Cascadero has announced the results of the 2011 exploration program at its Toodoggone Project located in North Central British Columbia.
The exploration program included seven main holes, adding up to 2,447.9 m and targeting geochemical and geophysical anomalies. It concentrated on the MEX Cu-Au porphyry prospect. The region is roughly about 500x900 m northeast to southwest and northwest to southeast, respectively.
Assay composites are determined at minimum copper equivalent cut-off grade of 0.20% copper and gold equivalent is determined at a least cut-off grade of 0.30 g/t gold. Gold and copper equivalents are determined by utilizing US$1,200 per ounce gold and US$3/lb copper. Gold equivalent was determined using Cu% x 2201 x US$3/lb + Au ppm/31.1 x US$1,200/US$1,200 x 31.1. Metallurgical data of copper and gold does not exist and metal recovery is believed to be 100%.
Gold Fields Toodoggone Exploration Corporation and Cascadero signed an Option and Joint Venture Exploration Agreement on March 6, 2009. Following this contract, the former can get a 51% interest in the latter’s Toodoggone Project by providing a minimum of C$5 million over the first three-year option period. Moreover, Gold Fields can get an additional 24% interest by spending a further C$15 million or by concluding a feasibility study. Till date, the company’s exploration cost is around C$4 million.
The contract was shelved off due to some local complaint in 2010. However, it was again extended for another year and 2012 is now the third-year option period for Gold Fields. The company has a British Columbia N.O.W. permit for three years.
The MEX Cu-Au porphyry prospect is about 16 km towards the northeast of the Aurico Kemess property. The region has a floatation-concentration mill, and there is a major magnetic anomaly on the MEX Ridge. The region does not have any drill holes and contains limited geochemical sampling.
Cascadero was informed by Gold Fields that the exploration program will continue in 2012.
Source: http://www.cascadero.com/