Cascadero Copper Corporation Options Powerline Gold Prospect Sudbury, Ontario
24 Ottobre 2011 - 7:55PM
Marketwired
Cascadero Copper Corporation (TSX VENTURE:CCD) -
The Company has entered into an Option Agreement that enables it
to earn a 100% interest in the Powerline gold prospect (the
"Property") in Street and Scadding Townships in the Sudbury Mining
District, Ontario. The Property consists of 31 contiguous units in
four claims blocks. The agreement provides for cash, shares and an
exploration commitment over a four-year term. The Property is
subject to a 3% net smelter return royalty (the "NSR"), 50% of
which can be purchased for cash. The Agreement also contains an
advanced royalty clause, which is payable yearly if Cascadero
exercises its right to acquire a 100% interest in the Property.
The Property adjoins the Scadding Mine property to its south.
Both properties occur in a belt of past gold producers that extends
from north east of the Sudbury basin to south of Espanola, a
distance of about 120 kms. Recent work by the Ontario Geological
Survey established a common alteration signature and style of
mineralization for these deposits. The first phase of hydrothermal
alteration was albitization of the host sediments. Albititized
zones several hundred metres long were subject to silica flooding
and carbonate veins, stockwork and breccia. These were followed by
a gold rich episode that filled the fissures with chlorite,
carbonate, pyrite, arsenopyrite and gold. In addition, some veins
occur with chalcopyrite, pyrite and cobalt sulfo-salts and
high-grades are present in narrow veins.
This alteration assemblage and style on mineralization are
present in outcrop on the Powerline gold prospect. Five historic
samples from the property have pyrite, quartz, albite, carbonate,
jarosite, chlorite and gold values. Samples with more intense
chlorite alteration have higher gold values.
The Company is planning a property-scale soil geochemical
survey, an IP/Res/Mag ground based geophysical survey and, if
warranted, followed by core drilling. The exploration focus will be
on the sulphide-chlorite episode.
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral
exploration business. The Company has offices in North Vancouver,
BC, Sudbury, Ontario and Salta City in the province of Salta,
Argentina. The Company generates, acquires and explores mineral
properties in these three areas. The Company has several
copper-gold porphyry prospects in the Toodoggone region of British
Columbia, volcanic and intrusive hosted gold properties in the
Sudbury, Swayze and Timmins camps of Ontario and holds a 50%
interest in a 46 property portfolio in north western Argentina.
Exploration is currently active in Ontario and Argentina and
exploration has recently commenced in British Columbia.
Cascadero's commodity focus is gold, silver and copper hosted in
large-scale mineral systems. In 2011 and 2012, Cascadero plans to
drill test a total of four copper-gold porphyry systems. In
addition, Salta intends to drill four large-scale sediment hosted
gold and silver-rich polymetalic systems and two sediment hosted
gold-silver showings.
Neither the TSX Venture Exchange nor its Regulation Service
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Cascadero Copper Corp. Bill McWilliam President
604-999-0391Bill@Cascadero.com AJF Consultants Alan or Janice
Feldman Office = 604-948-9663 or Cell = 604-377-2942
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