Vancouver, BC, March 29, 2019 – Casa Minerals Inc. (TSX-V: CASA, FRANKFURT: 0CM, OTC: CASXF) (the “Company” or “Casa”) in September 2018 completed a 223 km airborne VTEM™ and magnetic survey of its Pitman property located east of Terrace, B. C. Casa is pleased to announce that the survey data displays a large conductive (up to 25 ohm-m) near-surface mass in parts of the property that were previously identified by geological mapping, surface sampling and geochemical analyses as potentially valuable gold, silver and base metal occurrences. The conductivity range of this unit, 0.44 to 25 ohm-metres, is consistent with that of sulphide mineral occurrences. The surface expression of the geophysical anomaly is approximately 2.3km x 1.4km and includes the areas of the Golden Dragon and Dragon Tale discoveries that were announced earlier (New Releases Oct. 16 and Dec. 12, 2018).
The VTEM™ (Versatile Time Domain Electromagnetic) geophysical survey method transmits electrical impulses into the ground, followed by measurement of the rate of decay of the electrical signal. Sulphide mineral occurrences generally are more strongly conductive relative to most rock formations.
About the Pitman Property
Casa Minerals Inc. is exploring several mineral zones on its Pitman Property located near Terrace in northwestern British Columbia, including, the Paddy Mac and Golden Dragon complex of gold-bearing quartz veins, the recently discovered Dragon Tale zinc-silver-copper prospect, the high elevation WoMo multi-metal porphyry-type prospect, and the historic Pitman molybdenite site. Exploration has included geological, geochemical and geophysical surveys, including a late season 2018 airborne VTEM™ electromagnetic and magnetic survey of the entire property. Mapping and geochemistry have confirmed and expanded the historic information.
The Golden Dragon was discovered in 2018 (News Release 16/10/18) and is situated close to the “Lucky Zone”, another discovery that has yet to be investigated, and the historic Paddy Mac Gold prospect. The Golden Dragon includes numerous gold and silver veins that returned values as high as 574 g/t gold plus 109 g/t silver, 0.1% copper, 1.56% lead and 0.23% zinc over 0.6m and 268.86 g/t gold, 127 g/t silver, 0.2% copper, 2.95% lead and 0.04% zinc over 1m. The Golden Dragon complex quartz veining system is the project’s advanced exploration target.
The Dragon Tale zinc-silver-copper mineralization, another 2018 discovery, is exposed along a logging road (News Release 12/12/18). Samples returned assays as high as 231 g/t silver, 3.18% copper (not previously reported) and 11.98% zinc in a zone exposed for 320 metres along a logging road and nearby outcroppings. The follow-up airborne VTEM™ and magnetic survey showed strong conductivity and moderate magnetic susceptibility, consistent with mineralization in a sedimentary system, that extends easterly to the property boundary. Casa’s data indicates that the host formation is a weakly metamorphosed mixed black shale and fine-grained sandstone unit, believed to be of Mid to Upper Jurassic age, that, in the opinion of provincial geologists who mapped the formation in the Pitman area in 2006, may correspond to rocks that occur in and near the historic Eskay Creek Mine. Mr. Shirvani, President and CEO of Casa, notes that the Dragon Tale is easily accessed by logging road and will be a high priority for drill testing.
The WoMo prospect comprises strong sulphide mineralization in a large area of porphyry-type alteration adjoining a granitic intrusion. Government geologists noted that the mineral zone resembled “…a classic porphyry system located at the margin of the Carpenter Creek pluton” with gold-silver-base metal enrichments. Metal values were confirmed in 2010 by company personnel who reported numerous samples with assays in excess of 1% copper, 1% lead, 1% zinc and as high as 3,225 and 3,929 ppb gold. The airborne geophysical survey mapped strong resistivity and strong magnetic intensity in the WoMo area, giving it added potential for significant discoveries.
The VTEM™ apparent 3D resistivity and magnetic data, and geochemical and prospecting discoveries will be the basis for selecting Golden Dragon and Dragon Tale drilling targets.
Casa is also pleased to announce the board of directors approved the adoption of an advance notice policy. The purpose of the policy is to provide shareholders, directors and management of the company with a clear framework for nominating directors.
Among other things, the policy includes a provision that requires advance notice to be given to the company in circumstances where nominations of persons for election to the board are made by shareholders of the company. The policy fixes a deadline by which director nominations must be submitted to the company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the company in order for a nominee to be eligible for election.
This policy was approved and adopted by the board on March 25, 2019, and is and shall be effective and in full force and effect in accordance with its terms and conditions from and after such date. Notwithstanding the foregoing, if this policy is not approved by ordinary resolution of shareholders of the corporation present in person or voting by proxy at the next meeting of those shareholders validly held following the effective date, then this policy shall terminate and be void and of no further force and effect following the termination of such meeting of shareholders.
Full text of the policy will be available on SEDAR.
Erik Ostensoe P.Geo., a Director of the Company, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.
About Casa Minerals
Casa Minerals is engaged in the acquisition, exploration and development of mineral properties located in Canada. The Company holds a 100% interest in the polymetallic Pitman and Keaper properties and an option to acquire a 75% interest in the Arsenault VMS copper-gold-molybdenum property. Pitman, the company’s flagship property, and Keaper are located near Terrace, British Columbia. The Arsenault property is located approximately 130 kilometers east-northeast of Atlin in northern British Columbia.
On Behalf of Board of Directors:
Farshad Shirvani, M.Sc. Geology
President and CEO
For more information, please contact:
Casa Minerals Inc.
Farshad Shirvani, President & CEO
Phone: (604) 689-9523
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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