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
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SOURCE Cache Exploration Inc.