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:
IR@pacificcascade.ca
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
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