(TheNewswire)
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Historic drilling shows copper, molybdenum, silver, gold, and tungsten content
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Cascade will own 90% of the project, the vendor will hold a 10% working interest
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All share deal
Calgary, Alberta – TheNewswire - September 29, 2023 - Cascade Copper Corp. (CSE:CASC) (“Cascade” or the “Corporation”) is pleased to announce that they have finalized the agreement to purchase 90% of the 2,789 hectare Copper Plateau Porphyry project (the Project) located in south-central British Columbia, Canada. Cascade will issue shares worth $200,000 to affect the purchase. The number of shares issued will be based on a 20 day weighted average from the date prior to signing this agreement.
Jeff Ackert, President and CEO remarks “We are happy to conclude the agreement with the vendor and eager to get on the ground at Copper Plateau to perform the necessary ground work for defining drill targets. Our due diligence on reviewing the historic data has us more enthusiastic now about the potential for significant copper and moly mineralization, than when we first signed the Letter of Intent.”
Project Location
The Copper Plateau Porphyry project is located in southern British Columbia, between Penticton and Princeton. It is situated south of the former Brenda Copper Mine, which produced 161 million tonnes of ore grading 0.183% Cu and 0.049% Mo between 1970 and 1990. The geological setting is within the Quesnellia Terrain which hosts Copper Mountain (1.13Bt @ 0.22% Cu, 0.09 g/t Au, 0.64 g/t Ag Resource3)about 40km southwest of Copper Plateau and Teck’s Highland Valley copper mine (M&I 1.2Bt @ 0.28% Cu, 0.01% Mo Resource4). Kodiak Copper’s MPD project lies 40km west of the Project.
Project Highlights
Previous diamond drilling intersected significant intervals of copper, molybdenum, gold, and silver. . BC MINFILE No 092HNE100 reports a 1996 mineral inventory estimate of 23M tonnes grading 0.161% Cu and 0.04% Mo1.(copper equivalent of 0.372% CuEq2). Historic drilling included 94 holes by operators Anaconda, Jasper Mining, and Verdstone, with the last drill program at the Project having occurred in 2008. The database includes all drill hole data and assay results, surface geology and geochemistry, limited resistivity geophysics, a DEM, and a block model study completed in 2011 that indicates the potential size and grade of the mineral inventory at the Project. The limited drilling shows the mineralization remains open in all directions.
Acquisition Details
The final Purchase and Sale Agreement allows Cascade to purchase 90% of the Copper Plateau Copper-Moly Project by issuing $200,000 worth of Cascade units. Each unit will contain a share and a half purchase warrant. The shares are valued at $0.093 and the company has issued 2,150,538 units for the purchase. The full warrant will vest after 12 months and be good for 3 years from issue and will be valued at a $0.15. The vendor retains a 10% interest and will contribute that amount to all exploration programs at the Project. The vendor has significant expertise in structural interpretation and modelling and will apply this as the Project is explored. The Vendor also has the ability to maintain its ownership percentage in Cascade as defined by an accompanying Anti-dilution Agreement.
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Figure 1: Location of the Copper Plateau Copper Moly Project in Southern British Columbia
The Qualified Person responsible for the technical content of this press release is Shannon Baird, P.Geo, Vice President Exploration of Cascade Copper Corp.
About Cascade Copper
The Corporation is an exploration stage natural resource company engaged in the evaluation, acquisition, and exploration of mineral resource properties with the intention, if warranted, of placing them into production. Cascade is focused on exploration, development, and acquisition of quality exploration properties. More specifically, Cascade’s objective is to conduct an exploration program on its flagship Rogers Creek Property located in the Coast Mountain Belt of British Columbia about 90 kilometres northeast of Vancouver, in the Southwest Mining Region. Cascade currently has three projects, including the Fire Mountain Copper-Gold Project, the Bendor Gold Project and the flagship Rogers Creek Copper-Gold Project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
CASCADE COPPER CORP.
Jeffrey S. Ackert, President and CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 613 851 7699
E-Mail: info@cascadecopper.com
Web: www.cascadecopper.com
1From BC Minfile No. 092HNE100
2:Copper Equivalent using $3.80/lb Cu, $1850/oz Au, $21/oz Ag and $20/lb Mo (All in $USD). The calculation does not consider any recovery loss. The calculation is as follows: CuEq = [(Cu% * lbs/tonne/100 * $Cu) + (Mo% * lbs/tonne/100 * $Mo) + (Au g/t * ($Au/grams per Troy oz Au)) + (Ag g/t * ($Ag/grams per Troy oz Ag))] / [$Cu* lbs/tonne/100] with grams per troy oz = 31.1035, lbs/tonne = 2204.62. The simplified conversion factors at these metal prices equate to: CuEq = Cu% + (Mo% * 6.578947) + (Au g/t * 0.710178) + (Ag g/t * 0.008829).
3 Copper Mountain Annual Information Form Dated March 27, 2023
4 Teck Resources Annual Information Form Dated February 21, 2023
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Cascade Copper Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements.”
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