (<200 m depth) gold
mineralization with composite grades consistently above the overall Taurus resource grade of 1.43 g/t
Au. West-trending mineralization in the central portion of the resource is observed to expand and join
with the north-trending mineralized areas at Northwest zone, forming broad areas of continuous
disseminated pyrite and quartz veinlet-hosted mineralization in quartz-carbonate-altered basalt host rock
on the east side of the fault. These results further support the potential to augment the resource base,
both by further definition of continuous gold mineralization and by expansion of this higher-grade
corridor, which is open along strike beyond the known footprint of the resource to the north and the south.
Figure 2. Highlights of 2021 assay results from the Northwest zone of the Taurus resource
area. Surface projection of 2019 0.5 g/t Au gradeshell is shown for reference (
from
Zelligan,
2019).
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2958/103421_1f95a95d94038a8e_003full.jpg
Figure 3. Vertical section along drillhole 21TA-134. Gold mineralization occurs in a broad zone
above the north-trending Taurus West fault. 0.5 g/t Au gradeshell is shown for reference (from
Zelligan, 2019).
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2958/103421_1f95a95d94038a8e_004full.jpg
Figure 4. Vertical section along drillhole 21TA-132, looking north. Gold mineralization occurs in
a broad corridor above the north-trending Taurus West fault. 0.5 g/t Au gradeshell is shown for
reference (from Zelligan, 2019).
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/2958/103421_1f95a95d94038a8e_005full.jpg
Table 1. Significant results from four drillholes at Northwest zone at Taurus Deposit.
Target area
Drillhole
From
To
Length*
Grade
NW Taurus
21TA-130
3.83
13.23
9.40 m
0.59 g/t Au
20.20
45.18
24.98 m
0.70 g/t Au
52.20
57.45
5.25 m
0.70 g/t Au
84.50
89.43
4.92 m
1.58 g/t Au
132.98
138.24
5.26 m
2.75 g/t Au
incl.
0.55 m
16.50 g/t Au
200.33
208.15
7.82 m
1.86 g/t Au
21TA-131
24.73
66.00
41.27 m
1.05 g/t Au
78.54
101.20
22.66 m
0.63 g/t Au
21TA-132
53.57
66.56
12.99 m
0.60 g/t Au
141.55
169.58
28.03 m
0.84 g/t Au
incl.
0.90 m
5.54 g/t Au
180.10
225.70
45.60 m
1.83 g/t Au
21TA-134
12.20
23.75
11.55 m
0.78 g/t Au
34.79
43.51
8.72 m
0.65 g/t Au
98.21
133.70
35.49 m
1.59 g/t Au
incl.
13.50 m
2.84 g/t Au
172.92
218.42
45.50 m
2.40 g/t Au
incl.
13.88 m
3.76 g/t Au
235.94
238.35
2.41 m
4.14 g/t Au
* Drill core lengths are reported here. True widths for these intervals have not been established.
Full 2021 Drill Campaign and Assay Results Update
The Company completed its 2021 drill campaign on November 1 and is currently demobilizing from site
in preparation for seasonal shutdown. A total of 34 holes over 11,288 m were drilled during the program,
including 15 holes over 4,098 m within or proximal to the Taurus Deposit at Cassiar North, and 19 holes
over 7,000 m targeting high-grade vein systems at Cassiar South.
At Cassiar North, additional assay profiles for both partial and full holes are pending and will be released
as they are received and reviewed by the Company. At Cassiar South, results remain pending for holes
that have been completed at East Bain, Cusac, Hot, and Vollaug veins.
Qualified Person
The technical information in this news release has been reviewed and approved by Kaesy Gladwin,
P.Geo., Cassiar Gold's Vice President of Exploration, who is a Qualified Person as defined by National
Instrument 43-101.
Quality Assurance (QA) and Quality Control (QC)
The 2021 Cassiar drilling program comprises HQ drill core oriented using the REFLEX ACTIII system.
Drill core samples selected and analyzed are logged and then cut in half using a diamond cutting saw, in
a secure core storage 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 SGS Canada preparation facility in Whitehorse, Yukon, where they are
processed, and then shipped to the SGS Canada analytical facility in Burnaby, 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. SGS Canada quality systems and
technical aspects conform to requirements of ISO/IEC Standard 17025 guidelines.
Capital Advisory Contract
The Company has engaged Capital Markets Advisory CA to increase awareness of the company
among institutional and high-net-worth investors throughout North American and Europe. In consideration
for these services, the company has agreed to pay C$5,000 per month. The term of the agreement is for
a minimum of three months and may be terminated by either party with 30 days of written notice. CMA's
principal, Karen Mate, has over 25 years of experience in capital markets and institutional equity sales,
specializing in connecting a curated list of corporate clients with institutional accounts to offer unique
investment opportunities.
