Cascadero Copper is pleased to announce that its fifty-percent (50%) owned Argentine subsidiary Salta Exploraciones S.A. ("Salta") has entered into an option agreement that enables it to acquire a 100% interest in the Pancho Arias copper-moly deposit. The agreement also provides Salta the right to purchase 100% of the 1% net smelter return royalty (the "NSR").
Pancho Arias was recognized as a porphyry system in the first half of the 20th century. In the 1970s, the showing was the focus of the Direccion General De Fabricaciones Militares (FAB), a geological service controlled by the Argentine Republic. Pancho exploration was managed by Centro De Exploracion Geologico Minera II (Centro), a division of FAB. Between 1970 and 1974, Centro conducted a program that consisted of detailed geologic mapping, surface outcrop sampling and core drilling.
In 1973-4 Centro drilled ten (10) BQ/AQ core holes totalling 1,691.64 metres (5,550 feet). Drilling confirmed that Pancho is a multi-phase copper-moly porphyry system. The lithologies consist of dominant magmatic intrusive breccia and porphyritic andesite (+/- biotite) with lesser volumes of porphyritic dacite (+/- biotite) and meta-sediments. Chalcopyrite and molybdenite are present in all four lithologies. Dominant alteration is pyrite and silica. In certain areas of the mineralized corridor, there are leached-cap assemblages and chalcocite is noted in more than one drill hole. The drill holes were not assayed for gold.
The distance between hole #10, the furthest south, and hole #9, the furthest north, is ~2,000 metres (6,530 feet) or about 1.25 miles. The width of the Cu-Mo mineralized corridor tested is up to 900 metres east-west. This area is large enough to host a multi-hundred million tonne deposit. Each drill hole has copper-moly mineralization from surface to the end of the hole. Infrastructure in the area is excellent with a railway to the Pacific Ocean port of Antofagasta, 500 Kv power line to northern Chile, a regional natural gas line and ample water supply nearby.
Management believes that the Pancho acquisition is fundamental to the Company's strategy to control the 14,000 hectares of the geologically prospective Pancho Arias Mineral District. Pancho complements Salta's recently discovered Las Burras copper-moly-gold porphyry deposit, which is located about six (6) kilometres to the south-west and Incahuasi located 14km to the south-west. Salta completed an IP/Res/Mag geophysical survey at the Incahuasi copper-moly-gold prospect in 2011. The survey identified a large-scale 4,400 metre by 1,400 metre IP/Res/Mag anomaly, which is open to the west and east. Incahuasi has never been drill tested.
Mineralization at the Las Burras and Pancho deposits and the Incahuasi showing is controlled by the eastern expression of the Colama-Olacapato-Toro (COT) northwest trending transverse fault system. The three porphyries are believed to represent mineralized apophyses, which are controlled by the intersection of northsouth faults and north-west trending local faults. The source of the mineralization is believed to be an underlying a mid-sized Miocene aged igneous magma chamber, possibly 30 km in diameter. The host rocks are Precambrian Puncoviscana continental sediments. Two of the three porphyry systems have related peripheral gold showings also hosted by the Puncoviscana group.
Salta is compiling the historical data and combining it with its recent work. An exploration program is planned to initially twin and deepen five (5) of the 1973-4 core holes. Based on the location of the historic holes within the mapped porphyry system, the potential to expand the size of the mineralized corridor is substantial. Drilling is expected to start on both Incahuasi and Pancho Arias in mid-October.
Chief Executive Officer
Cascadero Copper Corp
Office = 604-924-5504
Cell = 604-999-0391
For more information, please contact Allan or Janice Feldman at AJF Consultants:
1207 Beach Grove Road, Tsawwassen, BC Office = 604-948-9663 Cell = 604-377-2942
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.
The Company has several copper-gold porphyry prospects in the Toodoggone region of British Columbia, a 100% interest in 22 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.
In July 2011, Gold Fields Ltd completed a 7-core hole program totaling 2,448-metres on Cascadero's 100% owned MEX copper-gold porphyry in British Columbia. Assays are pending.
Cascadero's commodity focus is gold, silver and base metals, which are hosted in large-scale mineral systems.
In 2011 and 2012, Cascadero and Salta plan to drill test three copper-gold porphyry systems, four sediment hosted gold and silver-rich polymetallic systems and two sediment hosted gold-silver showings.