13:42:22 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Cascade Copper Corp
Symbol CASC
Shares Issued 28,856,145
Close 2023-10-18 C$ 0.095
Market Cap C$ 2,741,334
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Cascade Copper options Centrefire project in Ontario

2023-10-18 12:24 ET - News Release

Mr. Jeff Ackert reports

CASCADE COPPER SIGNS OPTION AGREEMENT ON CENTREFIRE COPPER-GOLD PROJECT

Cascade Copper Corp. has signed an option agreement to acquire 100 per cent of the Centrefire copper and gold project located approximately 40 kilometres northeast of Dryden, Ont., Canada. Pursuant to the terms of the option agreement dated Oct. 17, 2023, the company will earn its interest over a three-year period by issuing cash and shares to the vendor. The vendor will retain an NSR (net smelter return) interest, with a portion of it available for purchase by the company.

Historic work at Centrefire

The Centrefire project has been explored in the past with 10 short (less than 100-metre vertical depth) drill holes, five surface trenches, continuous chip sampling over multimetre intervals and geophysics, both surface and airborne, including magnetics and EM (electromagnetic) surveys. Phelps Dodge explored the area between 1968 and 1970, and discovered several stacked intervals of copper, gold and nickel mineralization within several drill holes.

A Geotech airborne VTEM (versatile time domain electromagnetics) and magnetic survey completed in 2010 indicates two parallel conductors over the extent of the project area and structural mag-breaks that are coincident with the known copper-gold mineralization. Historic surface grab sampling along the strike length of the coincident mag-high trends and VTEM conductors has returned values up to 1.9 per cent copper (Cu) and 23.9 grams per tonne (g/t) gold (Au).

Jeff Ackert, president and chief executive officer of Cascade Copper, comments: "Our team is quite impressed with the Centrefire copper-gold project, not only due to its noteworthy historic assays, but also because of the ease of access to the project area, the ability to apply for and receive drilling permits in a timely fashion, and to take advantage of the Ontario Junior Exploration Program incentives -- OJEP -- which can provide a grant of up to $200,000. The number of known copper, gold and base metal deposits in this area is remarkable, and we are encouraged that Centrefire has the potential for a significant discovery similar to these."

Project location

The Centrefire project is located in the Wabigoon greenstone belt in Northwestern Ontario, approximately 40 kilometres northeast of Dryden and approximately 35 kilometres southwest of Sioux Lookout. Access is afforded by Ontario Highway 72 running north of the TransCanada Highway, and then by all season forest access roads that crisscross the area. It would be possible to drill the Centrefire project during the winter months and Cascade is planning to drill as soon as permitting is completed. A high-tension powerline cuts across the project area. The geology is predominately mafic metavolcanic flows/pillows adjacent to felsic and intermediate metavolcanics and volcaniclastics. Iron formations (IFs) are prevalent in the area and the airborne magnetic signatures indicate two prominent features that would suggest they transect the project. It is believed that a regional shear zone follows the trend of these highly magnetic units and contributes to the distribution of mineralization at Centrefire.

Option agreement details

The option agreement with the vendor of Centrefire allows the company to acquire 100 per cent of the project over a three-year period by fulfilling the following commitments:

  • $10,000 in cash and 75,000 shares of the company within 15 days of closing of the transaction (approval date);
  • $10,000 in cash and 75,000 shares of the company within 30 days of the first anniversary of the approval date;
  • $15,000 in cash and 75,000 shares of the company within 30 days of the second anniversary of the approval date;
  • $20,000 in cash and 100,000 shares of the company within 30 days of the third anniversary of the approval date.

The vendor will retain a 2-per-cent NSR, whereby the company may purchase 1 per cent for $1-million in the event of commercial production.

Next steps at Centrefire

Upon approval of the agreement by the relevant authorities, Cascade will apply for a drilling permit at Centrefire and complete some surface sampling work to help detail the planned drill target locations. Cascade will also apply for the anticipated upcoming 2024 OJEP grant for an expanded geophysics, modelling and follow-up drill program of newly generated targets.

Shannon Baird, PGeo, vice-president of exploration and the qualified person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.

Cascade believes historic results referenced herein to be from reliable sources using industry standards at the time. However, the company has not independently verified, or cannot guarantee, the accuracy of this historic information.

About Cascade Copper Corp.

The corporation is an exploration-stage natural resource company engaged in the evaluation, acquisition and exploration of mineral resource properties with the intention, if warranted, of placing them into production. Cascade is focused on exploration, development and acquisition of quality exploration properties. More specifically, Cascade's objective is to conduct an exploration program on its flagship Rogers Creek property located in the Coast Mountain belt of British Columbia, about 90 kilometres northeast of Vancouver, in the Southwest mining region. Cascade currently has four projects, including the Copper Plateau copper-moly project, Fire Mountain copper-gold project, the Bendor gold project and the flagship Rogers Creek copper-gold project.

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