Cache Exploration

Near-Surface, High-Grade Gold Resource in Nunavut

This profile is part of a paid investor education campaign.*


Cache Exploration (TSXV:CAY) is a Canadian mineral exploration company focused on advancing exploration at its 100-percent owned Kiyuk Lake gold property. The early-stage project is located in Nunavut—a region renowned for rather large gold deposits. Based on an exploration database that includes 12,000 kilometers of drilling averaging more than 2 grams per ton (g/t) on multiple open-pit targets, Kiyuk Lake looks to be in the top 10-percentile of the highest grade open pit targets in the world.

Previous drilling conducted between 2008-2013 confirmed the high-grade, large tonnage potential of the property which hosts mineralization similar to the large intrusive-type gold deposits in the region. Cache’s goal is to define a 3-million-ounce target of open pit material in the 2 g/t to 4 g/t gold range. The company will be conducting a 2,000-meter drill program in the summer of 2017 with the goal of defining an initial resource at Kiyuk Lake.

Cache Exploration is led by management and technical teams with a track record of success both in mining and finance. Chris Pennimpede, the company’s VP Exploration, has led several successful gold and copper exploration projects in Alaska, Yukon and Nunavut—including as Project Geologist for the Kiyuk Lake project under the prior operators.

Investment Highlights

  • A true district play covering a majority proportion of Proterozoic-era Kiyuk Basin
  • 12,000-meter drill database for 2008-2013 campaigns
  • Gold showings over a 15-kilometer strike length
  • Multiple gold intercepts over 1 g/t
    • Four discrete mineralized zones with significant expansion potential:
    • Five new target areas identified and ready for drilling
  • Large portion of main trend untested
  • Summer 2017 drill program targeting initial resource estimate

Key Property: Kiyuk Lake Gold Project, Nunavut

The Kiyuk Lake gold project covers a 590-square kilometer land package which hosts a number of intrusion related gold occurrences. Gold was first discovered at Kiyuk in 1991 by prospectors who encountered multiple occurrences of gold-bearing boulders assaying up to 36.97 g/t gold.

One of the most significant costs for a fly-in exploration project is fuel. The Kiyuk Lake project has a fully-functioning mining camp already on site and includes sufficient fuel for a large drill program.

2008-2013 Digital Database

A substantial digital database exists on the Kiyuk Lake property. Past exploration work on the property included airborne and ground magnetics, regional and grid till sampling as well as four drill campaigns totaling 61 holes over 11,722 meters. Newmont was the first drill on the project in 2008, followed by three programs conducted by Prosperity Goldfields between 2011 and 2013.

Multiple gold showings over 15-kilometer strike length

The Kiyuk Lake project hosts multiple gold showings—some of which remain to be drilled—over a distance of 15 kilometers.


Multiple gold zones and targets

Four separate mineralized zones have been identified at Kiyuk Lake: Rusty, Gold Point, Amundsen and Cobalt.


Five new target areas of mineralization have been identified and are ready for drilling.


Rusty Zone

Rusty is the most promising zone of mineralization discovered to date. Assay results from the 2013 drill campaign demonstrated strong continuity of breccia-hosted gold mineralization within the zone, including hole KI13-004 (0.5 g/t gold cutoff):

  • 24.1 meters at 3.40 g/t gold from 34.0 meters
  • 28.0 meters at 1.53 g/t gold from 66.0 meters
  • 8.0 meters at 8.24 g/t gold from 168.0 meters
  • 30.0 meters at 2.87 g/t gold from 224.0 meters


Mineralization at Rusty remains open at depth and to the east. The planned summer 2017 drill program at Kiyuk Lake will focus on expanding the known gold mineralization at Rusty and move the zone towards a defined resource.

Gold Point Zone

The Gold Point zone is another high priority target for Cache’s summer 2017 drill program. The field work conducted in 2012-2013 by the former operator identified a possible extension of the zone’s mineralization—South Gold Point and East Gold Point.

