VANCOUVER / ACCESSWIRE/ April 30, 2014 / Pacific Cascade Minerals Inc. (the "Company") announces it has signed an agreement (subject to TSX-Venture Exchange approval) with 2406031 Ontario Ltd. (the "Vendor") to purchase a 100% interest in the Turner Lake Project (the "Property") located in Nunavut.
The Property consists of 3 claims, Jam 1, Jam 2 and Jam 3 comprising a land package of 2,762 hectares located near Bathurst Inlet in the Kitikmeot District of Western Nunavut, approximately 560 km NE of Yellowknife NWT.
Under the terms of the agreement the Company agrees to purchase a 100% right title and interest in the property in exchange for one million (1,000,000) common shares of Pacific Cascade Minerals Inc. to be delivered to the Vendor within 10 days of claims title being successfully transferred into the Company's name. There is a 1% net smelter return ("NSR") reserved by the original property owners on Jam 1, 2 and 3 and a further 1% NSR on Jam 1 with buy outs in place for all of the NSRs.
The Property contains three known Archean mineral occurrences called the Main and East Gold Zones and Nickel Knob. The Main Gold Zone trends for approximately 500 metres, open to depth and occurs along an Archean aged rift off a larger regional structure. Para-conglomerates occur on the down drop side of the rift that was later intruded by an Archean age intermediate intrusive. Host rocks are in lower Amphibolite facies.
Gold mineralization at the Main Gold Zone is situated along a Fe/Mg Tholiietic contact with the majority of the gold hosted in a crackled fractured, iron-rich metasediment containing quartz veining/microveining. Gauge minerals include Arsenopyrite and minor pyrrhotite with visible commonly observed in the quartz veins. ICP analysis indicating elevated silver and bismuth concentrations also present in the gold zone.
The Main Gold Zone was first discovered in the 1960s and has been the focus of most exploration work. Chevron Minerals Ltd. and Silver Hart Mines Ltd. 1986 to 1989 were the first companies to undertake systematic diamond drilling and surface sampling of this zone. Highlights of their 18 hole, diamond drilling program of the Main Gold Zone include:
28.00 g/tonne gold over 4.75 metres
12.86 g/tonne gold over 8.87 metres
4.08 g/tonne gold over 15.27 metres
15.20 g/tonne gold over 4.00 metres
10.00 g/tonne gold over 5.00 metres
In 2008 a diamond drill program was carried out by Northrock Resources Inc. consisting of 21 drill holes which successfully outlined gold mineralization at the Main Gold Showing and discovered massive sulphide mineralization at the Nickel Knob Showing. Ni Knob drilling discovered that the gossanous showing with up to 5-15% sulphides is the upper portion of a polymetallic massive sulphide zone at depth. The zone is hosted in volcanoclastics with an altered ultramafic unit along the footwall of one drill section. The Ni Knob Zone was drill tested along a 50 metre inferred strike length and to a 70 metre depth and remains open in all directions.
2008 Turner Lake - Main Gold Showing Composite Results
Turner Lake - Ni Knob - Composite Results
---------------------------------------------------------------------------- |Hole |From |To |Interval|Nickel|Copper|Silver |Lead/Zinc|Gold | |Name | | | | | | | | | |--------------------------------------------------------------------------| | |(m) |(m) |(m) |(%) |(%) |(g/tonne)|(%) |(g/tonne)| |--------------------------------------------------------------------------| |TL-08-014|48.00|53.00|5.0 |0.88 |0.65 |4.74 | | | |--------------------------------------------------------------------------| |TL-08-015|92.75|96.00|3.3 |0.46 |0.36 |3.68 | | | |--------------------------------------------------------------------------| |TL-08-016|66.00|72.00|6.0 |0.82 |0.42 |2.62 | | | |--------------------------------------------------------------------------| |TL-08-017|41.00|55.00|14.0 |1.62 |1.87 |15.75 | | | |--------------------------------------------------------------------------| |including|50.00|53.00|3.0 |4.19 |1.19 |44.67 |1.66 |0.46 | |--------------------------------------------------------------------------| |TL-08-018|54.00|61.00|7.0 |0.94 |0.79 |4.44 | | | |--------------------------------------------------------------------------| |including|57.00|60.00|3.0 |1.74 |0.98 |6.10 | | | ----------------------------------------------------------------------------
Core lengths are estimated to range between 55-80% of true width as the zone is interpreted to have a near vertical dip.
The 2009 drill program consisted of 1181.72 metres of NQ, diamond drilling in nine holes at the main Gold Zone. This program confirmed the Main Gold Zone has good continuity along strike and down-dip and, as found in all previous drilling programs, significant gold mineralization occurs within a brecciated, meta-greywacke enclosed within ultramafic volcanics. Visible gold was noted in eight of the nine holes completed in 2009.
