News

Cassiar Gold Intersects 23.2 m of 3.56 g/t Au, 13.1 m of 3.53 g/t Au and 37.8 m of 1.8 g/t Au from Bulk-Tonnage Taurus Deposit at Cassiar North

CALGARY, ALBERTA -- (November 22, 2021) – Cassiar Gold Corp. (TSX-V: GLDC, OTCQX: CGLCF) (the “Company”) is pleased to release assay results from an additional four diamond drill holes at the Taurus Deposit located in the Cassiar North project area of the Company’s flagship Cassiar Gold Property in northern British Columbia, Canada. The Taurus Deposit hosts a near-surface, bulk-tonnage Inferred gold resource of one million ounces grading 1.43 g/t Au1. These new results confirm the occurrence of continuous  zones  of  higher-grade, near-surface (<100  m  vertical  depth)  gold  mineralization  in  the central portion of the Taurus Deposit known as the 88 Hill and Gap zones (Figure 1).

Highlights:

  • Drillhole 21TA-129 intersected 23.2 m of 3.56 g/t Au from 16.9 to 40.1 m downhole
  • Drillhole 21TA-125 intersected multiple intervals:

    • 13.1 m of 3.53 g/t Au from 123.4 to 136.4 m downhole, including 0.5 m of 51.70 g/t Au
    • 37.8 m of 1.80 g/t Au from 70.2 to 108.0 m downhole, including 1.1 m of 23.40 g/t Au
    • 52.3 m of 1.16 g/t Au from 9.9 to 62.2 m downhole, including 1.7 m of 8.11 g/t Au
  • Drillhole 21TA-126 intersected 3.5 m of 3.38 g/t Au from 51.5 to 55.0 m downhole and 22.9 m of 0.91 g/t Au from 102.0 to 124.9 m downhole including 11.7 m of 1.48 g/t Au

“Our expectations continue to be exceeded by the 2021 drill campaign at the Taurus Deposit with these outstanding near-surface results,” said Marco Roque, CEO of Cassiar Gold Corp. “We are hitting gold in every drill hole with nearly all holes returning higher-than-resource-grade intercepts. These results serve as further validation that the Taurus Deposit is an exceptionally robust bulk-tonnage resource that merits greater market recognition, and we are eager to release results from the remaining seven holes from the program in the coming weeks.”

Cassiar North 2021 Drill Program at Taurus Deposit

The Cassiar North 2021 Drill Program focused on the Taurus Deposit and consisted of 15 drill holes totaling 4,098 m targeting the 88 Hill, Gap, West, Southwest and Northwest zones of the deposit (Figure

2). The drill program, which was completed from early June to mid-August, was designed to define

higher-grade mineralized areas where historical drilling from the 1990s is widely spaced (~100 m apart) as well as to confirm historical grades and collect additional structural data for use in updated modeling work. The deposit remains open in most directions and successful target concepts are being reviewed for advancement in upcoming drill programs.

1 See September 2019 NI43-101 Report by Scott Zelligan, P.Geo.


figure 1

Figure 1. Cassiar North 2021 Drill Campaign Drillhole Locations Map. Historical production figures from September 2017 NI43-101 Technical Report on the Cassiar Gold Property, BC, by Paul Cowley, P.Geo.

The 2021 drill campaign began with infill drilling at the 88 Hill Zone to confirm historic gold grades, test gaps in the resource model, better define mineralization shapes, and to provide oriented structural data for interpretation and modeling work. Drilling was north-directed to collect near-surface data along the southern edge of the deposit and results are discussed below: (Figure 2; Table 1):

88 Hill Zone

  • 21TA-125 was a north-directed confirmation/infill drillhole spaced 35 m from two historical parallel drillholes and crossed several south-directed drillholes that were also on-section (Figure 3). The hole intersected several broad intervals of gold mineralization over a drill length of approximately 125 m, including 52.3 m of 1.16 g/t Au, 37.8 m of 1.80 g/t Au and 13.1 m of 3.53 g/t Au, as well as noteworthy narrow high-grade veins that returned up to 51.70 g/t Au over 0.5 m. Results from this hole further validate data from the Company’s 2019 NI43-101 resource estimate and will contribute to work in upgrading the resource.
  • 21TA-126 was an infill drillhole located in a 75 m gap between historical drill holes along the southern margin of the 2019 NI43-101 resource 0.5 g/t Au gradeshell (Figure 2). Results of 3.5 m of 3.38 g/t Au and 22.9 m of 0.91 g/t Au, including 11.7 m of 1.48 g/t Au, are consistent with the resource estimate model and suggest higher potential for southward extension of the deposit to the west and east.
  • 21TA-129 was a north-directed drillhole located 40 m from parallel historical drillholes to test an undrilled area up-dip from previous drilling and crossed several historical on-section drillholes. Near-surface mineralization above the levels of historical drillholes returned 23.2 m of 3.56 g/t Au, which included 1.1 m of 11.20 g/t Au. This shallow intercept, located 20 m south of the previously modelled high-grade zones at Taurus, indicates that near-surface mineralization remains laterally open and will provide the basis for updated modeling in this area.

Gap Zone

The Gap Zone is an area of sparse historical drilling where gold mineralization was identified during the

2020 drill campaign. Drillhole 21TA-127 was drilled this year to infill a 100 m east-west and 200 m north- south gap between historical holes (Figure 4) and intersected 6.0 m of 1.55 g/t Au, 15.6 m of 1.08 g/t Au, and 26.4 m of 0.84 g/t Au. These grades are consistent with Taurus deposit grades and suggest the potential for future infill drilling in this area to expand the resource.