Adoption of new RSU and DSU Plan
The Company announces that its board of directors has approved a new equity compensation plan (the
"Share Unit Plan") providing for the issuance of restricted share units ("RSUs") and deferred share units
("DSUs" and, collectively with the RSUs, "Awards"). In connection with the adoption of the Share Unit
Plan, the Company has terminated its previously announced restricted share unit plan (the "Old Plan").
No awards had been made under the Old Plan.
The Share Unit Plan has been established to provide equity-based incentives to eligible employees,
consultants, directors and officers of the Company. The maximum number of Awards issuable under the
Share Unit Plan, together with the number of stock options issuable under the Company's stock option
plan (the "Option Plan"), may not exceed 10% of the number of issued and outstanding common shares
of the Company as at the date of a grant under the Share Unit Plan or the Option Plan, as the case may
be. Based on the number of common shares currently outstanding, an aggregate of 6,017,977 Awards
and/or options can be granted under the Share Unit Plan and/or the Option Plan.
The Share Unit Plan remains subject to the approval of the TSX Venture Exchange and disinterested
shareholder approval at the next annual and special meeting of shareholders of the Company, expected
to occur in the first quarter of 2022. Further details of the Share Unit Plan will be included in the
management information circular of the Company which will be sent to shareholders and filed on SEDAR
in connection with the meeting.
Stock Option, RSU and DSU Grant
The Company has granted stock options exercisable to purchase up to an aggregate of 650,000 shares
of the Company, along with 216,000 RSUs and 394,000 DSUs, to directors, officers, employees,
advisors and consultants. The grants are made pursuant to the Company's shareholder-approved stock
option plan and the Share Unit Plan.
The stock options will be exercisable at a price equal to the closing price of the Company's common
shares on the TSX Venture exchange on November 15, 2021, and will vest over a period of three years,
with one third of the options vesting immediately, and one third vesting at the end of each of the first and
second anniversary of the date of grant. The options have an expiry of November 15, 2026. Similarly, the
RSUs will vest over a period of three years, with one third of the RSUs vesting immediately upon receipt
of final approval of the Share Unit Plan from the TSX Venture Exchange, and one third vesting at the end
of each of the first and second anniversary of the date of grant.
Pursuant to the Share Unit Plan, each vested RSU entitles the holder to receive, at the discretion of the
board of directors of the Company, either: (i) one common share of the company; or (ii) a cash amount
equal to the closing price of the common shares of the Company on the last trading date prior to the
vesting date and shall be settled as soon as reasonably practicable following the vesting thereof.
The DSUs shall vest upon the termination of the holder's services to the Company (other than termination
for cause or without the Company's consent) and includes eligible retirement or death of the holder.
Pursuant to the Share Unit Plan, each vested DSU entitles the holder to receive, at the discretion of the
board of directors of the Company, either: (i) one common share of the Company or (ii) a cash amount
equal to the closing price of the common shares of the Company on the last trading date prior to the
exercise thereof.
The grant of the equity compensation awards and the adoption of the Share Unit Plan is subject to
receipt of the final approval of the TSX Venture Exchange.
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 1Moz at 1.43 g/t Au (cutoff grade of 0.7 g/t) known as the as the Taurus Deposit
(see National Instrument 43-101 Technical report on the Cassiar Gold property, amended Nov. 12, 2019,
by S. Zelligan, posted to SEDAR); and Cassiar South which hosts numerous gold showings, historical
workings, and exploration prospects over a >15 km long and up to 10 km wide trend. Historical
underground mines in the Cassiar South area have yielded over 300,000 oz of Au at grades of between
10 and 25 g/t Au (BC Minfile), underscoring the high potential for further discovery and expansion of
bonanza-grade orogenic gold veins.
The Cassiar Gold Property is highly accessible by road and has a fully permitted 300 tpd mill and tailings
facility, which could provide the potential for near-term production if new and expanded high-grade
resources are defined in the areas of active mining leases that cover some of the most prospective parts
of the South Cassiar area.
Cassiar Gold acknowledges, respects, and supports the rights of Traditional First Nations in the lands
and communities where we operate.
CONTACT INFORMATION
Cassiar Gold Corp.
Shirley Anthony
VP Investor Relations & Communications
1-778-999-2771
Forward-Looking Statements
This press release may contain forward-looking statements, including those describing Cassiar Gold
Corp.'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 Gold Corp. and its management. In
particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the
following: regulatory conditions and the Company's ability to receive permits and regulatory approvals,
mineral resource estimates and the assumptions underlying such estimates, and economic factors,
timing and expected receipt of regulatory and shareholder approvals, business and operations
strategies. These forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements expressed or implied by such
forward-looking statements to be materially different from expectations. Although management of the
Company has attempted to identify important factors that could cause actual results to differ, there is no
assurance that these forward-looking statements will prove accurate, or that actual results will not vary
materially from such statements. These statements speak only as of the date of this release, and 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.
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 September 2019 NI43-101 Report by Scott Zelligan, P.Geo.
To view the source version of this press release, please visit
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