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Cascadia Minerals Ltd. ("Cascadia") (TSXV: CAM,OTC:CAMNF) (OTCQB: CAMNF) is pleased to announce that it has signed an agreement to purchase the Byng and Mars properties from Strategic Metals Ltd. ("Strategic").
Under terms of the purchase agreement, which is subject to TSX Venture Exchange acceptance, Strategic has agreed to sell Cascadia a 100% interest in the Byng and Mars projects, subject to a 2% NSR, for consideration of $125,000 in cash, and $125,000 in Cascadia shares priced on the volume-weighted average trading price of Cascadia shares for the fifteen days immediately prior to the closing date. Cascadia has the option to purchase half of the NSR Royalty for $2 million, subject to adjustment by the Canadian Consumer Price Index. The Cascadia shares will be subject to customary resale restrictions.
The Byng and Mars properties complement and expand Cascadia's grassroots regional property portfolio, focused on copper-gold porphyry exploration in the Stikine Terrane, a geologically favourable setting which extends into Yukon from BC's Golden Triangle.
Figure 1 – Property Location Map
Closing of the purchase is subject to TSX Venture Exchange acceptance, and approval from the Teslin Tlingit Council ("TTC") for Cascadia to assume certain responsibilities under an existing Exploration Agreement between Strategic and the TTC pertaining to the Byng property.
Byng Property Overview
The 18 km2 Byng Property is located 50 km northeast of Whitehorse in southern Yukon, within the traditional territories of the TTC, Ta'an Kwäch'än Council ("TKC"), and Kwanlin Dün First Nation ("KDFN"). The Byng property is located within the Stikine Terrane, within a package of Triassic volcanics and Mid-Cretacious intrusives. It hosts a number of low-sulphidation epithermal veins with gold-silver-copper mineralization. Sporadic exploration has been conducted on the property since 1986, including soil sampling, prospecting, and geophysical surveys.
The property exhibits zones of anomalous soil geochemistry, with peak values of 1,770 ppb gold, 30 ppm silver, 3420 ppm arsenic, 517 ppm copper, and 69 ppm molybdenum. Prospecting has identified high grade mineralization with grab samples including 126.9 g/t gold, 164.5 g/t silver and 6.5% copper.
Mars Property Overview
The 19 km2 Mars Property is located 65 km north of Whitehorse in southern Yukon, within the traditional territories of the TKC and KDFN. It is situated within the Stikine Terrane, on the southwest margin of the Teslin Crossing Pluton. Sporadic exploration has occurred on the property since the early 1970s, exploring for copper-gold-molybdenum porphyry mineralization. Previous work on the property has included soil sampling, prospecting, trenching, geophysical surveys and five diamond drill holes.
The property exhibits zones of anomalous soil geochemistry, with peak values of 1360 ppm copper, 485 ppb gold, and 120 ppm molybdenum. Diamond drilling has returned intervals with elevated copper and gold, including:
- 6.44 g/t gold over 4.56 m from 18.29 m in hole M4-06;
- 0.16% copper with 0.27 g/t gold over 23.07 m from 179.83 m in hole MARS-11-02; and
- 0.25% copper with 0.17 g/t gold over 14.75 m from 224.23 m in hole MARS-11-02.
About Cascadia
Cascadia's flagship asset is the 177 km2 Carmacks Project, located within in central Yukon, Canada, 35 km southeast of the past producing Minto Mine. The road-accessible Carmacks Project 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. A 2023 preliminary economic assessment demonstrated positive economic potential, with a $330.1 M post-tax NPV(5%) and 38% after-tax IRR at $4.25/lb copper and $2,000/oz gold.
Cascadia also has a pipeline of discovery stage copper-gold properties throughout the Yukon Stikine Terrane including its Catch Property, which hosts a copper-gold porphyry discovery where inaugural drill results returned broad intervals of mineralization (116.60 m of 0.31% copper with 0.30 g/t gold). High-grade copper and gold mineralization is found at surface over 5 km long trend, with grab samples returning peak values of 3.88% copper, 1,065 g/t gold, and 267 g/t silver.
QA/QC
Results referenced in this release represent highlight results only and include results from historical work conducted by other operators. Below detection values for gold, silver and molybdenum have been encountered in soil and rock samples in these target areas. Readers are cautioned that grab samples are selective by nature and are not necessarily representative of the grade of mineralization on the property. Historical data has not been independently validated by Cascadia.
Copper equivalent calculations for the Carmacks Deposit use metal prices of US$4.00/lb for copper, US$2,500/oz for gold, US$30/oz for silver and US$20/lb for molybdenum. Recovery factors of 82% for copper, 70% for gold, 69% for silver and 70% for molybdenum were used, based on recovery projections from the 2023 PEA study.
The technical information in this news release has been approved by Andrew Carne, P.Eng., VP Corporate Development 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.
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