Vancouver, British Columbia, Canada -- July 24, 2019 --
InvestorsHub NewsWire -- Cache Exploration Inc. (the “Company”, or
“Cache”), (TSX-V:CAY) is pleased to
announce Margaret Lake Diamonds, the Company’s JV partner for Kiyuk
Lake has filed a National Instrument 43-101 Technical Report (the
“Report”) for the Kiyuk Lake Gold Property (“Kiyuk Lake” or the
“Property”) located in the Kivalliq region of Nunavut, Canada with
an effective date of June 24, 2019. The independent Report was
prepared for Margaret Lake by Ian Trinder (M.Sc., P.Geo.) the
Author and Qualified Person as defined under NI 43-101, of CSA
Global Consultants Canada Ltd. The Report will be available under
the Company’s profile on the System for Electronic Document
Analysis and Retrieval (“SEDAR”) as well as on the Company’s
website at www.cacheexploration.com.
Joint Venture Agreement on Kiyuk Lake Gold
Property
Cache Exploration Inc. has granted an exclusive option to
Margaret Lake Diamonds Inc. (TSX-V:DIA) to acquire an undivided
50-per-cent interest in the Kiyuk Lake property upon spending
$3-million on the property and other considerations.
Provided that the optionee has exercised the option, the
optionee may, within 90 days of the 50-per-cent interest earn-in
date, elect, by notice in writing to the optionor, to acquire an
additional 30-per-cent interest in and to the property by paying to
the optionor an additional $5-million within the election period.
The option agreement is subject to TSX-V approval. Cache
shareholders approved the option agreement during the Company’s
annual general meeting held on June 21, 2019.
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/
Click
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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