Vancouver, British Columbia – (Aug. 27th, 2019) Casa Minerals Inc. (TSX-V: Casa; OTC: CASXF; Frankfurt: 0CM) (the “Company” or “Casa”) is pleased to announce commencement of the inaugural drilling program on its 100% owned Pitman property near Terrace, B.C. The Golden Dragon quartz veining network that is the priority target, includes the highest gold assays recorded on the property (574.42 g/t Gold and 109 g/t Silver over 1 meter). As depicted in the accompanying section, drill hole, PG-01, will be directed to the cluster of quartz veins that comprise the historic Paddy Mac prospect. Subsequent drill holes will explore nearby areas where Casa’s field crews have identified similar mineralization.
Mr. Farshad Shirvani, President and CEO of the Company stated: “I am very excited to be drilling the Golden Dragon prospect that includes the Paddy Mac gold-quartz veins that were explored historically by sampling and underground excavations and confirmed by our recent work. Although a Prospectus to drill was filed in the 1980s, we are the first to explore the area by drilling. With world gold prices at near-record high levels, we are fortunate to be fully funded and permitted as we commence exploration of the “third dimension” underlying a large number of very promising gold and silver occurrences in such an opportune time”.
As reported previously in News Releases, the Golden Dragon area comprises many gold and silver bearing quartz veins in and close to the historic Paddy Mac veins that, following their discovery in 1944, were developed by surface sampling and short underground excavations. The veins occur in rusty argillaceous sedimentary rocks in the steep-walled valley of the Carpenter Creek glacier where recent melting of the ice has exposed large areas of previously inaccessible ground and revealed a number of new mineral zones. Historic gold-silver values reported at Paddy Mac include a 30 cm sample with 373.7 g/t gold and 253.7 g/t silver. The average of 21 chip rock samples with average width 36 cm was 19.54 g/t gold and 176.22 g/t silver. Casa’s sampling of Paddy Mac veins and nearby mineral occurrences has, as previously reported, generally confirmed the historic numbers.
Caution: Although the above-quoted values are quoted in government databases, they are historic and were not prepared in compliance with current CIMM Standards. The above-quoted analytical values are from historic data and have not been independently verified by Casa and should not be relied upon to evaluate the Pitman Property. Mineral content is frequently erratically distributed in quartz veins and there is no assurance that further work, including drilling and additional sampling, will result in discovery of similar mineral content.
In 2018 Casa’s field workers, including some with mountaineering skills, sampled mineralization in and near the Paddy Mac adits, including many mineral zones in areas that previously were inaccessible due to the presence of glacial ice or were too precipitous to allow safe access by ordinary methods. That work demonstrated metal values sufficiently strong to warrant further exploration and included a one metre chip sample with 574.42 g/t gold and 109 g/t silver.
In addition to exploring the Paddy Mac, one or more drill holes will investigate nearby polymetallic and porphyry type mineralization related to quartz monzonite intrusives.
Casa‘s current program of drilling is authorized by a Mines Act permit dated July 29, 2019.
Mr. Erik Ostensoe P.Geo., a director and chief geologist of the Company, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
About Casa Minerals Inc.
The Company is engaged in the acquisition, exploration and development of mineral properties located in Canada. The
Company owns a one hundred percent (100%) interest in the polymetallic Pitman and Keaper properties and has an option to acquire a seventy-five percent (75%) interest in the Arsenault VMS Property. Planning and permitting for exploration of the properties is in progress. The polymetallic Keaper Property is located 20 kilometers northeast of Terrace, British Columbia, and comprises 3,790 hectares.
The Pitman Property comprises seven contiguous mineral tenures covering 5,506 hectares and is located 20 kilometers north of Terrace, British Columbia. The mineral claims of the Pitman Property include several historic prospects, including the Pitman copper-molybdenum ± silver prospect, and the Gold Dome and Paddy Mac gold- base metal prospects.
Casa’s field crews have been exploring the Pitman Property for several years and work is continuing with emphasis on further sampling to better define the distribution of gold, copper, silver and molybdenum values. Some parts of the property have only recently become accessible as a result of the retreat of glaciers and permanent snowfields.
Casa’s Arsenault VMS Property comprises three mineral tenures covering approximately 2,751 hectares located in the Atlin Mining Division, British Columbia. The Company in recent years has conducted several exploration programs on the Arsenault Property and believes that an attractive volcanogenic massive sulphide exploration target may be located within its limits. Further work is planned, with the objective of proceeding to a drilling program to test several areas identified by geological mapping, prospecting, and geophysical and geochemical surveys.
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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