(TheNewswire)
January 30, 2018 / TheNewswire / Vancouver, British
Columbia - Cache Exploration Inc. (the “Company”, or “Cache”), (TSX-V:CAY) is pleased to report that the Company has
signed a Purchase Agreement to acquire a 100% interest in the Deep Lake Cobalt Property, located near Saint John, New
Brunswick.
Deep Lake Cobalt Property Highlights:
(Data derived from previous exploration as Cache has not
completed exploration at this time)
Geological Description
-
- The property hosts a cobalt bearing sulphide vein showing that was sampled by Shell Canada in 1981
(assessment report #472786)
- Mineralization was observed on the banks of a small creek that drains into Deep Lake. The showing was
hand trenched and exposed for 3 to 4 meters, along an east-southeast strike. The cobalt showing is hosted in Silurian
metasediment units, close to intrusive Devonian granites.
Sampled Values
Property Description
-
- Five (5) licences over ~ 10 square kilometers
- Located 25 kilometers west of Saint John, New Brunswick.
Excellent Property Access
Soil Geochemistry
-
- Due to limited outcrop exposure, Shell (1981) completed a soil geochemical survey over the area west of Deep Lake.
Scattered cobalt soil anomalies were noted and the peak values were 22 and 27 parts per million (ppm) Co. (Total samples were
365)
- A 1989 exploration program completed by Lombard Cons. Res. Ltd. with a focus on gold mineralization, returned
multiple cobalt soil anomalies east of Deep Lake, with elevated values in soil of 34, 38 and 63 ppm Co. (Total samples were
1,835)
- A discrete, strongly anomalous, linear cobalt soil anomaly extends for over 1,500 meters east of Deep Lake.
- Gold in soils geochemistry – Lombard Cons. Res. 1989 soil survey also returned numerous gold in soil anomalies, with
values up to 1.21 ppm (g/t Au). Gold targets will be a secondary focus on the Deep Lake property.
Exploration Plans
The Company is planning an aggressive exploration program to investigate cobalt and gold targets as soon as
weather permits. The historic cobalt showing area reported by Shell 1981 area was visited in 2017 and is overgrown and collapsed
with overburden. Hand trenching and pitting is planned to expose the showing. The high sulphide mineralization should respond
favorably to EM (Electro-magnetic) geophysics, and the Company is investigating airborne surveys that could be completed during the
1 st quarter.
Purchase Agreement Terms
Cache shall pay a private B.C. incorporated company 800,000 shares on execution of this agreement, for 100% interest in
the Deep Lake Cobalt Property. This purchase is subject to exchange approval.
Mr. Garry Clark P.Geo, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical
content of this release. The content of the geological data presented has been derived from the New Brunswick Department of Energy and Resource Development Mineral Deposit Database and exploration
assessment files and are believed to be accurate and correct .
About Cache Exploration’s Kiyuk Lake Gold Property
The Kiyuk Lake Property covers 590 square kilometers in Southwest Nunavut.
The 2017 drill program 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.
2017 Drilling 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:
- Prospecting samples returned:
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
For more information about Cache Exploration, please visit: http://www.cacheexploration.com/
On behalf of the Board of Directors
Cache Exploration Inc.
“Jack Bal”
Jack Bal
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
604-306-5285
jackbal@cacheexploration.com
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 and the Deep 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
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