(via TheNewswire)
Vancouver, British Columbia / TheNewswire / May 2, 2019 - Cache Exploration Inc. (the "Company", or "Cache"), (TSX-V:CAY) is pleased to announce the acquisition of a 100% mineral interest in a gold project in Mali, Africa ("Mali Gold Project").
Mali Gold Project
The Company has signed a definitive agreement with a private vendor Rachid Mogabgab (the "Vendor") to acquire a 100% mineral interest in a gold project in Mali, Africa. The acquisition includes an estimated $250,000 in mining equipment previously utilized at the Mali Gold Project. A finders' fee is payable on this transaction. This acquisition is subject to TSX Venture Exchange approval.
The Kokoyon property is located in southwestern Mali. It is easily accessible by road, and is a 2 hours drive from the capital Bamako. The property is underlain by Birimian volcano-sedimentary rocks and granitic intrusives. The first work in the area started in 1989 with the Or Bagoe project, consisting of geochemical prospecting on a 1,000m x 250 m grid. In 1998, the Technical Assistance to the Mineral Sector Project re-analyzed the samples obtained during the Or Bagoe project. Anomalous results were obtained for the Kokoyon property with the highest being 9.9 g/t Au.
In 2014-2015, a spanish operator established a medium size gravity plant to process material from a pit dug on the property. In 2015 the operations stopped, no reason was given, and no production records were reported. In 2017, during the course of a NI 43-101 report, a site visit was completed and 8 samples collected from the pit and assayed by SGS laboratory in Bamako. The size of the pit was evaluated at 6,500 m2, some samples were taken from gold panners rejects, and other were taken in situ. Gold results varied from 1.6 to 220.28 g/t Au including four results over 100 g/t Au. Geophysical, geological and soil sampling surveys followed by drilling are suggested to resume exploration on the property.
Donald Theberge P. Eng. is a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical mining information provided on the Kokoyen property.
CEO, Jack Bal Comments,
"We are very excited to acquire this high grade Mali Gold project. The Company plans to explore the high grade Gold samples on the property immediately after approval of this project."
As full consideration for the purchase the Company will issue to the Vendor:
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1.2,500,000 common shares of the Company on the Closing Date at a deemed price of $0.05 per share subject to Exchange approval; and
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2.$210,000 payable as follows:
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a.$35,000 upon TSX approval
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b. 7 payments of $25,000 payable every 3 months after Closing Date of the Definitive Agreement
About Cache Exploration's Kiyuk Lake Gold Property
The Kiyuk Lake Property covers 590 square kilometers in Kivalliq Region - Southwest Nunavut. The 2017 drill program confirmed and extended a known target and discovered significant gold mineralization at a new target area, East Gold Point (see Company Press Release, October 26, 2017).
At Rusty Zone the Company 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, the Company discovered extensive mineralization at East Gold Point with 64 m at 1.5 g/t gold and 10 m at 6.5 g/t gold.
Prospecting returned two +5 g/t gold samples and the till campaign isolated two new anomalous areas that offer compelling evidence for further possible discovery.
Kiyuk Lake 2017 Drilling Highlights (True width not determined yet)
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- KI17-001 at Rusty Zone returned 8m at 26.4 g/t gold from 108m
- KI17-004 at Rusty Zone returned 122m at 1.8 g/t gold from 188m
- 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:
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.
Please click http://cacheexploration.com/CAY-NR-10-26-17 to view:
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- 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
Qualified Person
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 on Kiyuk Lake 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.
"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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