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Cascadia Minerals Ltd.("Cascadia") (TSXV: CAM,OTC:CAMNF) (OTCQB: CAMNF) is pleased to announce the completion of a high-resolution Quantum Magnetic Gradiometer Technology ("QMAGT") Full Tensor Magnetic Gradiometry geophysical survey at its 100%-owned road-accessible Carmacks copper-gold project in central Yukon.
Highlights
- A 2,261 line-kilometre airborne QMAGTĀ survey was completed over the entire 180 kmĀ² Carmacks Project;
- Survey lines were flown at 100-metre spacing using Dias Airborne Limited's proprietary QMAGTĀ system as well as a conventional total magnetic intensity sensor;
- Magnetic surveys have proven highly effective at delineating prospective rafts, intrusive bodies and structural corridors within the Minto Copper Belt; and
- Unlike previous conventional magnetic surveys, QMAGTĀ measures the full magnetic gradient tensor using ultra-sensitive Superconducting Quantum Interference Device ("SQUID") sensors, providing stronger constraints for three-dimensional geological modelling and improving the delineation of prospective targets.
"We're excited to have had the Dias team onsite at Carmacks," said Graham Downs, President and CEO of Cascadia. "The 180 km2 Carmacks Project covers a massive portion of Yukon's Minto Copper Belt which hosts an exceptional combination of favourable geology, widespread copper-gold mineralization but has seen very little modern exploration. The QMAGT survey will provide a significantly more detailed understanding of the entire property's magnetic architecture, improving our interpretation of the geological controls on mineralization and allowing us to refine existing and new targets for follow-up exploration."
The survey represents the next phase of systematic exploration at Carmacks. Cascadia anticipates the data will help identify additional targets beneath and adjacent to the existing Carmacks Deposit, refine existing targets and identify new copper-gold targets throughout the property.
Following completion of the survey, Cascadia will integrate the processed full tensor magnetic data with existing geological mapping, geophysics, soil geochemistry, rock sampling and historical drilling to refine its geological model and prioritize targets for future drilling. Key areas of focus include Zone A, located 11 km north of the Carmacks Deposit, where historical drilling in 1980 intersected 22.86 m grading 2.27% copper and 2.20 g/t gold from 56.21 m, as well as an anomaly east of Zone 10, located 4 km south of the deposit, where recent soil sampling and prospecting has identified mineralization at surface in a historical road cut. Follow-up soil sampling, prospecting and trenching are underway or will be completed in this area and at numerous other underexplored targets across the property
Figure 1 ā Carmacks Regional Overview
The airborne survey was completed by Dias Airborne Limited using its proprietary QMAGTĀ system at a line spacing of 100 m, providing increased resolution compared to historical surveys flown at broad spacing.
Unlike conventional airborne magnetic surveys, which measure only total magnetic intensity, QMAGTĀ measures the full magnetic gradient tensor. The additional measurements provide substantially greater information about the geometry, orientation and magnetization of subsurface bodies, enabling more accurate mapping of lithological contacts, intrusive phases, structural corridors and hydrothermal alteration associated with mineralization.
The richer dataset also provides stronger constraints for three-dimensional inversion than conventional magnetic surveys, reducing ambiguity in subsurface geological models. This is expected to improve the interpretation of geological features concealed beneath cover and within the Granite Mountain Batholith on the Carmacks Project, where conventional exploration methods have historically been less effective.
Carmacks Project Overview
Cascadia's 180 km2Ā Carmacks Project is located within the Traditional Territory of the Little Salmon Carmacks and Selkirk First Nations and is 35 km southeast of the past producing Minto Mine, which was recently acquired by Selkirk Copper Mines Inc. The Carmacks Project is road-accessible, via a 13 km access road which extends from the government-maintained Freegold Road northwest of the town of Carmacks in central Yukon. The project has an existing 40-person camp, numerous roads throughout the property, and is 10 km from grid power.
The project covers a large portion of the Minto Copper Belt, a 180 km x 60 km belt of intrusion-related copper-gold-silver deposits. This belt is situated within the Stikine Terrane, which extends into Yukon from British Columbia, and is characterized by Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well-endowed with copper-gold-molybdenum porphyries including the Red Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines.
In addition to numerous early-stage targets, the project hosts the resource-stage Carmacks Deposit, comprising a series of 5-100 m wide 'rafts' of variably migmatized xenolithic meta-sedimentary and meta-volcanic rocks hosted within the coarse crystalline granitoids of the Granitoid Mountain Batholith suite. The 'rafts' generally trend NNW-SSE over 3 km of strike length and form three distinct zones of mineralization. Sulphide mineralization is confined to the metamorphic 'rafts' and is found as chalcopyrite-bornite foliation parallel stringers as well as net-textured clots, interpreted as evidence for later sulphide melts. The contacts with the intrusive phases of the granite mountain batholith are sharp and unaltered. The geology and deposit model are thought to be similar to the nearby Minto Deposit, with past work suggesting that the system is the result of an alkalic porphyry deposit that was metamorphosed up to the point of partial melting at depths of up to 25km, followed by rapid uplift to near surface.
The Carmacks Deposit has a Measured and Indicated Resource containing 651 Mlbs of copper and 302 koz of gold (36.3 million tonnes grading 0.81% copper, 0.26 g/t gold, 3.23 g/t silver and 0.01% molybdenum) or 1.07% copper equivalent, and an Inferred Resource containing 38 Mlbs of copper and 13 koz of gold (2.9 Mt grading 0.60% copper, 0.16 g/t gold, 2.34 g/t silver and 0.02% molybdenum). A 2023 preliminary economic assessment demonstrated positive economic potential, with a $230.4 M post-tax NPV(5%)Ā and 29% post-tax IRR at US$3.75/lb copper and US$1,800/oz gold. A second case evaluated at $4.25/lb copper and $2,000/oz gold returned a $330.1 M post-tax NPV(5%)Ā and 38% after-tax IRR.
The deposit is comprised of three zones, 147, 2000S and 1213, all of which come to surface and remain open to expansion in multiple directions. Historical drilling at the deposit focused primarily on oxide copper mineralization, and numerous holes were ended when sulphide mineralization was encountered. Zone 1213 in particular hosts very shallow sulphide mineralization that has seen limited drilling.
About Cascadia
Cascadia's flagship asset is the Carmacks Project in the high-grade Minto Copper Belt in Yukon Territory, Canada. Cascadia is also exploring the Stikine Terrane in Yukon for new gold-copper discoveries through its Strategic Alliance with Agnico Eagle. The Stikine Terrane extends into Yukon from British Columbia's Golden Triangle and is a highly prospective target area for gold-copper porphyry mineralization. While the expression of the Stikine Terrane in British Columbia has been explored in detail ā resulting in numerous discoveries ā its expression in Yukon is comparatively underexplored and not well understood.
Qualified Person
The technical information in this news release has been approved by Thomas Hawkins, 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. Cascadia undertakes no obligation to update forward-looking information, except as required by securities laws.
SOURCE Cascadia Minerals Ltd.
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