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Cassiar Gold drilling in northern British Columbia returns promising grades

Cassiar gold project. (Image courtesy of Margaux Resources).

The latest results from drilling at Cassiar Gold’s (TSXV: GLDC; US-OTCQX: CHLCF) Taurus deposit in the Cassiar North area of northern British Columbia confirm the project’s bulk-tonnage potential, the Calgary, Alberta-based company says.

According to Cassiar’s CEO, Marco Roque, the assay results from six holes drilled this summer demonstrate similar grades and apparent thickness as drill holes used in the 2022 Taurus resource estimate.

Highlights include drill hole 22TA-158 at Taurus West, which intersected 72.3 metres of 1.09 grams gold per tonne from 337 metres downhole, extending mineralization 50 metres beyond the inferred resource open-pit shell.

Drill hole 22TA-152 at Taurus Central returned several intervals, including 20.2 metres of 1.33 grams gold from 157.4 metres downhole outside the current resource grade shell, including 0.5 metre of 25.9 grams, and 29.1 metres of 1.17 grams gold from 279.7 metres downhole. The holes expanded on deeper mineralized areas outside the inferred pit shell.

Also, in the Taurus Central area, hole 22TA-149 cut 36.8 metres of 1.3 grams gold per tonne from 8.2 metres downhole, including 5.3 metres of 4.09 grams gold, confirming near-surface mineralization encountered in historical drill holes.

The company’s 2022 program included 70 drill holes and over 23,000 metres of diamond drilling that began in June and finished in October. The exploration focus of the drilling targeted high-priority areas at the Taurus deposit, significant vein prospects at Cassiar South and more brownfield opportunities on the property.

The Taurus deposit hosts a near-surface, inferred resource of 1.4 million oz. grading 1.14 grams gold per tonne in 37.9 million tonnes of material, which remains open in all directions.

With Cassiar’s most extensive drilling program to date now complete, the company expects to release more results through year-end and into the new year. Results from 19,102 metres of drilling (57 drill holes) remain pending.

The company is working towards a potential resource update in 2023, dependent on results from the 2022 drill campaign at Cassiar North and Cassiar South.

Cassiar had C$10.3 million cash in the bank as of September.

The company’s Toronto-quoted equity fell about 5% on the news Tuesday to C52.5¢ per share, giving it a market cap of C$42.8 million. It is down about 31% over the past 12 months, having tested C48¢ to C$1.48 per share.