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Cassiar Gold Corp
Symbol GLDC
Shares Issued 60,179,767
Close 2021-09-09 C$ 0.45
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Cassiar Gold drills 8,400 m at Cassiar

2021-09-09 12:59 ET - News Release

Mr. Marco Roque reports

CASSIAR GOLD PROVIDES UPDATE ON 2021 DRILL CAMPAIGN AT FLAGSHIP CASSIAR GOLD PROPERTY AND CORPORATE ACTIVITIES

Cassiar Gold Corp. has provided an update on the 2021 diamond drilling program at the company's flagship Cassiar gold property located in Northern British Columbia, Canada. To date, the company has completed a total of 8,400 metres of drilling in 26 holes as part of its 2021 drill campaign focused on stepout and confirmation drilling at the Taurus gold resource as well as testing of the extensions of high-grade vein systems in the Cassiar South area, which historically produced over 315,000 ounces of gold.

Summary:

  • An expanded drill campaign of 15 holes totalling 4,039 metres (from a planned 3,000-metre program) was completed in mid-August at the Cassiar North area, which hosts the Taurus near-surface, bulk-tonnage National Instrument 43-101-compliant inferred mineral resource of one million ounces grading 1.43 grams per tonne Au;
  • Two drill rigs have been on site since late June and are actively drilling high-grade vein targets at the Cassiar South area near the historic Bain and Cusac mines, which together produced 114,000 ounces of gold grading over 15 grams per tonne Au. Drilling will continue to the end of October, with results expected in December or early 2022;
  • Both the rate of drilling and assay lab turnaround times during the program have been significantly slower than in regular seasons due to continuing COVID-19-related challenges, compounded by lower drill crew availability resulting from heightened exploration activity throughout Western Canada. The bulk of assay results received to date have been for partial holes and the company will release results as soon as more complete results are received and further drilling is completed;
  • Due to the slower drilling rate, a part of the originally planned 15,000-metre 2021 drill campaign will be deferred to 2022 and the company is currently prioritizing high-value targets to achieve its exploration objectives. The company now expects to complete between 12,000 to 14,000 metres during the drill season, with drilling at Cassiar South expected to total between 8,000 to 10,000 metres in 18 to 22 holes to test the lateral and down-dip extensions of known or previously mined high-grade veins;
  • On the corporate front, the company will be attending a robust line up of investor events in the coming months including the Denver Gold Forum, Muskoka Capital Conference, New Orleans Investment Conference and Scottsdale 2021 Capital Conference.

"I am proud of our technical team for their tremendous efforts in driving our exploration program forward despite the challenges imposed by the COVID-19 pandemic and drill crew availability in this busy exploration season," stated Marco Roque, chief executive officer of Cassiar Gold. "I am also excited to present Cassiar Gold at upcoming conferences as an exceptional investment opportunity, with its valuation backstopped by a substantial established gold resource at Cassiar North and exciting upside potential through resource expansion and discoveries of high-grade vein systems at Cassiar South."

Cassiar North 2021 Taurus drill program update

A planned 3,000-metre drill program at the Taurus resource area commenced in early June and concluded in mid-August. Based on encouraging visual inspection of core pulled from the Southwest zone, the company opted to increase the drill program to over 4,000 metres by drilling an additional two holes at the zone.

The overall Taurus drill program focused on the Northwest, West, Gap, 88 Hill and Southwest zones and was primarily aimed at: (1) infill drilling of widely spaced areas to confirm the continuity of higher-grade mineralization between known mineralized intersections; and (2) stepout drilling to test prospective corridors where higher-grade sections of the resource remain open.

Drilling in areas of widely spaced drill holes in 2020 successfully extended mineralization between drill holes, including drill hole 20TA-116 which intersected 5.43 grams per tonne Au over 18.22 metres in the Taurus Sable zone, that defined mineralization corridors at higher-than-average resource grades (see news release from Dec. 8, 2020).

Partial assay results have been received to date from the 2021 drill campaign and the company will release results as soon as complete results are received.

Cassiar South 2021 drill program update

Two drill rigs have been on site since late June and are actively drilling high-grade vein targets at Cassiar South near the historic Bain and Cusac mines, which together produced 114,000 ounces of gold grading over 15 grams per tonne Au between 1986 and 1997.

Due to slower than anticipated drill rates this summer from continuing COVID-19-related challenges and lower drill crew availability, some of the South Cassiar targets planned to be tested in 2021 may be deferred to the 2022 program. The company is prioritizing high-value drill targets and now plans to drill 18 to 22 holes totalling between 8,000 to 10,000 metres to test the lateral and down-dip extensions of known or previously mined high-grade veins. A total of 11 holes covering 4,361 metres have been drilled to date and drilling will continue to the end of October, with results expected in December or early 2022.

Drilling of vein extensions east of historical workings is being done to assess the along strike potential of known veins in this area. Several drill holes will be pushed through historically drilled mineralized strata, and into underlying prospective stratigraphy which remains untested as the company's technical team sees potential for vertical stacking of high-grade mineralized vein domains within favourable gently dipping mafic volcanic host horizons. These have been documented in the Main mine area of Cassiar South, as well as in other orogenic gold camps with comparable settings or geology such as Barkerville in B.C. and Beta Hunt in Western Australia. Vein systems on the property extend between flat-lying thrust faults that exploit ultramafic and sedimentary units, along which veins are repeated both laterally and in different stratigraphic horizons.

Upcoming investor events and conferences

Cassiar Gold will participate in the following upcoming in-person and virtual conferences, where interested parties can learn more about the company's exciting district-scale gold exploration opportunity with a significant established resource and resource expansion potential at Cassiar North and high-grade exploration upside potential at Cassiar South.

Denver Gold Forum Americas/XPL-DEV

Date: Sept. 12 to 15, 2021

Presentation available on Sept. 13, 2021, at 2 p.m. MDT

Muskoka Capital Conference

Date: Sept. 24 to 26, 2021

Red Cloud Oktoberfest Fall Mining Showcase Conference

Date: Oct. 18 to 20, 2021

New Orleans Investment Conference

Date: Oct. 19 to 22, 2021

Scottsdale Capital Conference

Date: Oct. 22 to 24, 2021

About Cassiar Gold Corp.

Cassiar Gold is a Canadian gold exploration company holding a 100-per-cent interest in its flagship Cassiar gold property located in British Columbia, Canada. The Cassiar Gold property spans 590 square kilometres and consists of two main project areas: Cassiar North, which hosts an NI 43-101-compliant inferred resource estimate of one million ounces at 1.43 grams per tonne Au (cutoff grade of 0.7 gram per tonne) known as the Taurus deposit (see technical report on the Cassiar Gold property, amended Nov. 12, 2019, by S. Zelligan, posted to SEDAR); and Cassiar South which hosts numerous gold showings, historical workings and exploration prospects over a greater-than-15-kilometre-long and up-to-10-kilometre-wide trend. Historical underground mines in the Cassiar South area have yielded over 300,000 oz of Au at grades of between 10 and 25 grams per tonne Au (BC Minfile), underscoring the high potential for further discovery and expansion of bonanza-grade orogenic gold veins.

The property is highly accessible by road and has a fully permitted 300-tonne-per-day mill and tailings facility, which could provide the potential for near-term production if new and expanded high-grade resources are defined in the areas of active mining leases that cover some of the most prospective parts of the South Cassiar area.

Cassiar Gold acknowledges, respects and supports the rights of traditional first nations in the lands and communities where it operates.

We seek Safe Harbor.

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