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Enter Symbol
or Name

Cache Exploration Inc
Symbol CAY
Shares Issued 11,457,000
Close 2010-10-25 C$ 0.33
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Cache Exploration starts Long Lake drilling

2010-10-25 15:16 ET - News Release

Mr. Tom Kennedy reports


Cache Exploration Inc. has signed a drill contract with Vic Progressive Diamond Drilling Inc. of Sussex, N.B., to diamond drill on the 160-claim Long Lake property under option in northern New Brunswick (see June 28, 2010, news release in Stockwatch). The diamond drill was mobilized on the property on Oct. 14, 2010, and drilling has commenced. Arthur Hamilton, PGeo, is a qualified person as described in National Instrument 43-101 and is responsible for the technical information contained in this news release.

Intrusion-related breccia and/or vein mineralization has been identified at a number of locations in the region. Historical work has identified a northwest-trending structural control on mineralization in the area and a north-south structural trend may be locally important.

Moderate to strong chargeability and low to moderately low resistivity readings are almost continuous from about 500E to the east end at 1200E of L-1800N. Historical diamond drill hole 80-2 was located approximately on L-1800N at about 900E and was drilled to a depth of 88 metres at minus-45-degree dip and bearing of 195 degrees. Alteration and mineralization was reported in the hole that included 0.14 per cent lead and 11.4 grams per tonne silver over 0.5 foot. However, it was noted that the upper part of the hole (above about 25 metres) "appeared the most fractured; it was also heavily limonitized with many leached quartz vugs present, suggesting that this section was at one-time sulphide rich." Till geochemical anomalies associated with this section of anomalous IP include up to 205 parts per million lead, 450 parts per million zinc, 635 parts per million copper, 4.0 parts per million silver, 76.5 parts per million antimony, 164 parts per million molybdenum and 29 parts per million tungsten. The company is of the opinion that the extensive chargeability and resistivity anomalies on L-1800N and adjacent lines may be due to multiple sheeted layers. Drill hole 80-2 would have only tested about 50 metres across the IP anomaly that extends across more than 500 metres along L-1800N. Two holes of approximately 335 metres each are planned to test anomalous IP and till geochemistry along L-1800N.

Anomalous values of copper-lead-zinc-tungsten coincide with chargeability and resistivity anomalies at about 400E to 500E on L-1400N. One hole of 110 metres is planned to test this anomaly.

Strongly anomalous values including up to 24.5 parts per million silver, 143 parts per million antimony, 371 parts per million copper, 336 parts per million lead and 1,260 parts per million zinc were identified in till samples from 800E to 1000E on L-800N. This line was surveyed by a gradient array IP that identified a strong resistivity anomaly, but no significant chargeability anomaly. In order to better define this anomaly, dipole-dipole IP is to be carried out on L-600N and adjacent lines. Several more till samples are to be taken with a Pionjar in this area. One drill hole of 110 metres is proposed to test this target.

Cache has received a New Brunswick junior mining assistance program (NBJMAP) grant of $45,000, or 50 per cent of eligible costs up to $90,000 for the Long Lake property. The NBJMAP program is a financial assistance program for junior companies and provides up to 50 per cent of eligible costs for mineral exploration programs to a maximum of $50,000. The NBJMAP provides valuable assistance which increases the probability of finding economically viable mineral resources in New Brunswick.

Cache intends to mobilize the drill to the Welsford REE properties after completion of the phase 1 drill program at the Long Lake property. Cache has received an NBJMAP grant of $40,000, or 50 per cent of eligible costs up to $80,000 for the Welsford REE properties.

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