Cache Commences Drilling At Welsford Inner Property
June 25, 2013 — Toronto, Canada (Source: Accesswire) — Mr. George A. Brown, President and CEO of Cache Exploration Inc. (TSX-V:CAY), is pleased to announce that the Company has commenced a drilling program at the Welsford Inner Property in New Brunswick. This drilling program has been approved for a grant of up to $35,000 under the New Brunswick Junior Mining Assistance Program which represents 50% of the first $70,000 of eligible costs incurred in the drilling program (see June 6, 2013 news release). Dr. David Lentz, P.Geo., is a Qualified Person as described in National Instrument 43-101 and is responsible for any technical information contained in this news release.
The company has engaged Vic Progressive Drilling of Sussex, NB to complete diamond drilling of a minimum of 200 metres in up to two drill holes. This drill program is designed to test a molybdenite target that has been indicated by a combination of soil geochemistry results and molybdenite mineralization observed in a 2012 drill hole (see news release dated May 13, 2013).
The molybdenite mineralization at the Welsford Inner Claims is believed to be associated with a large southeasterly-trending fault structure. The presence of molybdenite in drill core was identified in 2012 when the company completed a one-hole drill program testing the fault and a possible convergence of the Main Zone and Road Zone dykes. These dykes represent notable rare earth element showings on the Welsford Inner Property. Numerous molybdenite mineralized zones were observed in the shallower sections of the drill hole. Highlights included 3.23 metres containing 0.24% Mo from 20.70 metres to 23.93 metres, and 2.55 metres containing 0.10% Mo from 30.15 metres to 32.70 metres. Prior to this discovery in 2012, significant molybdenite mineralization had not been noted anywhere within the Welsford Inner Property, or even more broadly, within the Welsford Intrusive Suite.
The first hole of the 2013 drill program will be exploratory in nature and is designed to test the fault structure and the anticipated molybdenite mineralization therein. This hole has been collared near the location of the 2012 drill hole and is being drilled in the opposite direction to the 2012 drill hole at an azimuth of 255 degrees (see attached Figure 1). It will be inclined at 45 degrees and will effectively be scissoring the upper regions of the 2012 hole. The anticipated depth of this hole is between 150 metres and 200 metres. Drilling of a second hole will be contingent on the successful identification of molybdenite mineralization in the first hole. Cache’s technical team is strongly encouraged by the success in the discovery of molybdenite in the 2012 drill hole and the identification of numerous molybdenite soil anomalies in the target area.
Cache has agreements in place with local landowners and has received approval from the New Brunswick Department of Mines and Energy. Drilling at the Welsford Inner Claims is expected to be completed in late June or early July. All samples will be submitted for sample preparation to Activation Laboratories in Fredericton, New Brunswick, and then forwarded to their facility in Ancaster, Ontario to be analyzed by Code 1D-enhanced Instrumental Neutron Activation Analysis (INAA).
Cache’s property portfolio includes the Welsford Inner Property in New Brunswick, the Cross Hills IOCG Property and the CMI Cross Hills Property in Newfoundland, the Quinn Eskay Property in BC, the White Gold Properties in the Yukon, and the six Nunavut Prospecting Permits.
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