Cassiar Gold Discovers New Gold Occurrence, Expands Surface Mineralization, and Identifies Multiple Gold-In-Soil Anomalies at Cassiar North

Cassiar Gold Corp. report the results of surface exploration conducted across extensive parts of the northern Cassiar Gold Property in northern British Columbia during the 2023 exploration program (Figure1).

The Cassiar Gold Property hosts several regional prospects with potential to host Taurus-style mineralization in outlying areas to the Taurus bulk-tonnage Inferred gold resource of 1.4 million ounces grading 1.14 grams per tonne (g/t) gold (Au) ^[1]. The surface program was designed to provide a geological, geochemical and geophysical base for exploration beyond established drill targets, and enhanced geological context to support expansion of known deposits and targets. Results from this field program, conducted concurrent to the Company’s 2023 diamond drill program, highlight several priority exploration targets, while newly acquired 3D DC-resistivity and induced polarization (DCIP) survey data covering 12km² has identified multiple anomalies that will contribute to 2024 program planning.

Highlights:

Field crews have identified new mineralization trends at Cassiar North regional prospects through a combination of geological mapping, surface rock sampling (Figure 2) as well as soil sampling (Figure 3).

• Surface rock samples results:
  • discovered the new Auroch mineralized showing, including a 9.82 g/t Au grab sample with visible gold and 20.30 g/t Au in float,
  • expanded significant surface mineralization at multiple regional prospects, including up to 2.5 km to the east along the Newcoast target corridor, and 250 m to the southwest at the Hopeful prospect.
• Multiple gold anomalies were identified in soil sample results, coincident with major mapped structural trends and limited surface rock sample data, and remain open beyond the extent of the survey sample grid
• Lineaments observed in recent DCIP survey 3D inversion products suggest the presence of a series of northwest and northeast trending features, concordant to the orientation of mineralization-controlling structures commonly observed at the Cassiar North project area. These features coincide with areas of carbonate-sericite alteration and vein development that have the potential to host or control additional areas of mineralization.

“We are very encouraged by the prospectivity of the Cassiar North project area in supporting our district vision. The geological, geochemical, and geophysical characteristics observed from 2023 field program results support the potential for a more significant mineralizing system in this area than currently identified”

“These results affirm our commitment to advancing regional exploration on the property and we look forward to returning to the field as 2024 targeting is currently underway.”

stated Marco Roque, CEO of Cassiar Gold Corp

Geological Mapping

Field crews from Equity Exploration Consultants and the Company conducted geological mapping in the Cassiar North project area between August and October, 2023. The area of interest covered a 40km² footprint peripheral to the Taurus inferred mineral resource in areas and had seen little or no previous mapping. Outcrops were typically encountered along topographic highs, creek beds, and along road cuts and disturbances. Bedrock exposure is sparse in topographic lows and areas of gentle relief. Over 1,800 individual outcrop stations were located, mapped, described and selectively sampled.

Mafic volcanic rocks were the predominant lithology observed, which is the host unit for veining and mineralization in the map area (Figure 2). Broad overprinting alteration envelopes are commonly associated with shear and extensional veining hosted within the mafic volcanics often along geological contacts, including quartz-ankerite+pyrite, quartz-sericite, and calcite. Argillite and listwanite exposures were observed to have a northwest-southeast dominant foliation and shear zone development with associated alteration along, or defining the contacts of these units.

A series of repeating, northwest-trending shear veins and brittle fault structures, interpreted to represent brittle reactivation of an earlier ductile event, were observed in the central portion of the map area and at the Snow Creek prospect in the east. Quartz veins may contain little sulphide mineralization and occur as northwest-trending shear vein structures, commonly observed proximal to contacts between mafic volcanics and adjacent weaker units, and high density sets of narrow sheeted northeast-striking extensional veins with extensive alteration envelopes.

Surface Rock Samples

A total of 308 surface rock samples were collected across a 40 km² area peripheral to the Taurus deposit during the geological mapping program. Of the samples collected, thirty-two have gold mineralization >0.50 g/t Au and nineteen samples returned assay values above 1.00 g/t Au, including those collected at the newly identified Auroch showing which returned 9.82 g/t Au in a mafic volcanic grab sample (ST034035) and 20.30 g/t Au in a quartz vein float sample (ST034404) (Table 1, Figure 2).

Significant gold assays occur in several samples collected up to 2.5 km along strike of known surface mineralization at the Newcoast target corridor (Figure 2), including a 0.99 g/t Au sample collected immediately upstream of the site of the largest gold nugget discovery in BC in 1877 (72 ounces)^[2]. This trend remains open and is a priority target for follow up.