Results include:

  • 63.6 meters at 2.84 g/t gold from 148 meters
  • 12 meters at 2.4 g/t gold from 120 meters
  • 12 meters at 3.9 g/t gold from 163.5 meter




Jack Bal—CEO and Director

Jack Bal is a business executive, with over 15 years of experience in the resource industry and public markets. Mr. Bal has been involved in capital markets, management, public relations and marketing in the resource sector with contacts in Canada, the U.S. and Europe and has raised in excess of $50m for listed junior resource companies in the field of mining, oil and gas and high technology. In a management capacity, Mr. Bal has been a CEO of TSX publicly listed companies and is currently a CEO of Cardiff Energy Corp and CMC Metals and director with a number of TSX listed companies. Furthermore, Mr. Bal, was the founding member and Vice President and Director of Appareo Software Inc., which in 2002 did over $9m in revenue.

Chris Pennimpede— VP Exploration and Director

Chris Pennimpede is a Geologist with more than nine years’ experience in mineral exploration in Canada and the United States. Chris served as Project Geologist for the Kiyuk Lake project and has led several successful gold and copper exploration projects in Yukon, Nunavut and Alaska. Mr. Pennimpede began working with exploration companies in 2008, and worked with Underworld Resources and Kinross Gold Corporation on the Golden Saddle deposit in Yukon Territory. Chris graduated with a Bachelor of Science degree specializing in Geology and is currently a Senior Geologist at CSA Global.

Ian Graham—Independent Director

Ian Graham is a career mining professional with over 20 years of experience in the development and exploration of mineral deposits, gained with Rio Tinto and Anglo American. As Chief Geologist with the Project Generation Group at Rio Tinto, Ian has been involved with evaluation and pre-development work on projects including the Diavik Diamond Mine, Resolution Copper, Eagle Nickel, Lakeview Nickel and Bunder Diamond. Since 2009 Ian has worked to build junior sector explorers: he took Discovery Harbour Resource Corp. (TSX:v DHR) public on a new VMS-district discovery (Wabassi) and listed Montan Mining Corp. (TSX:v-MNY) in 2015. Ian graduated from the University of Natal (now Kwa-Zulu Natal) in Durban, South Africa with a B.Sc. in Geology and Applied Geology (1984) and B.Sc. (Hons) in Geology (1985), and is the former Chair of the Mineral deposit Research Unit (MDRU), and UBC-based joint venture between academia and global mining companies.

Dean Pikeski— Independent Director

Dean Pekeski is a Professional Geologist with over 20 years’ experience in mineral exploration and project development. From 1996 to 2008, he served as exploration geologist and project manager with Rio Tinto Exploration exploring for base metal and diamond deposits in Nunavut, North West Territories, Northern Quebec, Alberta, Manitoba, Southern Africa, and India. Mr. Pekeski was the project manager for the Rio Tinto exploration team that discovered, and evaluated the diamondiferous Bunder kimberlites. As Executive Vice President, Western Potash Corp., he successfully managed the Milestone Potash Project in Saskatchewan from discovery, through pre-feasibility and feasibility, environmental permitting approval, and project financing. Dean Pekeski is the former CEO/President of Equitorial Exploration, and the current Vice President – Project Development for Crystal Peak Minerals. He is a graduate of the University of Western Ontario with a degree in Earth Sciences.

Cathy Hu—CFO

Yonghong “Cathy” Hu, CPA, CGA has been working with public and private companies since 2009. She also holds CFO positions with recognizable companies such as Cache Exploration Inc. and Innovative Properties Inc.

Robert Bick— Corporate Development

From 2007 to 2010, Robert Bick served as CEO and Executive Chairman of Evolving Gold Corp. During Robert’s tenure, Evolving Gold raised over $50 million, moved from the Canadian Securities Exchange to the TSX main board. EVG’s market cap increased from $3 million to over $100 million. Robert Bick was the founding CEO of Prima Diamond now trading as Voltaic Minerals (TSX-V:VLT) and has served as CEO and Director with several other junior resource companies. He is the founder of Resource Clips providing news to the resource sector. Robert brings to Cache a comprehensive understanding of the requirements of building junior resource public companies.


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