Cache Exploration Inc. (the “Company”, or “Cache”), (TSX-V:CAY) is pleased to announce the complete assay results of the 2017 summer drill program at its 100% wholly owned Kiyuk Lake project in Nunavut.
Significant Release Highlights:
- – KI17-004 at Rusty Zone returned 122m at 1.8 g/t gold from 188m down-hole in the Rusty Zone
– KI17-005 at newly discovered East Gold Point Zone intersected:
- – 64m at 1.5 g/t gold from 35m and
– 10m of 6.5 g/t gold from 248m
– Prospecting samples returned:
- – 5.57 g/t gold from west of the Rusty Zone
– 5.60 g/t gold grab sample from north of Kiyuk Lake and 1.1km from the newly identified Nansen target area
- – 64m at 1.5 g/t gold from 35m and
VP Exploration, Chris Pennimpede Comments:
“The discovery at East Gold Point is significant as it confirms that the extensive polymictic conglomerate unit is a favorable host to gold mineralization. Further exploration will continue to target these magnetite destructive features where they correspond with positive surface geochemical results in gold or pathfinder elements.
Additionally, the discovery of the Nansen target area through grid till sampling and prospecting, north of Kiyuk Lake, is also hosted in the same magnetitic polymictic conglomerate that hosts Gold Point and East Gold Point adding further to the prospective nature of this unit which has a 13km strike length extending on either side of Kiyuk Lake.
We are thrilled with the multiple new discoveries resulting from our modest 2017 program”.
KI17-004 intersected a broad zone of brecciated cross bedded sandstone with actinolinte-carbonate-magnetite infill with abundant pyrrhotite and visible gold from 188m down hole. The hole ended in mineralization at 310m down hole. KI17-004 tested the depth extension of mineralization intersected in the discovery hole and previous drill holes in the north part of the Rusty zone. This hole succeeded in increasing the depth of known gold mineralization from surface to 200m in depth below surface. The mineralized zone remains open at depth.
East Gold Point
KI17-005, East Gold Point, is located 700m to the east of the Gold Point zone. This previously untested target was defined by coincidence of magnetite destructive features observed in ground magnetic data and the presence of mineralized boulders on surface. East Gold Point represents a ‘proof of concept’ new discovery that confirms the prospective potential of structures that cross cut the polymictic conglomerate unit. Success in intercepting significant gold mineralization in the first drill hole to target the northern most extent of this structure is a positive result for further development of gold mineralization models at the Kiyuk Lake project. The strike length of the magnetite destructive features is yet to be determined and will require further ground magnetic surveying to define and constrain their extent.
Please click http://cacheexploration.com/CAY-NR-10-26-17 to view:
- – Plan map of the Rusty Zone and East Gold Point
– Detailed section showing the recent KI17-004 drill results
– Plan map of the East Gold Point Zone
– Detailed section showing the recent KI17-005 drill results
– Maps of rock and till sampling results
Drill Results Summary
New assay results from drilling:
|Hole ID||From (m)||To (m)||Length (m)||Gold (g/t)||Zone|
|KI17-005||35||99||64||1.46||East Gold Point|
|KI17-005||248||258||10||6.5104||East Gold Point|
CEO Jack Bal comments:
“Our 2017 drill program has delivered extremely impressive results which confirmed and extended a known target and discovered significant gold mineralization at a new target.
At Rusty Zone we not only confirmed that mineralization extends to 200m below surface but also intersected a previously unknown high-grade phase of 8m of 26.4 g/t gold. At the same time, we discovered extensive mineralization at East Gold Point with 64 m at 1.46 g/t gold.
Our prospecting returned two +5 g/t gold samples and our till campaign isolated two new anomalous areas that offer compelling evidence for further possible discovery.
All in all, this drill program has revealed the potential for Kiyuk Lake to be recognised as an extensive gold camp.
I wish to thank Cache VP Ex, Chris Pennimpede and his technical team for an incredible job.”
Cache would like to thank CSA Global for its successful operation of the 2017 summer drill program at Kiyuk Lake.
QA/QC, and Till and Core Sampling Protocols
One to two kilogram till samples collected in the field were screened to -230 mesh at the Bureau Veritas Minerals laboratory in Vancouver, British Columbia before being digested using a dilute aqua regia digestion of a 30g subsample (code AQ252) and analyzed by ICP-MS for a suite of 37 elements, including gold. Data accuracy and precision is monitored with certified reference materials submitted with the samples and field duplicates, as well as through monitoring of laboratory internal standards and pulp duplicates.
Drill core and rock samples are bagged and sealed and submitted to SGS in Red Lake, Ontario for sample preparation. Sample preparation involves crushing 2m lengths of split drill core to a nominal 75% passing 2mm, followed by pulverization of a 250-g split to a nominal 85% passing 75 microns. Gold analysis is completed in the SGS Red Lake lab with a 50g fire assay and AAS finish (code GE-FAA515). Samples returning >10g/t Au are re-assayed with a gravimetric finish (code GO-FAG505). Control samples (certified reference materials, coarse blanks and 1/4 core duplicates) were inserted on a regular basis. Laboratory internal standards, coarse crush duplicates and pulp duplicates are also monitored. Results are assessed for accuracy, precision and contamination on an ongoing basis.
Chris Pennimpede, P. Geo., Vice President, Exploration and Director for the Company is a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical mining information provided in this release.
For more information about Cache Exploration, please visit: http://www.cacheexploration.com/
On behalf of the Board of Directors
Cache Exploration Inc.
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Kiyuk Lake Property: statements pertaining to the ability of Cache Exploration Inc. (“CAY”); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for CAY to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by CAY in light of its experience and perception of current and expected future developments, as well as other factors that CAY believes are appropriate in the circumstances. Many factors could cause CAY’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release