Cassiar Gold Mobilizes Field Crews for 2024 Exploration Campaign

Rhea-AI Summary

Cassiar Gold Corp. has initiated its 2024 Exploration Program at its Cassiar Gold property in northern British Columbia. The program, which started on June 4th, 2024, focuses on the Cassiar North project area and includes an initial 5,000 meters of drilling, potentially expandable. Drilling will target the Taurus Deposit and other key exploration sites. The Taurus Deposit holds an inferred gold resource of 1.4 million ounces at 1.14 g/t Au and has considerable expansion potential. Additionally, the company will conduct surface exploration and geophysical surveys throughout the field season to enhance data coverage. The program aims to refine field targets and expand geological understanding, leveraging recent successful results.

Positive

• Launch of a fully funded 2024 Exploration Program at Cassiar Gold property.
• Initial 5,000 meters drilling campaign at the Taurus Deposit.
• Taurus Deposit hosts 1.4 million ounces inferred gold resource grading 1.14 g/t Au.
• Potential for resource expansion laterally and at depth at Taurus Deposit.
• Additional focus on regional and brownfields programming to test outlying exploration targets.

Negative

• Potential for shareholder dilution if further funding is required beyond current program.

Calgary, Alberta--(Newsfile Corp. - June 26, 2024) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) ("Cassiar Gold" or the "Company") is pleased to announce mobilization of field crews and the launch of the fully funded 2024 Exploration Program at the Company's flagship Cassiar Gold property. Exploration activity will primarily be focused at the Cassiar North project area of the district scale 59,000-hectare land package in northern British Columbia.

Commencement of 2024 Drill Campaign and Regional Field Program

The Company launched the first phase of the 2024 drill program on June 4^th at the Cassiar North project area. The campaign plans to drill an initial 5,000 m with potential to expand, testing the Taurus Deposit and high priority outlying targets. Initially, drilling will be focused at the Taurus Deposit, shifting to test regional exploration targets as the season progresses.

"We are thrilled to have our boots back on the ground at the Cassiar Gold property for the launch of our 2024 exploration campaign," stated Marco Roque, CEO of Cassiar Gold Corp. "This season's program underscores our commitment to advancing our geological understanding and expanding the resource base of the property. With experienced crews, contractors, and technical experts we are well positioned to build on the success of our recent programs, which have expanded known mineralization and identified several new exploration targets."

Taurus Deposit and Regional Drilling

The Taurus Deposit hosts a near-surface, bulk-tonnage pit-constrained inferred gold resource of 1.4 million ounces grading 1.14 g/t Au¹ which remains open for expansion. The deposit holds significant potential for growth laterally, at depth, and between gaps in the resource block model due to widely spaced drill holes within the resource footprint. Drilling at Taurus is designed to build on the success of the 2023 program, leveraging recent results from the Taurus deposit (see NEWS RELEASE, Sept 12, 2023; NEWS RELEASE, Jan 11, 2024) with continued focus on expanding the resource through evaluating untested areas between resource blocks as well as step out drilling.

Additional focus will be allocated to regional & brownfields programming, designed to test multiple outlying exploration targets with geological attributes interpreted to hold potential to host significant gold mineralization. A Phase 1 program at the Hopeful prospect aims to test the potential continuation of outcropping mineralization and coincident IP chargeability anomaly identified during the 2023 field campaign. Drilling at the Newcoast regional target will occur as follow up to results from a Phase 1 drill program completed in 2023, where assays returned 95.3 m of 0.90 g/t Au associated with extensive quartz veining and sulphide mineralization (see NEWS RELEASE, Jan 18, 2024).

Surface Exploration

Cassiar Gold continues to evaluate regional prospects by integrating new and historical datasets. An extensive surface exploration campaign will commence this month, concurrent to the drill program, and will remain ongoing for the duration of the field season to enhance and expand data coverage on the Cassiar Gold property. The campaign aims to refine field targets identified during the 2023 mapping campaign (see NEWS RELEASE, March 1, 2024), expand the extent of existing geological map and surface rock sample coverage, and will be complimented by additional soil sampling in areas known or interpreted to host anomalous gold mineralization.

Geophysical surveys, including regional and target-scale induced polarization (IP), magnetic, and very low frequency electromagnetic (VLF-EM) surveys, are planned for the 2024 field season. The suite of geophysical surveys will aim to support direct detection of mineralization as well as potential delineation of significant structures and associated alteration.

Figure 1. Plan view map of planned drill hole locations for 2024 Phase 1 drilling, with objectives indicated in blue text boxes. Regional prospects highlighted by white text boxes indicate areas slated for additional field work in 2024 to advance these targets, building on findings from the 2023 field program.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2958/214401_1db8049f44d7a96f_002full.jpg

Qualified Person

The technical information in this news release has been reviewed and approved by Jill Maxwell, P.Geo, Cassiar Gold Corp.'s VP Exploration, who is a Qualified Person as defined by National Instrument 43-101.

About Cassiar Gold Corp.

Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship Cassiar Gold Property located in British Columbia, Canada. The Cassiar Gold property spans 590 km² and consists of two main project areas: Cassiar North, which hosts a NI 43-101-compliant inferred resource estimate of 1.4Moz at 1.14 g/t Au (cutoff grade of 0.5 g/t Au) known as the Taurus Deposit (see National Instrument 43-101 Technical Report on the Cassiar Gold property, April 28, 2022, by S. Zelligan, J. Moors, C. Jolette, which is available on SEDAR+); and Cassiar South, which hosts numerous gold showings, historical workings, and exploration prospects. Historical underground mines in the Cassiar South area have yielded over 315,000 oz of Au at average head grades of between 10 and 20 g/t Au¹, underscoring the high potential for further discovery and expansion of high-grade orogenic gold veins.

The Company also holds a 100% interest in properties covering most of the Sheep Creek gold camp located near Salmo, British Columbia, Canada. The Sheep Creek gold district ranks as the third largest past-producing orogenic gold district in British Columbia with historical gold production of 742,000 ounces gold at an average grade of 14.7 g/t gold from 1900 to 1951. Minimal exploration work has been conducted since the 1950s.

Cassiar Gold Corp. acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.

¹See April 28, 2022, NI43-101 Report titled "National Instrument 43-101 Technical Report on the Cassiar Gold Property" by Zelligan, P.Geo, Moors, P.Geo, Jolette, P.Geo.

CONTACT INFORMATION

Cassiar Gold Corp.
E-mail: ir@cassiargold.com
Phone: 250-212-2122

Forward-Looking Statements

This press release may contain forward looking statements including those describing Cassiar's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Cassiar and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the Company's exploration plans and work commitments.

Although Cassiar believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, general economic, market or business conditions, risks associated with the exploration and development industry in general (e.g., operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214401

FAQ

What is Cassiar Gold's 2024 exploration campaign?

Cassiar Gold's 2024 exploration campaign is a fully funded program focusing on the Cassiar North project area and includes an initial 5,000 meters of drilling with potential expansion.

When did Cassiar Gold start its 2024 exploration program?

Cassiar Gold started its 2024 exploration program on June 4th, 2024.

What is the resource estimate for the Taurus Deposit?

The Taurus Deposit has an inferred gold resource of 1.4 million ounces grading 1.14 g/t Au.

What are the key targets in Cassiar Gold's 2024 drilling campaign?

Key targets include the Taurus Deposit and other high-priority outlying exploration targets.

What additional exploration activities will Cassiar Gold undertake in 2024?

Cassiar Gold will conduct surface exploration and geophysical surveys to enhance data coverage and refine field targets.