Cassiar Gold Provides Mid-Season 2022 Exploration Campaign Update
Cassiar Gold Provides Mid-Season 2022
Exploration Campaign Update
Calgary, Alberta--(Newsfile Corp. - August 17, 2022) -
Cassiar Gold Corp. (TSXV: GLDC) (OTCQX:
CGLCF)
("
Cassiar Gold
" or the "
Company
") is pleased to provide a mid-season exploration program
update at its flagship Cassiar Gold Project in northern British Columbia, Canada.
Highlights:
Drill campaign ahead of schedule with over 13,000 metres completed of the planned
20,000-metre drill program, with initial results expected by early September.
8,198 m of drilling has been completed at Cassiar North including:
7,373 m of drilling completed at the Taurus Deposit at Cassiar North in 17 step-
out and six infill holes; and
825 m of drilling completed at Wings Canyon at Cassiar North.
5,041 m of drilling have been completed at Cassiar South in seven step-out and two
exploration holes.
Exploration is underway at regional target Wings Canyon with fieldwork planned at the
Lucky and Snow Creek targets.
Geological and geochemical review of the gold mineralization at the Taurus Deposit is
underway to support future metallurgical domaining.
The current rate of drill production may allow for the program to exceed 20,000 metres.
"We are grateful to the tireless and dedicated team and crew at site for an extremely productive drill
season to date," stated Marco Roque, President and Chief Executive Officer. "Due to high drill
productivity and thanks to the closing of our recent insider-led private placement, we are well funded and
evaluating opportunities to increase the number of metres drilled for our 2022 drill campaign. We look
forward to reporting initial results from our program in the coming weeks and to updating the market on
our final program once the drill campaign wraps up in October."
2022 Drill Program Overview
The Company's 2022 drill campaign, which commenced on June 1
st
, remains ongoing with three active
drill rigs and is projected to conclude by late October. The program consists of approximately 50
planned holes totalling 20,000 metres at both the Cassiar North and Cassiar South project areas
including regional targets.
Cassiar North
To date, a total of 23 holes totalling 7,373 metres have been completed and one hole is in progress at
the Taurus Deposit located at the Cassiar North project area. Of the holes completed, 17 holes were
step-out holes designed to expand the deposit and six were infill holes designed to confirm continuity of
mineralization and to reduce drillhole spacings.
While results remain pending for all drill holes, a
summary of objectives is presented below by zone (see Figure 1):
Sable Zone
:
Two drillholes totaling 535 m were completed. Infill hole 22TA-148 was designed to
test the extent/continuity of sulphide mineralization encountered in 1993-era historical drill holes as
well as distribution of lithologies included in the current geological model.
Step-out hole 22TA-159
was drilled 50 m along strike of 2020 drill hole 20TA-116 which intersected 18.2 m of 5.43 g/t Au
[1]
to test the extent and continuity of the mineralization and potential for near-surface mineralized
features parallel to known veining/alteration and accompanying mineralization.
Taurus Gap
:
Four drillholes totaling 1,400 m were completed.
Infill holes 22TA-149, 22TA-150,
22TA-152 and 22TA-153 were designed to confirm the presence of near-surface sulphide
mineralization reported in adjacent 1995/96-era drillholes and test a large gap in the 0.3 g/t Au
gradeshell.
[2]
Figure 1. Cassiar North 2022 Taurus Drill Campaign Drillhole Location Map. Surface projection
of 2022 0.3 g/t
Au gradeshell is shown for reference (from Zelligan, Moors, Jolette
2022). Historical production
figures from September Taurus MINFILE Production Detail Report, file number 104P 012, BC
Geological Survey.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2958/134055_4ecdefaff47c9b9b_002full.jpg
Taurus Northwest:
Four drillholes totaling 1,250 m were completed. Two holes (infill hole 22TA-
151 and step-out hole 22TA-157) tested the continuity of the north-south mineralized trend both 80
m up-dip to the west and 70 m down-dip to the east of mineralization encountered in 21TA-134
(35.5 m of 1.59 g/t Au
[3]
) and adjacent 1995-era drillholes. Another two step-out holes (22TA-154
and 22TA-156) aimed to test down-dip of the Highway Zone mineralized trend, validate the 2022
Highway Fault model interpretation and confirm the depth of a sediment base contact at this
location. Hole 22TA-154 also evaluated the potential for near-surface mineralization in the hanging
wall of the Highway Fault.
Taurus Southwest:
Five drillholes totaling 2,126 m were completed. Three infill holes (22TA-147,
22TA-155, 22TA-158) were designed to infill gaps from previous widely spaced drilled holes and
two large step-out holes (22TA-160, 22TA-161) were designed to extend near-surface
mineralization southward in the hangingwall of the Taurus West Fault to follow up from 2021 drill
results in previously untested or sparsely tested areas.
An additional seven holes are planned for the Taurus deposit area (see Figure 1).
