(TheNewswire)
Vancouver, B.C. - TheNewswire - December 14 ,2020 - Cache ExplorationInc. (the “Company” or “Cache”) ( TSXV:CAY ) ( OTC:CEXPF ) is pleased to announce plans for winter drillingat the Kiyuk Lake gold project, Nunavut. Drilling is set to start in late February 2021 and will include up to 4,000mof core drilling focused on expanding gold mineralization discoveredat the Rusty and Gold Point zones as well as the new discovery EastGold Point. This will be the first drill program atKiyuk Lake since the successful 2017 drill program.
“The 2017 drill program at Kiyuk Lake was verysuccessful. “ stated Cache’s President and CEO Jack Bal. “Thediscovery of high grade gold at the Rusty Zone and new golddiscoveries elsewhere on the project proved the exploration concept.We now look forward to getting back to drilling, following up on thosediscoveries and making new discoveries in 2021”.
Rusty Zone
Drilling at the Rusty zone will be focused onoffsetting the high-grade gold intercepts in 2017 and expanding thedisseminated gold mineralization at depth and at surface to the southand east. Drilling in 2013 and 2017 demonstrated strong continuityof breccia-hosted gold mineralization within the Rusty zone.
Highlights from previous drilling at Rustyinclude:
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- 8.0m at 26.4 g/t Au from 108m
- 52.4 m at 3.2 g/t Au from surface
- 35.9 m at 4.9 g/t Au from 134.1 m
- 61.5 m at 3.3 g/t Au from 159 m
- 122.0m at 1.8 g/t Au from 188m
Gold Point Zone & East Gold PointDiscovery
The Gold Point zone is a high priority target locatedin a 24 kilometre magnetic anomaly coinciding with a polymicticconglomerate that will receive further drilling in this program. Ground magnetics, prospecting and mapping in 2012 and 2013identified a possible extension of Gold Point mineralization by thediscovery of similar mineralization, in boulders, in the polymicticconglomerate that hosts the Gold Point zone. These extensional zones -South Gold Point and East Gold Point respectively - were furtherdefined by ground magnetics as zones of magnetite destructioncoincident with east-west structures, which are identical to thosefound at the Gold Point zone. Drilling in 2017 resulted in a newdiscovery at East Gold Point. Drilling in 2021 will focus on expandingEast Gold Point and discovery drilling at South Gold Point in additionto the expansion drilling at Gold Point.
Previous drilling at the Gold Point zonereturned:
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- 63.6 m at 2.84 g/t Au from 148 m
- 12 m at 2.4 g/t Au from 120 m
- 12 m at 3.9 g/t Au from 163.5 m
East Gold Point, is located 700m to the east of the Gold Point zone.This previously untested target was defined by coincidence ofmagnetite destructive features observed in ground magnetic data andthe presence of mineralized boulders on surface. East Gold Pointrepresents a ‘proof of concept’ new discovery that confirms theprospective potential of structures that cross cut the polymicticconglomerate unit. Success in intercepting significant goldmineralization in the first drill hole to target the northern mostextent of this structure is a positive result for further developmentof gold mineralization models at the Kiyuk Lake project. The strikelength of the magnetite destructive features is yet to be determinedand will require further ground magnetic surveying to define andconstrain their extent.
Drilling at the East Gold Point returned:
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- 64.0 m at 1.46 g/t Au from 35 m
- 10 m at 6.5 g/t Au from 248 m
Claim Status and Permitting
The Kiyuk Lake project is fully permitted for drillingwith a Land Use Permit for exploration activities until 2024 and WaterLicence supporting camp and drilling activities until 2022.
In 2019, a survey of 25 mineral claims was completed toconvert the minerals claims to mineral leases. 28 mineral leases arenow held by Cache with only annual rent payments required with nominimum work commitment.
About Cache Exploration
Cache Exploration is focused on its Kiyuk Lake goldproject in Nunavut. Kiyuk Lake is a true district play in a new goldcamp, covering a majority proportion of the Proterozoic Kiyuk Basin.The property has seen 13,500 meters of drilling in 4 drill programsfrom 2008-2017. Gold Showings occur over 15 Km in the basin.Drilling has discovered multiple gold intercepts over 1 g/t Au in fivediscrete mineralized zones Rusty, Gold Point, East Gold Point, Cobaltand Amundsen. Significant expansion possible with five new targetareas identified and ready for drilling. Exploration at Kiyuk Laketakes place in winter-spring (February – May) and summer-fall(June-October).
Qualified Person
Chris Pennimpede, P. Geo., is a Qualified Person as defined byNational Instrument 43-101, has reviewed and verified the technicalmining information 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.
s/Jack Bal
Jack Bal,
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
604-306-5285
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