The Hopeful prospect is situated 300 m southeast of the southwest extent of the Taurus Deposit mineralization and 400 m northeast of Wings Canyon drill holes (Figure 2). Grab samples from the 2023 season confirmed the presence of gold in mafic volcanics at surface up to 2.00 g/t Au in sample ST034268, and extended mineralization up to 250 m to the southwest in samples ST034777 and ST034782, which returned 1.05 g/t Au and 1.35 g/t Au, respectively . See Table 1, Figure 2 for additional assay highlights.

Table 1. Significant 2023 surface rock sample results from the Cassiar North project area based on a >1.0 g/t Au cutoff. Samples reported in the table are grab samples, with the exception of one float: sample ST034404. Note: grab and float samples are selective by nature and are not necessarily indicative of similar mineralization on the property.

Soil Sampling

A soil sampling program was conducted over a 3 square kilometre area east of the past-producing Taurus Mine, eastward to the area of the Snow Creek prospect to test for potential near surface mineralization in an area with thin cover, little outcrop exposure, and very limited historical exploration. A total of 483 samples were collected from August to September 2023. Multiple gold-in-soils anomalies were identified (Figure 3), notably:

1) Bos Trend: anomalous gold-in-soils results, including 1.9 ppm Au in sample F474013, occurring along a northwest-trend approximately 700 m south of the historical Taurus Mine, 400 m east of the paved Cassiar Road, and extending 900 m along strike beyond the mapped extent of a major shear zone identified in this program (‘Bos Shear’),

2) Auroch anomaly: hosted the sample with the highest gold content among all soil/talus fine samples with 5.5 ppm Au in sample F474415, with 1.6 ppm Au in sample F474414 located 58 m to the north. These samples are coincident with high grade surface rock samples (Auroch showing) reported in this news release.

3) Snow Creek anomaly: proximal to a mapped northwest-striking shear zone on the Snow Creek target ridgeline (‘Snow Ridge Shear’). These anomalies occur in an alpine setting and are largely composed of talus fines. Results include six samples with gold values >1.0 ppm over a 200 m x 200 m area.

These anomalies demonstrate a spatial correlation with extensional quartz veining and shear zones with strong alteration halos where limited outcrop is observed. They remain open with potential to extend beyond the footprint of the 2023 survey grid.

“We are pleased to see that results of our regional program reinforce our targeting concepts with clear structural controls on mineralization at various levels across the property”

“Our recent field program demonstrates the potential for lateral and vertical extension of mineralization, as well as additional targets for stacked mineralization horizons and entirely new areas of mineralization in the district.”

Jill Maxwell, VP Exploration of Cassiar Gold Corp

DCIP Survey

The Company contracted Dias Geophysical Ltd. (“Dias”) to complete a 3D direct current-resistivity and induced polarization (DCIP) survey over approximately 12 square kilometres (Figures 1, 4, 5) during the 2023 field season with the objective to integrate modern data with coarse historical IP survey coverage and evaluate the potential for direct detection of Taurus-deposit style disseminated pyrite mineralization beyond the extent of the inferred mineral resource, as well as potential identification of structural and lithological features.

Dias generated two sets of unconstrained 3D inversion models of chargeability, conductivity, and resistivity using 1) 2023 survey data, and 2) 2023 survey data integrated with historical survey data.

A significant northwest trending corridor of moderate chargeability and resistivity signature coincident with the footprint of, and extending beyond, the Taurus deposit is apparent, and extends up to one kilometre from the southwest extent of the current inferred resource pit shell boundary to Wings Canyon. Multiple gold occurrences and minimal exploration drilling are present along this corridor (Figure 4). A moderately chargeable and resistive response is noted to extend to the north of the Taurus deposit in an area with favorable host rock lithologies, gold-bearing surface rock samples, and little to no exploration drilling.

The historical Taurus Mine sits at the margin of a moderate chargeability response which coincides with a strong resistivity low interpreted to represent the extension of the major northwest trending shear mapped during the 2023 program and coincident with the Bos trend gold-in-soils anomaly described in this news release (Figure 5). A second significant resistivity low (northwest oriented) is noted to extend from Wings Canyon to the western extent of the Taurus deposit, concordant to the Bos trend signature, along the margin of the moderate chargeability corridor. It is coincident with a change in lithology, vein development and alteration, and is interpreted to represent a major structural corridor.

