VANCOUVER, BC, July 15,
2024 /CNW/ - Cascadia Minerals Ltd.
("Cascadia") (TSXV: CAM) (OTCQB: CAMNF) is pleased to
announce that diamond drilling has commenced at the PIL Property,
located in the heart of British
Columbia's Toodoggone region. The PIL Property is located 30
km north of the past-producing Kemess Mine and hosts numerous
copper-gold porphyry and epithermal gold-silver targets (Figure 1).
Drilling in 2024 will focus on the PIL South target, where 2023
geophysical surveys returned a compelling untested IP chargeability
anomaly.
PIL Exploration Plans:
- 1,600 to 2,000 m of diamond
drilling at the PIL South target is underway, comprising a
total of two to three holes (Figure 2);
- Diamond drilling will test a compelling copper-gold porphyry
target where a 2023 TITAN IP Chargeability survey identified a
strong anomaly underlying mineralized surface samples, including
3.89% copper with 173 g/t silver and 119 ppm molybdenum in
outcrop (Figures 3, 4); and
- Prospecting and mapping will continue across the 151
km2 property, with a focus on the recently discovered
Spruce Zone, where 2023 rock sampling returned results including
3.75% copper and 101 ppm molybdenum from outcrop (Figure 5),
as well as the Copper Ridge, Atlas and PIL South targets (Figure
1).
"We're excited to have work underway at the PIL Property in
BC," said Graham Downs,
Cascadia's President and CEO. "This is our first diamond drill
program at the property, which hosts numerous underexplored
targets. Work will be focused on the PIL South target, where an
extensive copper-gold soil anomaly coincident with high grade
outcrop has seen very little historical drilling. Last season we
completed a deep IP survey in this area which returned the classic
signature of a buried copper-gold porphyry. This year's drilling
will be the first ever attempt to target the core of this anomaly,
below the pyrite shell observed in historical holes."
Figure 1 – PIL Property Overview
Figure 2 – PIL South Copper-in-Soil Map
Figure 3 – PIL South TITAN IP Chargeability Section A-A'
Figure 4 – PIL South TITAN IP Resistivity Section A-A'
Figure 5 – Spruce Zone Copper-in-Soil Map
PIL South Work Program
PIL South hosts a 2.5 x 2.0 km copper ± gold-molybdenum soil
anomaly. Outcrop rock samples collected in this area have returned
values including 3.89% copper with 173 g/t silver and 119 ppm
molybdenum. A TITAN deep IP survey was conducted at this target in
2023 and returned a signature suggestive of a buried porphyry
target at depth, below historical drilling. The chargeability
response exhibits a broad zone of very high chargeability around a
deeper zone of moderate chargeability, suggestive of a pyrite shell
around the core of a porphyry system (Figure 3) at the 1,200 m elevation level. The resistivity response
shows a core zone of moderate resistivity with moderate
chargeability values that could represent the potassic core (Figure
4).
Three shallow historical drillholes were completed by a previous
operator at this target in 2003. Core from these holes was reviewed
in detail in 2023 and exhibits high-level alteration signatures
(propylitic to sericite alteration), with zones of significant
pyrite, and short intervals of anomalous copper and gold. The
alteration and mineralization seen in these historical holes
supports the interpreted pyrite shell signature in the IP survey
and suggests that they were drilled above or adjacent to an
untested potassic core of a porphyry system.
This season's diamond drilling program will test deeper in the
system, evaluating structures and multiple anomalous features
present in the IP response. Two to three holes of up to 800 m
length each are planned, with potential to extend the program if
results are encouraging.
Other Exploration Projects
Cascadia anticipates receiving final assays from the Phase 1
exploration program at the Catch Property within a week, and will
release further information once results are received, compiled and
interpreted. Phase 2 drilling at Catch is scheduled to commence
July 20th, with additional
IP geophysical surveys scheduled for August. Soil sampling will
begin at the Mack's Copper project in the third week of July, with
geochemical work at the Sands of Time and Milner properties to
follow.
PIL Property Geology
The 151 km2 PIL Property is located in the heart of
the 90 x 20 km northwest-trending Toodoggone district in northern
British Columbia, within the
eastern part of the Stikine Terrane. The Stikine Terrane is
juxtaposed against the Quesnel Terrane by the 1,000+ km long, deep
seated, crustal scale strike-slip Teslin-Thibert fault
approximately 8 km northeast of the property boundary. Stikine and
Quesnel Terranes are characterized by similar Late Triassic to
Early Jurassic volcanic-plutonic arc complexes that host numerous
porphyry copper-gold-molybdenum mines, deposits and prospects
including Red Chris (Newmont
Mining), Galore Creek (Teck/Newmont), Kemess (Centerra Gold), and
Mount Milligan (Centerra Gold). Numerous epithermal gold-silver
projects are also found in the region, including Brucejack (Newmont
Mining), Ranch (Thesis Gold) and Lawyers (Thesis Gold).
The Toodoggone district is underlain by volcanic and sedimentary
rocks of the Early to Middle Jurassic Hazelton Group and the coeval
Early Jurassic Black Lake Plutonic intrusive complex. There is a
prominent northwest-trending regional structural fabric with the
strata in the Toodoggone disrupted by several steeply dipping
normal faults, strike-slip faults and thrust faults.
The PIL Property is under option from Finlay Minerals Ltd., and
Cascadia has the ability to acquire a 70% interest in the project
by making a series of staged payments and work expenditures. For
more details on the Property, please visit our website at
www.cascadiaminerals.com.
About Cascadia
Cascadia is a Canadian junior mining company focused on making
new copper and gold discoveries the Yukon and British
Columbia. Cascadia's flagship Catch Property in the
Yukon hosts a brand-new
copper-gold porphyry discovery where inaugural drill results
returned broad intervals of mineralization, including 116.60 m of 0.31% copper with 0.30 g/t gold.
Catch exhibits extensive high-grade copper and gold mineralization
across a 5 km long trend, with rock samples returning peak values
of 3.88% copper and 30.00 g/t gold.
In addition to Catch, Cascadia is conducting exploration work at
its Mack's Copper and Milner properties – Catch analogues within
Yukon's Stikine Terrane – as well
as the Sands of Time property in the Yukon and the PIL Property in British Columbia, all of which have additional
copper porphyry targets. Cascadia has approximately 52 million
shares outstanding and its largest shareholders are Hecla Mining
Company, Michael Gentile and
Barrick Gold.
Results referenced in this release represent highlight results
only. Below detection values for copper, gold, silver and
molybdenum have been encountered in silt, rock and soil samples in
these target areas.
The technical information in this news release has been approved
by Adam Coulter, M.Sc., P.Geo., VP
Exploration for Cascadia and a qualified person for the purposes of
National Instrument 43-101.
On behalf of Cascadia Minerals Ltd.
Graham Downs, President and
CEO
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 NEWS RELEASE.
Cautionary note regarding forward-looking statements:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ materially
from those contemplated by these statements. The statements in this
press release are made as of the date of this press release. The
Company undertakes no obligation to update forward-looking
information, except as required by securities laws.
SOURCE Cascadia Minerals Ltd.