Vancouver, British Columbia – (Aug 14th, 2019) Casa Minerals Inc. (TSX-V: Casa; OTC: CASXF; Frankfurt: 0CM) (the “Company” or “Casa”) announces that it has received a Mines Act permit authorizing a program of work on its Pitman property near Terrace, B.C. The Company has mobilized exploration crew to prepare its Golden Dragon and Dragon Tale prospect areas for drilling. The Pitman comprises both historic and recently discovered significant gold mineralization zones that Casa has explored in recent years. In addition to technical surveys, 2019 work will include preparation of an access trail and drilling. Drilling will start when the access trail is completed and will be announced in a news release.
The Golden Dragon includes numerous gold and silver bearing quartz veins in the historic Paddy Mac area 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.
In 2018 Casa’s field workers sampled mineralization in and near the Paddy Mac adits and 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.
Caution: The above-quoted analyses represent parts of the Paddy Mac veins but there is no intended suggestion that they represent material that may be present throughout. Mineral content is frequently erratically distributed in quartz veins and there is no assurance that further work, including sampling and drilling, will result in discovery of similar mineral content.
Casa, on July 29, 2019, was granted an upgraded Mines Act permit to conduct mineral exploration activities on the Pitman mineral tenures. The Permit was issued following consultation with the Ministry of Forests, Lands and Natural Resource Operations and the Kitselas First Nation and includes requirement of a substantial reclamation bond, and adherence to a Mine Emergency Response Plan and Archaeological Chance Find Procedures. Casa acknowledges the helpful cooperation of the Band Councils of the Kitselas and is committed to working closely with them in achieving further opportunities for Band members and enterprises.
The Mines Act permit approves surface drilling from ten sites and the construction of a temporary access trail from existing logging roads to proposed drill sites in the Golden Dragon area. The trail from the Dragon Tale prospect to Golden Dragon will provide reliable overland access from logging roads and greatly reduce the need for helicopter usage. In addition, it will remove the need for a camp and operations will not be weather dependent, an important safety feature.
The Dragon Tale prospect comprises significant silver-zinc-copper mineralization exposed in argillic sedimentary rocks along more than 0.5 km of roadcuts. Continuation of the mineralization in nearby areas yet to be identified by drilling. The Golden Dragon trail will traverse parts of the Dragon Tale and may give new exposures as well as facilitate positioning of a drill if needed in the future.
Following its discovery in 2018, Casa’s work at Dragon Tale included samples with as much as 231 g/t silver, 6.15% zinc and 3.17% copper. Data and recommendations from a June, 2019 field program of mapping and sampling by the Company’s consulting geologist will be the basis of further work in that area.
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 polymetallic Pitman Property comprises four 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 eight 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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