(TheNewswire)
March 16, 2021 - TheNewswire- Vancouver, Canada - Cache Exploration Inc.(the “Company” or “Cache” ) (TSXV:CAY) (OTC:CEXPF) is pleased to announce thatthe Company has signed a letter of intent (“ LOI ”) to acquire a100% option on the Marmot Precious Metals Project ( “Marmot” the “Property” or the “Project” ) located in the Golden TriangleBritish Columbia, Canada and held by Granby Gold Corp ( “Granby” ), anarms-length private company.
The Company has made a non-refundable CDN$10,000payment to Granby on signing of the LOI. The terms of the LOI are asfollows:
Date | Cash Payment | Share Issuance | Expenditures | |
On execution of the Definitive Agreement | $15,000 | 1,000,000 | Nil | |
On or before first anniversary of the DefinitiveAgreement | Nil | 1,500,000 | $400,000 | |
On or before second anniversary of the DefinitiveAgreement | Nil | 2,500,000 | $500,000 | |
On or before third anniversary of the DefinitiveAgreement | Nil | 3,000,000 | $500,000 | |
On or before fourth anniversary of the DefinitiveAgreement | Nil | Nil | $600,000 |
Granby will retain a 2%royalty with the Company retaining the right to acquire 50% of theRoyalty (equal to a 1% net smelter return royalty) for a cash paymentof $1,000,000.
Any transaction with Granby is subject to the signingof a definitive agreement and any required regulatory and third-partyapprovals.
Marmot Overview
The 4049 hectare Project is located roughly sixkilometres from the town of Stewart, British Columbia in the southeastpart of a mineral-rich belt of Stikine terrane rocks that lies alongthe eastern flank of the Coast Mountains. The belt lies between theIskut and Kitsault-Anyox areas and is centred on the town of Stewart,British Columbia.
Both the Unuk River and Salmon River Members of theLower to MiddIe Jurassic Hazelton Group are present on the Property. Voluminous resistant volcanic and associated volcaniclastic stratapredominate in the area. The youngest volcanic members are bimodal,consisting mainly of basalt and rhyolite. Middle to Upper JurassicBowser Lake Group clastic rocks that conformably overlie the HazeltonGroup may also be present.
The Eskay Creek mine of Skeena Resources Ltd. (formerlyof Barrick Gold Corporation) is an extremely rich and profitable Au-Agdeposit near the northern end of the belt. The Eskay Creek deposit isinterpreted to have formed in an environment transitional between subaqueous hot springs and exhalative volcanogenicmassive sulfide (VMS), and the geologic setting for the depositssimilar to that of the Property. ‘Transitional’ Eskay Creek-typedeposits are models for exploration on the Property.
The regional metallogenic picture of the Iskut-Anyoxbelt suggests that potential also exists on the Property for theoccurrence of other mineralization types. These include more typicalVMS mineralization, possible ‘transitional-type’ mineralizationvariously interpreted as veins or exhalative, both Ag-rich, preciousand base metal veins, porphyry-related and shear-hostedmineralization.
Four mineral showings, four prospects, and onepast-producer are located within the survey area (MinFilerecords).
Known Mineral Occurrences Within theGranby Gold Claims (Minfile, 2019)
Name | NTS | Location* | MinFile Reference | Scale | Commodities | Deposit Types |
Glacier Girl** | 103P13W | 55 o 52' 40" N 129o 52' 42" W | 103P 240 | Showing | Ag, Au, Cu | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Patricia | 103P13W | 55 o 51' 39" N 129o 55' 42" W | 103P 101 | Showing | Au, Zn, Pb | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Marmot Engineer | 103P13W | 55 o 50' 21" N 129o 53' 17" W | 103P 103 | Showing | Zn, Pb, Cu, Sb | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Prince George | 103P13W | 55 o 50' 05" N 129o 53' 21" W | 103P 107 | Showing | Zn, Ag, Pb, Cu, Ag | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Washington | 103P13W | 55 o 50' 00" N 129o 52' 50" W | 103P 104 | Showing | Ag, Pb, Zn | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Fraser | 103P13W | 55 o 53' 00" N 129o 55' 50" W | 103P 097 | Prospect | Au, Ag, Cu, Pb, Zn | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
North Fork | 103P13W | 55 o 52' 53" N 129o 55' 09" W | 103P 098 | Prospect | Ag, Pb, Zn | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Marmot Metals | 103P13W | 55 o 50' 55" N 129o 53' 32" W | 103P 102 | Prospect | Z, Ag, AU, Pb | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
High Grade | 103P13W | 55 o 49' 17" N 129o 52' 16" W | 103P 105 | Prospect | Au, Ag, Cu, Pb, Zn | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
Montana | 103P13W | 55 o 51' 08" N 129o 54' 41" W | 103P 129 | Past Producer | Ag, Au, Cu, Pb, Zn | I05:Polymetallic veins Ag-Pb- Zn+/-Au |
*Note that MinFile coordinates are reportedly within500m location accuracy |
A helicopter-borne magnetics and radiometrics surveywas flown over the mineral tenements during September 2018 by Granby.The objective was the interpretation of the airborne geophysical datato identify targets with response indicative of VMS stylemineralization. The geophysical signature of the known occurrences wasused as an analogue for identification of new targets. The geophysicalsurvey covered an area of approximately 30.6km 2 on flight lines oriented at 040° azimuth at100m intervals, and orthogonal control lines at 1000m intervals, for atotal of 337 line-kilometres.
