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Calgary, Alberta – TheNewswire - (November 1st, 2024) – Cassiar Gold Corp. (TSX-V: GLDC, OTCQX: CGLCF) (“Cassiar Gold” or the “Company”) is pleased to announce 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. The Company is also extremely pleased to announce the appointment of industry veteran Michael Wood as the Company´s new Chief Financial Officer, and the closing of its previously announced non-brokered private placement, bringing new support to Cassiar Gold’s strong treasury position.
“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 of Cassiar Gold Corp. “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 Company’s 2024 exploration campaign, which launched in early June, wrapped up as scheduled, early this month. The campaign included diamond drilling and fieldwork (Figures 1,2), 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:
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7,168 m of diamond drilling completed from 30 drill holes (expanded from initial 5,000 m scope)
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Taurus deposit: 5,923 m of drilling in 27 drill holes
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Newcoast regional target: 1,245 m in 3 drill holes
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This season’s field program included:
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Multiple geophysical surveys
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Induced polarization (IP) survey over a 6 km footprint
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Drone-supported magnetometer survey over an approximately 60 km footprint
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Drone-supported very low frequency electromagnetic (VLF) survey over an approximately 7.5 km footprint
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Geological mapping across several regional prospects with 161 grab samples collected
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Soil sampling surveys with 569 samples collected in areas which had limited historical sampling
Click Image To View Full Size
Figure 1. Drill hole location plan map of 2024 program infill and expansion drilling at the Taurus deposit, as well as exploration drill holes at the Newcoast regional target. Stars indicate location of additional exploration targets relative to the Taurus resource footprint. Surface projection of the 2022 resource estimate 0.3 g/t Au grade shell and pit shell boundary are shown for reference (from Zelligan, Moors, Jolette, 2022).
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 inferred1, 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 m, were reported on September 10th (see NEWS RELEASE, September 10, 2024). Results remain pending for 5,596 m of drilling over 24 drill holes.
Click Image To View Full Size
Figure 2. Map of location and extent of 2024 areas subject to geophysical surveys and field mapping/sampling. Stars indicate areas of focus for geological mapping and outcrop sampling. Surface projection of the 2022 resource estimate 0.3 g/t Au grade shell and pit shell model are shown for reference (from Zelligan, Moors, Jolette, 2022).
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.
Appointment of Michael Wood as Chief Financial Officer
Cassiar Gold is pleased to announce the appointment of Michael Wood as its 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 2 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 Mr. Wood.
Mr. Wood replaces Kevin Chen who is moving on to pursue new ventures, and will support a smooth transition. The Company thanks Mr. Chen for his services and wishes him well in his future endeavours.
Closing of Financing
Further to its press releases dated September 3, September 9, and October 9, 2024, the Company has closed its non-brokered, insider-led private placement (the “Offering”) by issuing an aggregate of:
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296,428 flow-through units (FT Units”) at a price of C$0.35 per FT Unit; and
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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. Further details about the Offering are available on the Company’s October 9, 2024 news release.
Upcoming Conference Calendar
Cassiar Gold is pleased to announce its updated 2024-2025 conference calendar which focuses on Europe and North America.
November 2024
121 London | London, UK | November 14-15
Marco Roque, CEO
Jill Maxwell, VP of Exploration
Swiss Mining Institute | Zurich, Switzerland | November 20-21
Marco Roque, CEO
December 2024
Germany and Switzerland Roadshow
Marco Roque, CEO
January 2025
Vancouver Resource Investment Conference | Vancouver, BC, Canada | January 19-20
Marco Roque, CEO
Jill Maxwell, VP of Exploration
AME Roundup Core Shack |Vancouver, BC, Canada | January 20-23
Jill Maxwell, VP of Exploration
Members of the Technical Team
February 2025
USA Roadshow
Marco Roque, CEO
March 2025
PDAC - Prospectors and Developers Association of Canada | Toronto, On, Canada | March 2-5
Marco Roque, CEO
Jill Maxwell, VP of Exploration
Qualified Person
The technical information in this news release has been reviewed and approved by Jill Maxwell, P.Geo, Cassiar Gold Corp.’s VP Exploration, who is a Qualified Person as defined by National Instrument 43-101.
About Cassiar Gold Corp.
Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship Cassiar Gold Property located in British Columbia, Canada. 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 Taurus Deposit (see National Instrument 43-101 Technical Report on the Cassiar Gold property, April 28, 2022, by S. Zelligan, J. Moors, C. Jolette, which is available on SEDAR+); 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 Au1, underscoring the high potential for further discovery and expansion of high-grade orogenic gold veins.
The Company also holds a 100% interest in properties covering most of the Sheep Creek gold camp located near Salmo, British Columbia, Canada. The Sheep Creek gold district ranks as the third largest past-producing orogenic gold district in British Columbia with historical gold production of 742,000 ounces gold at an average grade of 14.7 g/t gold from 1900 to 1951. Minimal exploration work has been conducted since the 1950s.
Cassiar Gold Corp. acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.
CONTACT INFORMATION
Jason Shepherd
VP Investor Relations
Cassiar Gold Corp.
E-mail: jasons@cassiargold.com
Phone: 250-212-2122
Forward-Looking Statements
This news release may contain forward looking statements including those describing the Company´s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of the Company and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, the use of the proceeds of the Offering; the payment of finder’s fees; the Company’s exploration plans and work commitments, mineral resource estimates and the assumptions underlying such estimates, and economic factors, business and operations strategies.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, general economic, market or business conditions, risks associated with the exploration and development industry in general (e.g., operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
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 release.
[1] See April 28, 2022, NI43-101 Report titled “National Instrument 43-101 Technical Report on the Cassiar Gold Property” by Zelligan, P.Geo, Moors, P.Geo, Jolette, P.Geo.
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