While true thickness has not been established and mineralization shapes can vary, based on the steep dip of gold-bearing veins and surrounding pyritic mineralization within mineralized corridors, drilling lengths for the reported mineralization in these drill holes are estimated to be 60-70% of true thickness.

figure 2

Figure 2. Distribution of 2021 drillholes at the Taurus deposit, Cassiar North. Surface projection of 2019 0.5 g/t Au gradeshell is shown for reference (from Zelligan, 2019).

figure 3

Figure 3. Vertical section through drillhole 21TA-125 at 88 Hill Zone. A slice through the 2019 0.5 g/t Au gradeshell is shown for reference (from Zelligan, 2019).

figure 4

Figure 4. Vertical section through drillholes 21TA-129 and 21TA-127 at the 88 Hill Zone. A slice through the 2019 0.5 g/t Au gradeshell looking west toward 259° is shown for reference (from Zelligan, 2019).

2021 Full Drill Campaign and Assay Results Update

The Company concluded its full 2021 drill campaign covering both the Cassiar North and Cassiar South project areas on  November 1. A total of 34 drill holes over 11,288 m were completed during the program, including 15 drill holes over 4,098 m within or proximal to the Taurus Deposit at Cassiar North, and 19 holes over 7,000 m targeting high-grade vein systems at Cassiar South.

At Cassiar North, additional assay results for the remaining seven unreported drill holes are pending and will be released as they are received and reviewed by the Company. At Cassiar South, results remain pending for 13 drill holes that have been completed at the East Bain, Cusac, Hot, and Vollaug veins.

Table 1. Significant results from the 88 Hill and Gap zones based on a >0.5 g/t cutoff.

Target Area

Drillhole

  

From

To

Length*

Grade

88 Hill

21TA-125

  

9.94

62.21

52.27 m

1.16 g/t Au
   

incl.

22.03

22.50

0.47 m

11.60 g/t Au
   

and

27.97

29.69

1.72 m

8.11 g/t Au
   

and

57.07

57.50

0.43 m

10.90 g/t Au
     

70.16

108.00

37.84 m

1.80 g/t Au
   

incl.

76.00

77.13

1.13 m

23.40 g/t Au
   

and

90.18

97.82

7.64 m

2.33 g/t Au
     

123.35

136.42

13.07 m

3.53 g/t Au
   

incl.

123.35

124.25

0.90 m

14.50 g/t Au
   

and

129.56

130.04

0.48 m

51.70 g/t Au
 

21TA-126

  

51.50

54.96

3.46 m

3.38 g/t Au
     

102.00

124.88

22.88 m

0.91 g/t Au
   

incl.

113.14

124.88

11.74 m

1.48 g/t Au
 

21TA-129

  

16.91

40.07

23.16 m

3.56 g/t Au
   

incl.

27.00

28.00

1.00 m

9.10 g/t Au
   

and

33.20

34.29

1.09 m

11.20 g/t Au
     

57.23

70.12

12.89 m

1.04 g/t Au
     

81.00

88.70

7.77 m

0.65 g/t Au
     

104.80

114.14

9.34 m

0.66 g/t Au

Gap

21TA-127

  

10.00

21.80

11.80 m

0.65 g/t Au
     

38.70

54.31

15.61 m

1.08 g/t Au
   

incl.

45.39

46.27

0.88 m

9.83 g/t Au
     

86.96

93.00

6.04 m

1.55 g/t Au
     

210.28

236.63

26.35 m

0.84 g/t Au

* Drill core lengths are reported here. True widths for these intervals have not been established.

Qualified Person

The technical information in this news release has been reviewed and approved by Kaesy Gladwin, P.Geo., Cassiar Gold Corp.’s Vice President of Exploration, who is a Qualified Person as defined by National Instrument 43-101.

Quality Assurance (QA) and Quality Control (QC)

The 2021 Cassiar drilling program comprises HQ drill core oriented using the REFLEX ACTIII system. Drill core samples selected and analyzed are logged and then cut in half using a diamond cutting saw, in a secure core storage facility located in Jade City, British Columbia. Certified gold reference standards and blanks are routinely inserted into the sample stream as part of the Company’s QA/QC program. All samples are delivered to the SGS Canada preparation facility in Whitehorse, Yukon, where they are processed, and then shipped to the SGS Canada analytical facility in Burnaby, British Columbia. Samples are analyzed for gold by 50-gram fire assay with finish by atomic absorption or gravimetric methods. Screen metallic analysis is performed on selected samples. SGS Canada quality systems and technical aspects conform to requirements of ISO/IEC Standard 17025 guidelines.

About Cassiar Gold Corp.

Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship Cassiar Gold  Property located  in  British  Columbia, Canada.  The  Cassiar  Gold  property  spans  590  km2   and consists of two main project areas: Cassiar North, which hosts a NI 43-101-compliant inferred resource estimate of 1Moz at 1.43 g/t Au (cutoff grade of 0.7 g/t) known as the as the Taurus Deposit (see National Instrument 43-101 Technical report on the Cassiar Gold property, amended Nov. 12, 2019, by S. Zelligan, posted to SEDAR); and Cassiar South which hosts numerous gold showings, historical workings, and exploration prospects over a >15 km long and up to 10 km wide trend. Historical underground mines in the Cassiar South area have yielded over 300,000 oz of Au at grades of between

10 and 25 g/t Au (BC Minfile), underscoring the high potential for further discovery and expansion of bonanza-grade orogenic gold veins.

The Cassiar Gold Property is highly accessible by road and has a fully permitted 300 tpd mill and tailings facility, which could provide the potential for near-term production if new and expanded high-grade resources are defined in the areas of active mining leases that cover some of the most prospective parts of the South Cassiar area.

Cassiar Gold acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.

CONTACT INFORMATION

Cassiar Gold Corp.
Shirley Anthony
VP Investor Relations & Communications
1-778-999-2771
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