Survey Specifications

The field program was completed using the DIAS32 acquisition system with a Dias GS5000 25kW transmitter, and a rolling distributed 3D array with pole-dipole transmitter configuration. The inversion model derived from integration of 2023 and historical datasets provided near surface resolution of approximately 25 m x 50 m, and a depth search of approximately 400-600 m.

The survey was comprised of 24 transmit lines alternating with 24 receiver lines, oriented northwest-southeast with an azimuth of 150^o and 100 m spacing. Transmitter stations were spaced 200 m apart and receiver stations were spaced 100 m apart along their respective lines. Two current extensions were extended beyond the ends of the transmit lines to increase depth of investigation along grid margins; a current remote electrode station was established approximately 5 km west of the grid.

Summary

Based on the success of the 2023 field campaign, through use of integrated exploration methods, the Company has identified several new exploration targets and better placed known targets into a more refined geological and geophysical context. Program results demonstrate the robust potential for continued growth in the historic Cassiar Gold District. Exploration targeting and program planning is ongoing in advance of the field season which is slated to commence in the second quarter of 2024.

Qualified Person

The technical information in this news release has been reviewed and approved by Jill Maxwell, P.Geo., Cassiar Gold Corp.’s VP Exploration, who is a Qualified Person as defined by National Instrument 43-101.

Methodology, Quality Assurance (QA) and Quality Control (QC)

The 2023 Cassiar grab samples were selected and described by Company and Contract Geologists prior to bagging in the field. Certified gold reference standards and blanks were routinely inserted into the sample stream as part of the Company’s QA/QC program. All samples were delivered to the ALS Global preparation facility in Whitehorse, Yukon, where they were shipped to the ALS Global analytical facility in Vancouver, British Columbia for processing and analyses. Samples were analyzed for gold by 50-gram fire assay with finish by atomic absorption or gravimetric methods, as well as 34 multielement analysis via 4 acid digest with ICP-AES finish.

The 2023 Cassiar soil samples were predominantly comprised of B horizon material, with limited C horizon and talus fines. Samples were bagged, transported and submitted for preparation with analyses at ALS Global in Vancouver, BC. The soil samples were reconnaissance in nature and the Company has relied on the internal QA/QC practices of ALS for this series of sampling. Samples were dried then sieved up to -180 micron (80 mesh), analyzed for gold by 30-gram fire assay and 51 multielement analysis aqua regia digestion with ICP-MS finish.

ALS Global quality systems and technical aspects conform to requirements of ISO/IEC Standard 17025 guidelines.

About Cassiar Gold Corp.

Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship Cassiar Gold Property located in British Columbia, Canada. The Cassiar Gold property spans 590 km² and consists of two main project areas: Cassiar North, which hosts a NI 43-101-compliant inferred resource estimate of 1.4Moz at 1.14 g/t Au (cutoff grade of 0.5 g/t Au) known as the as the Taurus Deposit (see National Instrument 43-101 Technical report on the Cassiar Gold property, April 28, 2022, by S. Zelligan, J. Moors, C. Jolette, posted to SEDAR); and Cassiar South which hosts numerous gold showings, historical workings, and exploration prospects. Historical underground mines in the Cassiar South area have yielded over 315,000 oz of Au at average head grades of between 10 and 20 g/t Au¹, underscoring the high potential for further discovery and expansion of high-grade orogenic gold veins.

The Company also holds a 100% interest in properties covering most of the Sheep Creek gold camp located near Salmo, BC. The Sheep Creek gold district ranks as the third largest past-producing orogenic gold district in BC with historical gold production of 742,000 ounces gold at an average grade of 14.7 g/t gold from 1900 to 1951. Minimal exploration work has been conducted since the 1950s.

Cassiar Gold Corp. acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.

CONTACT INFORMATION

Cassiar Gold Corp.
E-mail: [email protected]
Phone: 236-878-6160

Forward-Looking Statements

This news release may contain forward-looking statements including those describing the Company’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of the Company and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the Company’s exploration plans and work commitments, mineral resource estimates and the assumptions underlying such estimates, and economic factors, business and operations strategies.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, general economic, market or business conditions, risks associated with the exploration and development industry in general (e.g., operational risks in development, exploration and production; the uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

Neither the 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.

[1] See April 28, 2022, NI43-101 Report titled “National Instrument 43-101 Technical Report on the Cassiar Gold Property” by Zelligan, P.Geo, Moors, P.Geo, Jolette, P.Geo.

[2] 1976, “Historic Treasures and Lost Mines of British Columbia”, Canada West Publications