Cassiar Gold completes 2024 field program, British Columbia
Cassiar Gold Corp. [TSX-V: GLDC; OTCQX: CGLCF] reported the conclusion of the 2024 exploration campaign with 30 diamond drill holes completed at its Cassiar Gold Project in northern British Columbia.
Results from 24 drill holes, geophysical surveys, and findings from the field programs remain pending and will further support the expected publication of an updated resource estimate and Technical Report in 2025, and conference and roadshow calendar in Europe and North America.
“Following a safe and robust exploration campaign in 2024 the team is now receiving and interpreting results from drilling, geophysics, mapping and sampling, which we look forward to sharing in the coming weeks and months. This work will contribute to the expected publication of an updated mineral resource estimate and an updated Technical Report compliant with National Instrument 43-101 in the first half of 2025,” stated Marco Roque, CEO. “We are well capitalized with $5.6M in the bank and having successfully drilled 46,389 meters across the property since the last resource update in 2022 – expanding the mineralization at the Taurus Deposit and advancing several of our highly prospective exploration targets – makes Cassiar Gold a very compelling value proposition. With gold consistently hitting new all-time highs, we believe our strategic initiatives and the favorable market landscape offers considerable upside for our stakeholders as we work to unlock the full value of our assets.”
2024 Exploration Campaign Update: Field operations for the 2024 exploration campaign, which launched in early June, wrapped up as scheduled, early this month. The campaign included diamond drilling and fieldwork, collectively designed to evaluate resource expansion potential at the Taurus deposit, expand mineralization at the high priority Newcoast prospect, identify new targets and continue to advance regional exploration concepts on the district-scale property.
2024 drill program summary: 7,168 m of diamond drilling completed from 30 drill holes (expanded from initial 5,000 m scope); Taurus deposit: 5,923 metres of drilling in 27 drill holes; Newcoast regional target: 1,245 metres in three drill holes
This season’s field program included: multiple geophysical surveys; induced polarization (IP) survey over a 6 km footprint; drone-supported magnetometer survey over an approximately 60-km footprint and drone-supported very low frequency electromagnetic (VLF) survey over an approximately 7.5 km footprint.
Geological mapping across several regional prospects with 161 grab samples collected; soil sampling surveys with 569 samples collected in areas which had limited historical sampling.
Drilling was designed to test the continuity and expansion potential of mineralization at the Taurus deposit, which hosts a mineral resource estimate of 1.4 million ounces at 1.14 g/t Au inferred, in advance of a resource update forecasted for completion in the first half of 2025. Additionally, regional drill holes aimed to follow up on significant intercepts encountered at the Newcoast target in last year’s campaign. Results from the initial 6 holes at Taurus, totaling 1,572 metres, were reported on September 10. Results remain pending for 5,596 metres of drilling over 24 drill holes.
The regional field campaign, designed to identify new and advance known regional prospects, included geological mapping and prospecting to refine field targets identified during the 2023 mapping campaign. The 2024 outcrop sampling and soil sampling will aid in identifying new exploration targets on the property.
Geophysical surveys, including regional and target-scale induced polarization (IP), magnetic, and very low frequency electromagnetic (VLF-EM) surveys, aimed to support direct detection of mineralization as well as potential delineation of significant structures and associated alteration. Results and interpretation from the field program remain pending.
Cassiar Gold appointed Michael Wood as Chief Financial Officer (CFO). Michael Wood has extensive experience in management positions and directorships in TSXV publicly traded companies and has been a director of Cassiar Gold since September 2020. “It’s great to become more involved in Cassiar in a management position. With two Mine Permits, a fully owned and permitted Mill, a great resource in a safe jurisdiction, and a fantastic valuation, the Company is entering an exciting period with a number of major catalysts ahead which include drilling and an upcoming Mineral Resource Estimate and Technical Report,” said Wood. Wood replaces Kevin Chen who is moving on to pursue new ventures, and will support a smooth transition.
Further to its press releases dated September 3, September 9, and October 9, 2024, the company closed its non-brokered, insider-led private placement by issuing an aggregate of 296,428 flow-through units (FT Units) at a price of C$0.35 per FT Unit; and 770,000 charity flow-through units (Charity FT Units) at a price of $0.37 per Charity FT Unit. Aggregate gross proceeds raised under the offering were approximately C$388,650.