Casa Minerals Inc. (TSXV: CASA) (OTC Pink: CASXF) (FSE: 0CM) (the “Company” or “Casa”) is pleased to provide an update for its Congress Gold Mine project located near the town of Congress in the Martinez Mining District of Yavapai County, Arizona, and an update of planning. Casa is the owner of a 90% interest in the Congress Gold Mine property.
The historic Congress mine produced approximately 500,000 ounces gold from the Congress and Niagara veins. All production was from underground workings. Casa, in a news release dated 20-09-2022, announced completion of ten drill holes with lengths between 74.7 and 365.8 metres (245.1 feet and 1200.2 feet) and in a news release dated 30-01-2023, announced initial assay results in a tabulation of significant intercepts that included the following:
Table 1: 2022 Drill assays results of the Congress Gold Mine Project
|DDH||Including||From (m)||To (m)||Width (m)||Au (g/t)||Ag (g/t)|
The Congress Gold mine operated at intervals from 1880 to 1992. Casa purchased the property in 2021 and conducted due diligence, data compilation and field surveys, followed in 2022 by diamond drilling 10 drill holes with a total length 2,081 metres (6,828 feet). The 2022 drill program was planned to confirm the accuracy and integrity of the gold and silver mineralization database. Additionally, the purpose of the drilling was to establish geological characteristics of mineralization and host rock formations and to confirm exploration potential in and near the former Congress Mine. Operations were conducted in accordance with Arizona mining regulations and the federal Mines Act of 1871 and OSHA. Site management and drill core processing were supervised by a Registered Professional Geologist registered in the State of Arizona.
Based on the available historic data, additional mineral rights adjoining the mine were acquired by staking and the property now comprises both patented and Lode Claims totaling 305.33 hectares (754.48 acres). Historic data collected from the MY zone (western extension of the Congress Gold Deposit) has demonstrated a major gold veining system that has yet to be drill tested. The geological and mineralization models have been developed and an exploration plan is being finalized that upon completion will be announced.
Farshad Shirvani, President and CEO stated, “Our exploration team has extensive experience in geological exploration and planning, with multiple mining exploration discoveries, advancing through to mine development. It is the geological knowledge and market awareness that builds the foundation of a successful company, and we are dedicated to investing in the exploration and potential development of the Congress Gold Mine Project.”
2024 Exploration Program
Casa is currently planning a 2024 program of drilling and exploration work on the property to advance the Congress Gold Mine project. Work will be directed to follow-up drilling in the areas of gold-bearing quartz veins and auriferous sheared zones in and near the Congress and Niagara veins, and to potentially rehabilitate parts of the past producing mine.
As previously reported, historic drill hole intercepts from 1990 drilling that was conducted by a previous operator on the property are outlined in Table 2:
TABLE 2. Historic Drill Hole Intercepts
|DDH||Including||From (m)||To (m)||Width (m)||Au (g/t)||Ag (g/t)||Year||Operator|
Disclaimer: Table 2 data from historic property work has not been confirmed by Casa and should not be relied upon in any evaluation of the Congress Property. True thicknesses of the intercepts have not been determined. Historic data is included in this news release as an indication of the gold and silver values present in parts of the Congress and Niagara veins.
About the Congress Mine
The Congress mine is a shear zone hosted gold-silver deposit: low sulphide gold quartz veins occupy complex structural zones in coarse-grained gneissic granodiorite and pegmatite of Precambrian age. Gold values occur in association with fine-grained pyrite and, frequently, other sulphide minerals.
Most historic production was from the Congress and Niagara veins that are exposed on surface over more than 1060 m (3,500 ft) and 365 m (1200 ft). Both veins trend northwesterly and dip moderately to the north and were variously mined to several hundred metres from surface. Several other gold-bearing veins are referred to in archival documents but have not been investigated.
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 and the USA. Casa owns ninety percent (90%) interest in the Congress gold mine (Arizona, USA). This historic high-grade gold producing mine has not been explored nor been in production since 1992. Additionally, the Company owns a one hundred percent (100%) interest in the polymetallic Pitman and Keaper properties (BC, Canada) and has an option to acquire a seventy-five percent (75%) interest in the Arsenault VMS Property (BC, Canada).
On Behalf of Board of Directors
Farshad Shirvani, M.Sc. Geology
President and CEO
NEITHER 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 RELEASE.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.