Cache Reports 3.51 G/T/ Gold, 5.2 G/T/ Silver, and 0.41% Copper from Cross Hills IOCG Property Grab Sample
January 14, 2013 (Source: Company Website) — Mr. George A. Brown, President and CEO of Cache Exploration Inc. (TSX-V: CAY), is pleased to announce results from the sampling program on the Cross Hills IOCG Property in southern Newfoundland (see Figure 1). Dr. David Lentz, P.Geo., is a Qualified Person as described in National Instrument 43-101 and is responsible for the technical information contained in this news release.
In October 2012, Cache field crews conducted a follow up prospecting and rock sampling program on the Cross Hills IOCG Property. Earlier this year, grab samples yielded up to 0.59 g/t Gold, 18 g/t Silver, and 0.51% Copper (see August 15 2012 news release). Cache is pleased to announce encouraging results from the October follow up program. All samples reported in this release were taken from outcrop. All samples were submitted to, and prepared by, Activation Laboratories Ltd. in Fredericton, NB then forwarded to their Ancaster, Ontario facility to be analyzed by Code-1H instrumental neutron activation analysis (INAA) and aqua regia ICP.
A total of 63 samples including 46 grab, 16 channel cut, and 1 chip, were taken from the Cross Hills IOCG Property, including 54 from the area recently identified as the Dunn’s Mountain Gold-Silver-Copper prospect (see Figure 2). The October program at the Dunn’s Mountain prospect has confirmed that the mineralization is primarily vein hosted and/or proximal to quartz-hematite veins. These veins and their marginal contact zones contain localized enrichment of copper, gold, and often silver. Overall, sulfide minerals appear to be restricted to zones of copper enrichment, primarily as chalcocite with abundant malachite staining. Numerous additional mineralized samples were located along two trends: a southeast-northwest trend first identified in June 2012 (the initial discovery), and perpendicular to that, a northeast-southwest striking mineralized quartz-hematite vein noted in the October follow-up. Along the southeast-northwest trend, quartz-hematite veining is noted but not specifically associated with the mineralization; whereas along the northeast-southwest trend, mineralization is confined to the western marginal contact zones to a 20 to 40 centimetre estimated true width quartz-hematite vein.
Table 1, below, contains highlights from the sampling at the Dunn’s Mountain prospect. The highest-grading sample, 12-CHLB-04, was a grab sample taken from the mineralized area in the western contact zone of a northeast-striking, 35 centimetre estimated true width quartz-hematite vein. Sample 12-CHLB-06 was a channel cut across the vein including 30 centimetres of marginal contact rock towards the western and eastern vein margins.
Table 1 – Select results from the October 2012 follow up at the Dunn’s Mountain prospect
|Sample||Sample Type||Au (g/t)||Ag (g/t)||Cu (%)|
|12-CHLB-06||channel cut – 0.95 m||0.02||0.4||0.074|
|12-CHLB-07||channel cut – 0.89 m||0.06||1.1||0.13|
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In addition to the encouraging results from the Dunn’s Mountain prospect, additional mineralization was noted less than one kilometre to the south, at the previously identified Carroll’s Hat prospect (see Figures 3 and 4). This prospect, a southeast-northwest striking quartz vein 10 to 15 centimetres estimated true width, was previously identified by UCore (UCU: TSX-V) in 2008 as a uraniferous target, where malachite staining was also noted, but the samples are not known to have been analyzed for copper. Samples 12-CHLB-15 tested the quartz vein including 10 centimetres of mineralized margin on either side; whereas 12-CHLB-16 was a grab sample specifically of the mineralized margin.
Table 2 – Select results from the October 2012 follow up at the Carroll’s Hat prospect
|Sample||Sample Type||Cu (%)||Ag (g/t)||Bi (g/t)||U3O8 (%)|
|12-CHLB-15||channel cut – 0.48 m||0.14||1.7||151||0.057|
The mineralization at Carroll’s Hat is hosted in the Devonian Ackley Granite, which has been previously identified as bearing potential for tin, tungsten, and uranium mineralization. Even though the Carroll’s Hat prospect appears to be simply anomalous, it does provide an indication of the grade potential for the nearby Dunn’s Mountain prospect. The quartz veins at Dunn’s Mountain also originate from the Ackley Granite and anomalous copper and silver mineralization is noted at both prospects. The Carroll’s Hat prospect is unique for its enrichment of bismuth and uranium.
The overall results from the October follow up program are encouraging and further highlight the potential for Dunn’s Mountain to host significant gold-silver-copper mineralization. Adding to the potential of the area is the proximity to local infrastructure. Power lines are situated near to the showing and Dunn’s Mountain is easily accessible from the nearby towns of Grand Le Pierre or Terrenceville by logging roads and ATV.
Follow up plans for 2013 are being developed to include but not be limited to additional prospecting and sampling, and ground geophysical surveying with the goal of identifying potential drill targets.
Cache Exploration has a focus on exploring for REE deposits. Cache is exploring the Welsford REE Properties in New Brunswick, the Cross Hills Northern IOCG Property in Newfoundland, and the Nunavut REE Properties. The Company owns a 100% interest in Cache Minerals Inc. (“CMI”) through which it now controls the CMI Cross Hill REE Properties, the Quinn Eskay Property in BC, and the White Gold Properties in the Yukon. All of the Cache REE properties are considered to have excellent potential for rare earth element mineralization. The BC and Yukon properties provide a diversity of exposure to exploration potential for copper, silver, and gold.
Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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