Two magnetic targets are of particular interest, asthey are within the prospective Hazelton Group mixed volcanics andsedimentary sequence, and display a strong, isolated magneticsignature. What distinguishes these two targets is the relatively lowKoenigsberger ratio indicative of low magnetic remanence, whichsuggests a different age of emplacement or subsequent alteration. Onepair of spatially related potassium and magnetic anomalies fits theclassical VMS geophysical exploration model (M-02 and K-05) and is specifically recommended for further work.Other isolated and discordant potassium anomalies are generallyrecommended for ground truthing.
Readers are cautioned that the completion of anytransaction is subject to a number of conditions, including, but notlimited to, negotiation of a definitive agreement in respect of such atransaction, the availability of financing on terms acceptable to theCompany, and the receipt of any required regulatory and shareholderapprovals. A transaction cannot be completed until these conditionsare satisfied, and there can be no assurance that such a transaction,will be completed at all.
QualifiedPerson
Mr. Locke Goldsmith, P. Geo is a Qualified Person inaccordance with National Instrument 43-101 – Standards of Disclosure forMineral Projects . Mr. Goldsmith hasreviewed and approved the scientific and technical content of thisnews release pertaining to the MarmotProject .
Stock Options
Cache hasgranted incentive stock options to consultants of the company topurchase up to 3 million common shares in the capital of the companypursuant to the company’s stock option plan. The options areexercisable on or before March 16, 2022, at an exercise price of 18cents per share. The grant of options is subject to regulatoryapproval.
About Cache Exploration
Cache is a gold focused Company that holds and operatesthe Kiyuk Lake Property which covers 590km2 in SW Nunavut: theproject features a number of gold bearing prospects including 2017identification of 8m of 26.4 g/t gold at the Rusty Zone andextensive mineralization at East Gold Point with 64 m at 1.5 g/tgold and 10 m at 6.5 g/t gold. Extensive surficial float evidenceindicates a series of high-interest gold systems (see www. cacheexploration.com/CAY-NR-10-26-17 toview plan maps of Rusty Zone and East Gold Point, section showingselect KI17-004 and -005 drill results and Maps of rock and tillsampling results.
Drilling has discovered multiple gold intercepts over 1g/t Au in five discrete mineralized zones Rusty, Gold Point, East GoldPoint, Cobalt and Amundsen. Significant expansion possible with fivenew target areas identified and ready for drilling. Exploration atKiyuk Lake takes place in winter-spring (February – May) andsummer-fall (June-October).
On behalf of the Board of Directors of
CACHE EXPLORATION INC.
Jack Bal
President and Chief Executive Officer
604-306-5285
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When used in this news release,the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule” and other similar words or expressions identifyforward-looking statements or information. These forward-lookingstatements or information may relate to the status of the AnnualFilings and the Interim Filings, the anticipated completion of thesefilings, and other factors or information. Such statements representthe Company’s current views with respect to future events and arenecessarily based upon a number of assumptions and estimates that,while considered reasonable by the Company, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance, or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements or informationto reflect changes in assumptions or changes in circumstances or anyother events affections such statements and information other than as required byapplicable laws, rules and regulations.
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