Cache Exploration to Commence Drill Program at Kiyuk Lake Gold Project in February 2021
VANCOUVER, BC, Dec. 17, 2020 /CNW/ - Cache Exploration Inc. (the "Company" or "Cache") (TSXV: CAY) (OTC Pinksheet: CEXPF) is pleased to announce plans for winter drilling at the Kiyuk Lake gold project, Nunavut. Drilling is set to start in late February 2021 and will include up to 4,000m of core drilling focused on expanding gold mineralization discovered at the Rusty and Gold Point zones as well as the new discovery East Gold Point. This will be the first drill program at Kiyuk Lake since the successful 2017 drill program.
"The 2017 drill program at Kiyuk Lake was very successful. " stated Cache's President and CEO Jack Bal. "The discovery of high grade gold at the Rusty Zone and new gold discoveries elsewhere on the project proved the exploration concept. We now look forward to getting back to drilling, following up on those discoveries and making new discoveries in 2021".
Rusty Zone
Drilling at the Rusty zone will be focused on offsetting the high-grade gold intercepts in 2017 and expanding the disseminated gold mineralization at depth and at surface to the south and east. Drilling in 2013 and 2017 demonstrated strong continuity of breccia-hosted gold mineralization within the Rusty zone.
Highlights from previous drilling at Rusty include:
- 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 Point Discovery
The Gold Point zone is a high priority target located in a 24 kilometre magnetic anomaly coinciding with a polymictic conglomerate that will receive further drilling in this program. Ground magnetics, prospecting and mapping in 2012 and 2013 identified a possible extension of Gold Point mineralization by the discovery of similar mineralization, in boulders, in the polymictic conglomerate that hosts the Gold Point zone. These extensional zones - South Gold Point and East Gold Point respectively - were further defined by ground magnetics as zones of magnetite destruction coincident with east-west structures, which are identical to those found at the Gold Point zone. Drilling in 2017 resulted in a new discovery at East Gold Point. Drilling in 2021 will focus on expanding East Gold Point and discovery drilling at South Gold Point in addition to the expansion drilling at Gold Point.
Previous drilling at the Gold Point zone returned:
- 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 of magnetite destructive features observed in ground magnetic data and the presence of mineralized boulders on surface. East Gold Point represents a 'proof of concept' new discovery that confirms the prospective potential of structures that cross cut the polymictic conglomerate unit. Success in intercepting significant gold mineralization in the first drill hole to target the northern most extent of this structure is a positive result for further development of gold mineralization models at the Kiyuk Lake project. The strike length of the magnetite destructive features is yet to be determined and will require further ground magnetic surveying to define and constrain their extent.
Drilling at the East Gold Point returned:
- 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 drilling with a Land Use Permit for exploration activities until 2024 and Water Licence supporting camp and drilling activities until 2022.
In 2019, a survey of 25 mineral claims was completed to convert the minerals claims to mineral leases. 28 mineral leases are now held by Cache with only annual rent payments required with no minimum work commitment.
About Cache Exploration
Cache Exploration is focused on its Kiyuk Lake gold project in Nunavut. Kiyuk Lake is a true district play in a new gold camp, covering a majority proportion of the Proterozoic Kiyuk Basin. The property has seen 13,500 meters of drilling in 4 drill programs from 2008-2017. Gold Showings occur over 15 Km in the basin. Drilling has discovered multiple gold intercepts over 1 g/t Au in five discrete mineralized zones Rusty, Gold Point, East Gold Point, Cobalt and Amundsen. Significant expansion possible with five new target areas identified and ready for drilling. Exploration at Kiyuk Lake takes place in winter-spring (February – May) and summer-fall (June-October).
Qualified Person
Chris Pennimpede, P. Geo., is a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical mining 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
SOURCE Cache Exploration Inc.
Jack Bal, 604-306-5285, [email protected]
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