Cascada Silver drills Mina Gaunaca copper project, Chile

Cascada Silver Corp. [CSE:CSS] reported that it has completed its Phase I drill program at its Mina Guanaca Copper Property and has commenced drilling at its Angie Molybdenum Property located in Region III, Chile approximately 75 kim east southeast of the City of Copiapo.

Four reverse circulation (RC) drill holes were completed at Mine Guanaca for a total of 1,132 metres. The drill holes targeted both the copper-oxide gold bearing breccias hosted within the Mina Guanaca open pit and the potential copper porphyry at depth. The first drill hole, GAS-01, was lost at a depth of 36 metres when it intersected old underground workings. The remaining three RC holes, GAS-02 through GAS-04, were drilled to depths of between 350 to 380 metres dominantly cutting magnetite-bearing granitoids.

Copper oxides were observed within the upper levels of all drill holes to depths of up to 100 metres downhole with locally disseminated chalcopyrite and chalcocite observed below the oxides. Within holes GAS-03 and GAS-04, intervals of fine-grained, quartz diorite intrusions with chalcopyrite (disseminated and veinlets) were observed. The Mina Guanaca RC holes have been sampled and samples have been submitted for assaying.

With the Mina Guanaca program completed, the drill has been mobilized to Angie where drilling will target a historical +50 parts per million (ppm) molybdenum rock geochemical anomaly encompassing an area of approximately 1,000 by 1,500 metres with molybdenum assays of up to 1,150 ppm. The previously undrilled molybdenum anomaly is associated with anomalous tin and tungsten.

“The Mina Guanaca drilling was completed quickly and without incident,” noted Carl Hansen, CEO. “The three primary RC holes, initially targeting completion depths from 250 to 300 metres, were extended to depths of up to 380 metres. Assays from the Phase 1 Mina Guanaca program should be available during mid-Q4.”

Commenting on the Angie drill program, Hansen noted, “The RC program is targeting a significant, well-defined yet undrilled, molybdenum anomaly. With the first drill hole, planned for a depth of 300 metres, we should be able to determine the potential of the mineralized system. Barring problems, drilling should be completed by the end of this week.”

Cascada has not undertaken any independent investigation of results from historical exploration programs at Mina Guanaca or Angie. Cascada considers historical assay results relevant as it is using the results as a guide to plan its current exploration programs and considers the data to be reliable for these purposes.