Four drill holes will be
added to Taurus SW with two holes stepping back from drill holes 22TA-158 and 22TA-149 to test the
Taurus West zone to the east and south, respectively, of the current 0.3 g/t Au gradeshell. The remaining
two Taurus SW holes will be drilled in the southern end of Taurus SW to test the zone at depth and to the
south of the current 0.3 g/t Au gradeshell.
A fifth hole will be drilled west of the Taurus West Fault, which
is believed to have occurred at the same time as gold mineralization, to test for the potential extension of
mineralization in the footwall of the Taurus West Fault. A sixth hole is planned at the southeast portion of
the Sable Zone to test for the southeastward extension of the mineralization. Finally, a seventh hole will
be drilled to test for the eastward extension of mineralization from the historic Taurus Mine.
The Company may expand its exploration program by drilling additional metres at the Taurus Deposit, if
seasonal considerations and logistics permit, and is fully funded for an expanded exploration campaign.
Cassiar South
A total of 10 holes have been completed at priority vein targets at the Cassiar South project area on
Table Mountain with all drill results pending.
A summary of completed and planned holes is presented
below, broken down by target vein locations (see Figure 2 for drillhole locations):
East Bain Extension:
Five drillholes were completed and one abandoned, for a total of 1,984 m
drilled.
Drilling was designed to test the potential presence of pyrite-mineralized quartz veining 95
m east of 2021 drilling and tested the downdip extension of a 16.87 g/t Au sample in historical
drillhole C90-344 (hole 22EBX-102). Additional drillholes were designed to test for potential new
offset segments of the Bain vein system along strike to the east, including a 75 m step-out hole
from 2021 drilling (hole 22EBX-103) which was subsequently followed up by testing for a downdip
extension of the step-out hole (hole 22EBX-104A) and an additional step-out of 50 m to the east
(hole 22EBX-105).
Vollaug:
Two drillholes were completed, one abandoned, for a total of 1,061 m drilled. Drilling
was designed to test for: (1) potential shear veins in the mafic volcanic package below the Vollaug
vein (holes 22VOL-701A and 22VOL-702), (2) the continuity of different listwanite horizons
identified to the north and south as controlling structures to adjacent veins, (3) the potential for
repetition of favourable stratigraphic host rocks to host quartz veins through thrust stacking, and (4)
the westward continuation of the Vollaug vein (hole 22VOL-701A).
Figure 2: Cassiar South 2022 Drill Campaign Drillhole Locations 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 2, please visit:
https://images.newsfilecorp.com/files/2958/134055_4ecdefaff47c9b9b_003full.jpg
Cusac Area:
Two drillholes have been completed and one abandoned for a total of 974 m drilled,
with two drillholes in progress and one planned for an additional 1,150 m pending. Drill holes are
designed to: (1) test for potential downdip extensions of known veins, (2) evaluate potential for
parallel vein sets between the Cusac and adjacent vein systems, and (3) test the potential for thrust
stacking of mafic volcanic panels that may host additional, blind underlying quartz veins, as was
developed at the Main Mine.
West Bain:
One drillhole is planned at the West Bain area for a total of 425 m. The drillhole is
planned in an area of sparse drill data and is designed to: (1) test for potential parallel veins
northwest of the Bain vein system, (2) test for the possible downdip extension of the West Bain
vein, undercutting a historical surface sample that returned 51 g/t Au, and (3) potentially extend a
listwanite sill beyond the extent of the current model as a controlling structure to additional
underlying veins.
Regional Exploration
At the regional Wings Canyon target located approximately 500 m to the southeast of the Taurus
Deposit on Cassiar North, the Company has completed three drill holes totaling 825 m, designed to
evaluate and expand known mineralization. The Company plans to drill additional holes to the target to
the east in the hangingwall of the interpreted Decline Fault.
Additional fieldwork is also planned at the Lucky and Snow Creek regional prospects which may include
prospecting, sampling and mapping.
Geological and geochemical characterization at Taurus
An initial phase of work is underway to support efforts to better understand the metallurgy of the Taurus
deposit by updating geological domains within the deposit. This work involves drill core and assay
review to identify mineralization-associated multi-element enrichment and depletion patterns, along with
characterization of the mineralogy and structural geology of the deposit to determine controls on gold
mineralization. Preliminary results from this phase of work are anticipated this fall and will be followed by
a secondary phase of LECO sulphur analysis and cyanide soluble gold analysis to support a geological
domain model and provide a foundation for future metallurgical testwork design.
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.
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) 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
(BC Minfile), 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 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'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.
[1]
See Corporate Press Release from December 8, 2020 (
CASSIAR GOLD ANNOUNCES ADDITIONAL DRILLING RESULTS AT THE CASSIAR GOLD
PROJECT, BC; INCLUDING 18.22 METRES OF 5.43 G/T GOLD AND 83.42 METRES OF 1.20 G/T GOLD - Cassiar Gold Corp.
)
[2]
Zelligan, Moors, Jolette April 28, 2022. National Instrument 43-101 Technical Report on the Cassiar Gold Property, prepared for Cassiar Gold Corp.
[3]
See Corporate Press Release from November 15, 2021 (
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 Corp.
)
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/134055