Cascada Silver begins Phase I drilling at Mina Gaunaca, Chile
Cascada Silver Corp. [CSE-CSS] reported that drilling has commenced at its Mina Guanaca copper property located 110 km northeast of the City of Copiapó, Region III, Chile. Cascada has an option to earn a 100% interest in Mina Guanaca.
“We are excited to get the drill turning at Mina Guanaca,” said Carl Hansen, CEO of Cascada. “The primary objective of the 1,200-metre, Phase 1 reverse circulation drill program is to test the down dip extension of the extensive copper oxide mineralization exposed in the Mina Guanaca open pit. The program will also test an induced polarization chargeability low, located 200 to 300 metres beneath the open pit, which may be associated with copper porphyry mineralization. Three drill holes ranging from 250 to 300 metres have been planned with additional holes to be collared based upon visual results from the initial drilling. Assays from the Phase 1 program should be available during October 2024.”
Three limited historical drill programs (1,550 metres) have been reported from Mina Guanaca with the majority of the drilling completed in the immediate area of the open pit. Highlights from the historical drilling include 82 metres grading 0.91% total Cu, 0.67% soluble Cu (hole SE1, Empresa Nacional de Mineria, 1994); 41 metres grading 2.3% total Cu (hole ST2, C.M. San Andrés C.M., 1995); and 56 metres grading 0.82% total Cu, 0.64% soluble Cu (hole GR5, Sociedad Legal Minera Guanaca Una de Sierra Vicuña, 2020).
Cascada can earn a 100% interest in Mina Guanaca by making payments of US$5,015,000 over four years and completing a minimum of 1,250 metres of drilling annually over the option period. In addition, upon completion of the above noted obligations, the Vendor will receive a 2.5% net smelter royalty of which half (1.25%) can be repurchased for US$2,250,000 one year from the start of commercial production
As announced July 2, 2024, Research Capital Corp. was engaged as a financial advisor to provide general capital markets services, including strategic corporate planning, market intelligence, and general advisory services. In consideration for the services provided, the CSE has approved the issuance of 6,000,000 CSS common shares to RRC, to be issued in equal monthly installments over the course of the six-month engagement through December 2024. The common shares issued will be subject to a statutory restriction period of four months and one day from their respective date of issue.