Highlights: Drill campaign progressing with over 14,500 metres completed, with initial results received and to be released shortly; 11,465 metres of drilling has been completed at Cassiar North, including 8,367 metres of drilling completed at the Taurus Deposit in the Cassiar North area, comprising 15 step-out drill holes, 5 infill holes, with an additional 5 holes testing both infill and expansion targets; 3,098 metres of drilling in 10 drill holes completed at priority outlying targets including the Wings Canyon and Newcoast targets; 3,199 metres of drilling have been completed at Cassiar South in 8 step-out and exploration holes near the Main Mine and Bain target areas.
Data collection phase of an induced polarization survey has been completed in the Cassiar North area. Field mapping and sampling has been completed over a 30 km2 area containing target areas that include Newcoast, Wings Canyon, Elan, Snow Creek, and Lucky prospects.
Soil sample collection completed with grid coverage from east of historical Taurus Mine to the Snow Creek prospect.
“Our 2023 exploration campaign has maintained strong momentum in the continued evaluation of the expansion potential of the Taurus Deposit, while also advancing our ongoing property-wide exploration for new areas of mineralization on the extensive Cassiar land package,” stated Marco Roque, President and CEO. “We look forward to sharing the results of this work as the program is completed and data is received and interpreted.”
The Company’s 2023 drill campaign, which commenced on June 1, remains ongoing with active drilling at the Lucky prospect in the Cassiar North area, which is projected to conclude this fall. The program will consist of approximately 50 drill holes at both the Cassiar North and Cassiar South project areas including brownfields and regional targets within the 59,000-hectare land package. Forty-three of the planned holes have now been completed. In addition to the drilling, the company has recently completed geological mapping and sampling, a soil survey and IP over prospective areas in the northern Cassiar property which will form a basis for the future drill targeting of priority target areas.
Cassiar North project area – Taurus Deposit: The Taurus Deposit hosts a substantial near-surface, bulk-tonnage, and pit-constrained inferred gold resource of 1.4 million ounces grading 1.14 g/t gold. Drill holes were designed to outline extensions of mineralization that expand the deposit footprint and to further define mineralization continuity. The deposit remains open in all lateral directions as well as at depth.
To date, a total of 25 drill holes totalling 8,367 metres have been completed at the Taurus Deposit in 2023.
The 2023 campaign has prioritized a component of drill testing at high-priority outlying target areas within the Cassiar North project area.
To-date 3,098 m over 8 drill holes have been completed in 2023 at the Wings Canyon and Newcoast targets.
The Cassiar South project area of the Cassiar Gold Property hosts numerous shear vein targets and several past-producing underground mines which have historically produced over 315,000 ounces of gold grading between 10 to 20 g/t gold from orogenic-style, high-grade gold veins with free gold.
A total of 8 holes and 3,199 metres of drilling have been completed at multiple vein targets at the Cassiar South project area on Table Mountain with results pending in the following target locations.
The data collection phase of an approximately 50 line-km induced polarization (IP) survey, conducted by Dias Geophysical, was completed at the Cassiar North project area over and surrounding the Taurus deposit and outlying target areas.
The field data collection phase of a focused geological and structural mapping and sampling program was completed at Cassiar North overlapping with the area of the IP survey.
The sample collection phase of a soil survey grid was recently completed over an approximated 3 km2 area with 100-metre line spacing and 50-metre sample spacing. Fieldwork completed during the 2023 field program will directly contribute to the ongoing target development on the district scale property.
The Cassiar Gold property spans 590 km2 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 Au) known as the as the Taurus Deposit 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, underscoring the high potential for further discovery and expansion of high-grade orogenic gold veins.