Discovery at Pitman Project assayed 574.42 g/t (over 2 ft) and 268.86 g/t (over 3 ft) gold in Rock Samples at Golden Dragon veins
Vancouver, British Columbia – (October 16, 2018) Casa Minerals Inc. (the “Company”) is pleased to announce the discovery of a network of polymetallic mineralized veins in the Golden Dragon prospect, which is part of its 100% owned Pitman property located 20 kilometers north of Terrace, British Columbia and 15 km northwest of the Company’s Keaper property. The Golden Dragon prospect includes the historic Paddy-Mac gold veins.
The Golden Dragon veining network was discovered by Casa’s field crew that was prospecting and sampling in the area of the historic Paddy Mac and Gold Dome gold prospects. The system includes multi-level semi-parallel veins of apparent east-west attitude that have been traced intermittently over an approximate distance of 500 metres. Numerous occurrences are daylighted on the north facing slopes of the Nass Plateau and are overlaid to the west by talus material. Veins are inclined southerly at 55 to 65 degrees and are hosted by brecciated argillite cemented by stringers of quartz and irregularly distributed pods and veinlets of pyrite and chalcopyrite. Widths vary and in places are as much as three metres (10 feet). The new veins were discovered by Casa’s exploration team in August 2018 and have not been fully mapped and sampled.
Recent initial rock samples from the Golden Dragon discovery area have returned analyses with very significant gold, silver and base metal values:
- Rock chip sample A0007218, from a 2 foot wide vein returned assays of 574.42 g/t gold and 109 g/t silver plus 0.1% copper, 1.56% lead and 0.23% zinc.
- Rock chip sample A0007221, from a 3 foot wide vein assayed 268.86 g/tonne gold and 127 g/tonne silver plus 0.2% copper, 2.95% lead and 0.04% zinc.
- Rock chip sample A0007219, from a 1 foot wide vein assayed 50.83 g/tonne gold, trace copper, 0.21% lead and 0.02 % zinc.
Assays from additional sampling have not been received.
In addition to the newly identified Golden Dragon veins, the area includes the historic Paddy Mac veins and two short adits that in the past have been explored by sampling. Selected Paddy Mac samples, both historic and by Casa, are included in the accompanying table and are shown in drawings.
The following table includes analyses of mineralized rock samples taken by Casa field workers in 2017 and 2018 from the “Golden Dragon” prospect area:
Golden Dragon Discovery Veins selected Samples
|Vein #1||A0007218||2 ft||574.42||109.00||640||15,600||1.56||2,314|
|Vein #1||A0007221||3 ft||268.86||127||2,201||0.22||29,500||2.95||448|
|Vein #1||A0007219||1 ft||50.83||28.00||88||2,082||153|
|Vein #1||A0007227||2 ft||2.44||92.00||2,692||0.27||45,400||4.54||9,800|
|Vein #1||A0007220||1/2 ft||0.24||5.70||288||2,617||1972|
|Vein #2||A0007234||1/3 ft||0.91||29.30||1295||2,079||492|
|Vein #2||A0007235||1/3 ft||0.11||26.70||256||2,212||394|
|Vein #2||PM Sa2*||Grab||1.29||177.00||10,500||1.05||8,506||824|
|Vein #2||PM Sa3*||Grab||0.49||215.00||6,091||0.61||13,100||1.31||530|
|Vein #3||A0007231||1/3 ft||0.24||218.00||1,835||0.18||16,400||1.64||587|
|Vein #3||A0007233||1/3 ft||0.55||203.00||7998||0.80||14,900||1.49||1,014|
|Vein #4||A0007208||1 ft||1.56||62.40||2,477||0.25||6,814||770|
|Vein #4||A0007213||2 ft||6.71||8.60||184||918||84|
|Vein #4||A0007215||1 ft||9.77||4.70||289||160||528|
(*) 2017 Samples, all other samples are 2018
The following table includes samples from historic sampling of veins at Golden Dragon:
Bema Samples 1980 – Paddy Mac (1)
|Sample ID||Sample width||Gold oz/ton||Silver oz/ton||Cu|
Canamax Samples 1986 – Paddy Mac (2)
- Public database of the BC government: https://propertyfile.gov.bc.ca/reports/PF860188.pdf
- Public database of the BC government: http://aris.empr.gov.bc.ca/ArisReports/15337.pdf
The accompanying maps illustrate the locations of the “Golden Dragon” Prospect (Note: Golden Dragon is a prospect area that includes all the veins mentioned in this news release.)
Casa’s geological team is continuing to map and sample various parts of the Golden Dragon discovery area. One area, the “Lucky Zone”, located on higher elevations of the Golden Dragon is inaccessible but is estimated to be 2 to 5 meters wide and about 35 metres in exposed length: abundant malachite (copper) staining may be evidence of strong copper/gold mineralization.
Gold Dome and WoMo occur in a broad zone of sulphide mineralization located at high elevation north of the Golden Dragon area of gold-copper, et al. prospects. Although it is an historic mineral occurrence, Casa Minerals in 2010 was the first operator to obtain samples from several exposures in deeply incised stream channel ways. Sample assays included high grade gold, silver, copper and molybdenum values. Further information is located on the website of the company at https://www.casaminerals.com.
Casa Minerals’ field crew is continuing geologic mapping, prospecting, and soil sampling work in order to better understand the geology and mineralization of all parts of the Pitman property. The Company plans to complete an airborne geophysical survey of both its Pitman and Keaper properties. Further results of work will be announced when received.
Cautionary note: The above maps and tables include historic analyses from work by other operators that have not been verified by Casa Minerals Inc. due to the historical nature of these assays. Nevertheless, Casa Minerals views the Golden Dragon prospect as a priority exploration target on the Pitman property.
Golden Dragon area samples were taken in the field under the supervision of qualified persons. Samples were placed in suitable plastic bags and rice bag shipping sacks and forwarded by bonded commercial carriers to a testing laboratory with ISO/IEC 17025:2005 accreditation. Rock and soil samples were processed and analysed by industry-standard preparation and processing procedures that yield a homogeneous sub-sample that was then treated by aqua regia digestion and multi-element ICP-MS and ICP-ES determinations. High-grade and over limit samples were re-analysed by methods appropriate to the metal content. The laboratory employs rigorous QA/QC protocols that included replicate analyses, random insertion of samples of pre-determined values, and constant monitoring of instrumentation.
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 Inc.
Casa Minerals Inc. 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.
The Pitman Property comprises five contiguous mineral tenures covering 4255.6 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 and the newly discovered Golden Dragon. Casa’s field crews have been exploring the Pitman Property at intervals since 2005 and since June of this year have concentrated on prospecting and soil sampling in order 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. Further work is planned, including an airborne geophysical survey and programs of diamond drilling.
The Keaper Property, located 20 kilometers northeast of Terrace, British Columbia, comprises five contiguous mineral tenures covering 3,789.5 hectares. The property features numerous copper occurrences and a possible polymetallic zone with high silver values and related copper, lead and zinc. Field work is continuing and results will be announced when available.
Casa’s Arsenault VMS Property comprises eight mineral tenures covering approximately 9,672.5 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 the 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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