(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 4, 2019 - Cache Exploration Inc. (the “Company”, or “Cache”), (TSXV:CAY) is pleased to announce the TSX Venture Exchange has accepted for filing a property purchase agreement dated May 1, 2019, between Cache Exploration Inc. and Rachid Mogabgab, whereby the company will acquire a 100-per-cent mineral interest in the BC gold property located in Mali, Africa.
In consideration, the company will pay cash in the amount of $210,000 ($135,000 in the first year) over two years and issue 2.5 million shares to the vendor upon closing.
BC Gold Property
The BC Gold property is located in southwestern Mali. It is easily accessible by road, and is two hours drive from the capital Bamako. The property is underlain by Birimian volcano-sedimentary rocks and granitic intrusives. The first work in the area started in 1989 with the Or Bagoe project, consisting of geochemical prospecting on a 1,000-metre by 250-metre grid. In 1998, the technical assistance to the mineral sector project reanalyzed the samples obtained during the Or Bagoe project. Anomalous results were obtained for the BC Gold property with the highest being 9.9 grams per tonne Au.
In 2014-2015, a Spanish operator established a medium-size gravity plant to process material from a pit dug on the property. In 2015 the operations stopped, no reason was given, and no production records were reported. In 2017, during the course of a National Instrument 43-101 report, a site visit was completed and eight samples collected from the pit and assayed by the General Society of Surveillance (SGS) laboratory in Bamako. The size of the pit was evaluated at 6,500 square metres, some samples were taken from gold panner rejects, and others were taken in situ. Gold results varied from 1.6 to 220.28 g/t Au including four results over 100 g/t Au. Geophysical, geological and soil sampling surveys followed by drilling are suggested to resume exploration on the property.
Donald Theberge, PEng, is a qualified person as defined by NI 43-101, has reviewed and verified the technical mining information provided on the BC Gold property.
Private Placement
Cache has arranged a non-brokered private placement of up to 12 million units at $0.05 per unit. Each unit will consist of one common share and one-half common share purchase warrant. Each warrant will entitle the holder to purchase one-half additional common share at an exercise price of $0.075 per warrant share. The warrant share is exercisable for two years from the date of issue of the warrant.
Incentive Stock Options
Cache will be issuing 4,000,000 incentive stock options to directors, officers and consultants at an exercise price of $0.05 per stock option. The options are exercisable for 5 years from the date of issue. Options announced on June 25, 2019 were not issued by the company.
About Cache Exploration’s Kiyuk Lake Gold Property
The Kiyuk Lake Property covers 590 square kilometers in Kivalliq Region - Southwest Nunavut. The 2017 drill program confirmed and extended a known target and discovered significant gold mineralization at a new target area, East Gold Point (see Company Press Release, October 26, 2017).
At Rusty Zone the Company not only confirmed that mineralization extends to 200m below surface but also intersected a previously unknown high-grade phase of 8m of 26.4 g/t gold. At the same time, the Company discovered extensive mineralization at East Gold Point with 64 m at 1.5 g/t gold and 10 m at 6.5 g/t gold.
Prospecting returned two +5 g/t gold samples and the till campaign isolated two new anomalous areas that offer compelling evidence for further possible discovery.
Kiyuk Lake 2017 Drilling Highlights (True width not determined yet)
- KI17-001 at Rusty Zone returned 8m at 26.4 g/t gold from 108m
- KI17-004 at Rusty Zone returned 122m at 1.8 g/t gold from 188m
- KI17-005 at newly discovered East Gold Point Zone intersected:
64m at 1.5 g/t gold from 35m and
10m of 6.5 g/t gold from 248m
Prospecting samples returned:
- 5.57 g/t gold from west of the Rusty Zone
- 5.60 g/t gold grab sample from north of Kiyuk Lake and from the newly identified Nansen target area
One to two kilogram till samples collected in the field were screened to -230 mesh at the Bureau Veritas Minerals laboratory in Vancouver, British Columbia before being digested using a dilute aqua regia digestion of a 30g subsample (code AQ252) and analyzed by ICP-MS for a suite of 37 elements, including gold. Data accuracy and precision is monitored with certified reference materials submitted with the samples and field duplicates, as well as through monitoring of laboratory internal standards and pulp duplicates.
Drill core and rock samples are bagged and sealed and submitted to SGS in Red Lake, Ontario for sample preparation. Sample preparation involves crushing 2m lengths of split drill core to a nominal 75% passing 2mm, followed by pulverization of a 250-g split to a nominal 85% passing 75 microns. Gold analysis is completed in the SGS Red Lake lab with a 50g fire assay and AAS finish (code GE-FAA515). Samples returning >10g/t Au are re-assayed with a gravimetric finish (code GO-FAG505). Control samples (certified reference materials, coarse blanks and ¼ core duplicates) were inserted on a regular basis. Laboratory internal standards, coarse crush duplicates and pulp duplicates are also monitored. Results are assessed for accuracy, precision and contamination on an ongoing basis.
Please click http://cacheexploration.com/CAY-NR-10-26-17 to view:
- Plan map of the Rusty Zone and East Gold Point
- Detailed section showing the recent KI17-004 drill results
- Plan map of the East Gold Point Zone
- Detailed section showing the recent KI17-005 drill results
- Maps of rock and till sampling results
Qualified Person
Chris Pennimpede, P. Geo., Vice President, Exploration and Director for the Company is a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical mining information on Kiyuk Lake 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.
“Jack Bal”
Jack Bal
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
604-306-5285
jackbal@cacheexploration.com
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Kiyuk Lake Property and the Deep Lake Property: statements pertaining to the ability of Cache Exploration Inc. (“CAY”); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for CAY to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by CAY in light of its experience and perception of current and expected future developments, as well as other factors that CAY believes are appropriate in the circumstances. Many factors could cause CAY’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
Copyright (c) 2019 TheNewswire - All rights reserved.