VANCOUVER, BC, May 30, 2024 /CNW/ - Cascadia Minerals Ltd. ("Cascadia") (TSXV: CAM) (OTCQB: CAMNF) is pleased to provide an update on the ongoing diamond drill program at its Catch Property. The Catch Property hosts one of North America's newest copper-gold porphyry discoveries, with extensive mineralization at surface. The property is located in central Yukon, only 10 km from a paved all-season highway and powerline, within an extension of the Stikine terrane – a key geological setting which extends from the Golden Triangle in British Columbia to Yukon. The Catch Property has never been historically explored, with Cascadia conducting the first-ever diamond drill program in fall 2023, which resulted in the discovery of the Spark Zone.
- The first 2024 diamond drill hole (CA-24-006) stepped out 315 m from 2023 discovery hole CA-23-002 and intersected 140 m of pyrite-chalcopyrite mineralization (Figure 1);
- Mineralization in CA-24-006 contains greater sulphide abundance (pyrite-chalcopyrite) than observed in hole CA-23-002, which returned 116.60 m of 0.31% copper with 0.30 g/t gold;
- CA-24-006 intersected zones of potassic alteration associated with disseminated (Figure 2) and vein hosted chalcopyrite-pyrite (Figure 3);
- Hole CA-24-006 targeted a coincident Induced Polarization ("IP") chargeability and resistivity high within a larger and open-ended 1.4 km long IP chargeability anomaly (Figure 4);
- The second 2024 drill hole (CA-24-007) is now underway, testing a similar IP chargeability and resistivity high 150 m north of CA-23-002 (Figure 5); and,
- Planning is underway to extend the 2024 drill program to step out on CA-24-006.
"We are very excited to have hit additional mineralization on such a large step-out from last year's discovery at the Spark Zone. The amount of observed sulphide minerals, coupled with the favourable alteration we are now seeing, clearly demonstrates that this is a large mineral system with significant copper-gold potential. Mineralization at Catch is suggestive of an Alkalic Porphyry, similar in nature to the Red Chris mine in Northern BC and the Cadia-Ridgeway system in Western Australia," said Graham Downs, Cascadia's President and CEO. "Our crews are working to quickly process this core and get assays underway as soon as possible, with several batches of core already at the lab. In the meantime, drilling continues at the Spark Zone, where extensive geophysical anomalies remain open in all directions. It is critical to remember that this is only the third drill hole ever completed at this kilometer-scale target, with both holes last year returning significant mineralization. We see great potential at Catch and are evaluating options to extend the drilling program to complete additional step-out holes."
Figure 1 – Spark Zone Drill Map
Figure 2 – Disseminated Mineralization Core Photos
Figure 3 – Vein-Hosted Mineralization Core Photos
Figure 4 – Spark Zone IP Section B-B'
Figure 5 – Spark Zone IP Section A-A'
Cascadia cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Laboratory assays are required to determine the presence and grade of any contained mineralization within the reported visual intersections of copper sulphides. The company will update the market as soon as laboratory analytical results become available.
Diamond drilling is underway at the Spark Zone where 2023 diamond drill hole CA-23-002 intersected 116.60 m of 0.31% copper with 0.30 g/t gold. The first 2024 diamond drill hole, CA-24-006, ended at 570 m and the second drill hole (CA-24-007) is underway. The Spark Zone is defined by a 700 x 700 m magnetic low coincident with a 1,400 x 600 m IP chargeability high and rock samples returning up to 3.88% copper with 30.0 g/t gold at surface within a large copper in soil anomaly.
CA-24-006 was collared 315 m southeast of hole CA-23-002 (figure 1), targeting a stronger and broader portion of the IP chargeability anomaly (figure 4), coincident with a zone of high resistivity. The hole encountered a variety of host rock types including quartz-feldspar porphyry, diorite, diorite porphyry, basalt and gabbro. The top 290 m of the hole displayed broad propylitic alteration (chlorite-epidote-pyrite ± hematite) of dominantly basalt and diorite with a clear increase in intensity with depth. A 140 m zone of sericitic (quartz-sericite-pyrite) to potassic alteration (biotite) with disseminated to vein hosted pyrite-chalcopyrite mineralization was encountered from 290 to 430 m in all host rock types. Strong propylitic alteration was observed again from 430 to 550 m dominantly within gabbro before encountering a large fault towards end of hole.
There is a pervasive late-stage chlorite overprint on the mineralization making identification of primary alteration difficult. In addition, structural deformation deforms the mineralization; likely from the nearby 1,000+ km long Teslin-Thibert fault. Further petrographic studies will be undertaken in the coming months to validate initial geology and alteration logs.
Hole CA-24-007 is collared off the same drill pad as CA-23-002 and will fan eastward and step out 150 m on the known copper-gold mineralization at depth. This hole will test the projected extension of mineralization from hole CA-23-002 towards an area of high IP chargeability and stronger resistivity (figure 5), which may represent potassic alteration.
For additional CA-24-006 core photos and information on the Catch property, please visit Cascadia's website at https://cascadiaminerals.com/projects/catch-yt/
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 – recently staked 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 45 million shares outstanding and its largest shareholders are Hecla Mining Company and Barrick Gold.
Analytical work for 2023 samples was completed by ALS Canada Ltd, with sample preparation in Whitehorse, Yukon and geochemical analyses in North Vancouver, BC. Rock and core samples were fine crushed before a 250-gram split was pulverized to better than 85% passing 75 microns. Gold was determined for rock samples by the PGM-ICP24 procedure which involves fire assay preparation using a 50-gram charge with an inductively coupled plasma-atomic emission spectroscopy finish ("ICP-AES"). Soil samples were dry-screened at 180 micron, with analysis conducted on the fine fraction. Gold was determined for soil and silt samples by the Au-ICP21 method, which involves fire assay preparation with a 30-gram charge followed by an ICP-AES finish. Multi-element data for 48 elements was determined for all samples by the ME-MS61 procedure, which involves a four-acid digestion followed by ICP-AES and inductively coupled plasma-mass spectrometry. Overlimit values for copper were determined by the ME-OG62 procedure, which involves a four-acid digestion followed by ICP-AES analysis.
Results referenced in this release represent highlight results only. Below detection values for copper and gold have been encountered in core, 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
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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.
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