Gold Fields has tabled an exploration program for Cascadero's Toodoggone Project that is budgeted for up to C$3.9 million in 2009.
Cascadero holds a 100% interest in 75 mineral tenures aggregating 30,409 hectares in the Toodoggone region of north central British Columbia. The property is located about 20 km north of Northgate Minerals' Kemess South Au-Cu mine. As of November 30th 2008, Cascadero Copper and previously Stealth Minerals, spent $9.5 million on exploration consisting of mapping, geochemistry, ground and airborne geophysics and drilling. This work identified a broad corridor of geology prospective for bulk mineable copper-gold porphyry deposits, including the PINE copper-gold deposit.
On March 4th 2009, Cascadero Copper Corporation signed an Option and Joint Venture Exploration Agreement with Gold Fields Toodoggone Exploration Corporation ("Gold Fields"), a wholly owned subsidiary of Gold Fields Netherlands Services BV and a member of the Gold Fields Limited group of companies.
The Agreement grants Gold Fields an option to acquire a 51% interest in Cascadero's Toodoggone property to be satisfied by incurring expenditures of at least C$5 million over a three year period. If Gold Fields acquires the 51% interest, it has the option to acquire an additional 24% interest in the property which is to be satisfied by spending an additional $15 million or funding the completion of a feasibility study. When Gold Fields provides notice to acquire a 75% interest, Cascadero and Gold Fields will form a 25/75 joint venture for the continued exploration and possible development of the property.
In late March 2009, the Toodoggone Project Management committee met in Vancouver. The work program and budget were presented and reviewed. The first year program consists of airborne geophysics, line cutting, ground geophysics, soil and stream sediment geochemistry and core drilling.
The airborne magnetic survey will be flown at 100 to 50 metre spacing and will cover the southern and eastern 2/3rds (~20,000 hectares) of the claim block.
Grid-based line cutting and Induced Polarization geophysics are focused on a north east trending 3,000 metre wide by 16,000 metre long corridor on the southern flank of the Finlay River valley.
A program of soil and rock geochemistry is also planned in the area of line cutting.
Subsequent to data compilation and interpretation, a core drilling program of up to 3,750 metres is planned that is initially focused within the area of the ground based geophysical program.
The airborne magnetic survey is underway.
Gold Fields expects to mobilize to Cascadero's Finlay Camp in mid-May.
Cascadero Copper has closed its private placement with Gold Fields Toodoggone Exploration Corporation for 500,000 units at C$0.10 per unit. A unit consists of one common share and one warrant each of which plus C$0.12 can purchase one more common share for a period of one year. Gold Fields Toodoggone Exploration Corporation is a wholly owned subsidiary of Gold Fields Netherlands Services BV and a member of the Gold Fields Limited group of companies.
Cascadero Copper Corp