2009 Turner Lake - Main Gold Showing Composite Drill Results
------------------------------------------------------------------ |Drill Hole|From |To |Width| |Grams/tonne | |Visible Gold| |----------------------------------------------------------------| | |(m) |(m) |(m) | |(Metallic Assay)| |(specks) | |----------------------------------------------------------------| | | | | | |Gold | | | |----------------------------------------------------------------| |TL-09-22 |28.50 |32.50 |4.00 | |4.91 | |8 | |----------------------------------------------------------------| | | | | | | | | | |----------------------------------------------------------------| |including |31.50 |32.50 |1.00 | |9.80 | | | |----------------------------------------------------------------| |TL-09-23 |34.20 |34.70 |0.50 | |19.20 | | | |----------------------------------------------------------------| |TL-09-24 |40.70 |44.10 |3.40 | |2.35 | | | |----------------------------------------------------------------| |including |40.20 |40.70 |0.50 | |9.42 | |3 | |----------------------------------------------------------------| |TL-09-25 |50.00 |61.20 |11.20| |3.32 | |2 | |----------------------------------------------------------------| |including |50.00 |52.00 |2.00 | |9.35 | | | |----------------------------------------------------------------| | |60.00 |61.20 |1.20 | |10.10 | |4 | |----------------------------------------------------------------| |TL-09-26 |93.00 |111.00|18.00| |5.60 | |28 | |----------------------------------------------------------------| |including |93.00 |95.00 |2.00 | |12.50 | | | |----------------------------------------------------------------| |including |98.00 |99.00 |1.00 | |10.70 | | | |----------------------------------------------------------------| |including |103.00|108.00|5.00 | |8.70 | | | |----------------------------------------------------------------| |TL-09-27 |88.60 |93.60 |5.00 | |3.30 | |8 | |----------------------------------------------------------------| |including |91.60 |93.60 |2.00 | |5.74 | | | |----------------------------------------------------------------| |TL-09-28 |101.0 |102.0 |1.00 | |6.36 | |3 | |----------------------------------------------------------------| | |111.0 |113.0 |2.00 | |22.54 | |14 | |----------------------------------------------------------------| | |124.0 |132.0 |8.00 | |4.92 | |11 | |----------------------------------------------------------------| |including |124.0 |127.0 |3.00 | |6.49 | | | |----------------------------------------------------------------| |TL-09-29 |104.0 |117.0 |13.0 | |13.21 | |26 | |----------------------------------------------------------------| |including |113.0 |117.0 |4.00 | |29.73 | | | |----------------------------------------------------------------| |including |113.0 |114.0 |1.00 | |75.60 | | | |----------------------------------------------------------------| |including |116.0 |117.0 |1.00 | |31.80 | | | |----------------------------------------------------------------| | |124.0 |131.0 |7.00 | |4.85 | |18 | |----------------------------------------------------------------| | |136.0 |147.0 |11.00| |7.31 | |16 | |----------------------------------------------------------------| |including |138.0 |142.0 |4.00 | |11.14 | | | |----------------------------------------------------------------| |TL-09-30 |168.0 |171.0 |3.00 | |4.52 | |3 | |----------------------------------------------------------------| | |180.0 |183.0 |3.00 | |5.45 | |3 | |----------------------------------------------------------------| | | | | | | | | | ------------------------------------------------------------------
The estimated true width of the mineralization ranges between 30 to 87 percent of the core lengths.
Technical information in this news release has been reviewed by Mr. Lorne Warner, P.Geo., a qualified person as defined in NI 43-101
Further, The Company wishes to announce the following changes to the Officers and Directors of the company. Mr. Stephen Millen has stepped down from the Board of Directors to pursue other business activities and the Company takes this opportunity to thank him for his service as a Director and wish him well in his new endeavors. Mr. Sean Orr has agreed to sit as an Independent Director of the Company. Mr. Orr is Proprietor of Janic Construction and a long time shareholder of the Company.
Mr. Marc Tran has stepped down as the CFO effective January 29, 2014 to pursue other business activities. The position of Interim CFO was assumed by Mr. John Meekison. Effective April 30, 2014 Mr. Oliver Foeste has agreed to take the position of CFO. Mr. Foeste is a Chartered Accountant with over 10 years of experience in financial reporting, corporate governance, and corporate restructuring. He is the Managing Partner of Invictus Accounting Group LLP, a Vancouver based accounting, tax and advisory firm which specializes in financial reporting and internal control solutions for publicly listed issuers as well as assurance and tax services for privately held clients. Since November 2010 he has been a Director and Audit Committee Member of Inca One Resources Corp., a Peruvian-focused exploration company with toll-milling operations. Previously, Mr. Foeste was the Director of Finance and Corporate Secretary of Huntingdon Real Estate Investment Trust, a Vancouver based TSX listed issuer and was the U.S. Divisional Controller at Precision Drilling Corp., a leading TSX and NYSE listed, oilfield services provider based in Calgary, Alberta. Mr. Foeste started his career with the accounting firms Deloitte and Walsh King Chartered Accountants.
On behalf of the Board of Directors
"Harold Forzley"
President / CEO
Pacific Cascade Minerals Inc.
For more information contact Daniel Whittle, Investor Relations at:
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Pacific Cascade Minerals Inc