Salta Exploraciones S.A. (Salta), Cascadero's 50% owned Argentine subsidiary, has mobilized an exploration crew to start property-scale Mobile Metal Ion (MMI) geochemistry, outcrop rock sampling and mapping on five properties adjoining Lumina's 1.762 billion tonne Taca Taca Bajo Cu-Mo-Au deposit. MAP ONE shows the relative position of the Salta claims with respect to the deposit.
SALTA'S CLAIM POSITION ADJOINING TACA TACA BAJO DEPOSIT
LUMINA'S TACA TACA BAJO WORLD CLASS CU-AU-MO DEPOSIT
The Taca Taca Mineral District is located in Salta province in the Puna region of north western Argentina. It is approximately 230 kilometres west of the provincial capital of Salta. Lumina's Taca Taca Bajo is close to the Argentina-Chilean border and 120 kilometres east of Escondida, which is one of the world's largest copper mines and the world's single largest copper producer. The Lumina Taca Taca claim group consists of 2,546 hectares as displayed in MAP ONE above with RED boundary lines.
On May 16th 2012, Lumina published inferred and indicated resources that total 1.762 billion tonnes grading 0.53% copper, 0.016 molybdenum and 0.099 g/t gold. The deposits' resource contains ~20.5 billion pounds of copper, ~5.5 million ounces of gold and ~603 million pounds of molybdenum at a 0.40% copper equivalent cut-off. It has potential for further significant growth. TABLE ONE below compares Taca Taca Bajo with three other undeveloped copper deposits.
METAL COMPOSITE COMPARABLES
Deposit Data and Gross metal Value per tonne
|Cerro Casale||Barrick (75%)||Chile||1.34||45%||55%||0%||$31||6.2||15.5|
|Agua Rica||Alumbrera JV||Argentina||0.91||63%||22%||15%||$51||9.8||6.7|
|Taca Taca||Lumina Copper||Argentina||1.76||80%||11%||9%||$44||20.5||5.5|
The deposit has a gross metal value of ~US$76.5 billion and the most pounds and highest percentage of copper of the four comparables. Lumina is conducting a planned 163,500 metre drill program (85,932 metres completed through May 3, 2012) and has 9 drill rigs (7 core and 2 reverse circulation rigs) operating. There is a high-probability this drill program will materially increase the tonnage of the deposit. Completion is expected in the fourth quarter of 2012. The Company's announced that it intends to sell the deposit to a major mining company for development.
SALTA EXPLORACIONES S.A.
SALTA'S TACA TACA CLAIM DETAILS
LA SARITA AREA
|Geological Model||Target Metals|
|La Sarita I||15||1,491||100%||1,491||IOCG-Porphyry- copper-gold veins||copper-moly-gold|
|La Sarita II||14||1,400||100%||1,400||IOCG-Porphyry||copper-moly-gold|
|Sarita Este||9||830||100%||830||Low-Sulph-Epithermal-gold veins||gold-silver|
|Sarita Sur||24||2,376||100%||2,376||Low-Sulph-Epithermal-gold veins||gold-silver|
|La Sarita Sur II||6||600||100%||600||IOCG-Porphyry||copper-moly-gold|
|Francisco I||13||1,313||50%||656||IOCG-Porphyry-Cu-Au Veins||copper-moly-gold|
|Francisco II||10||1,000||50%||500||Porphyry - copper-gold veins||copper-moly-gold|
|Deserito I||15||1,500||33%||500||Low-Sulph - silver Veins||copper-silver-gold|
TABLE TWO details Salta's claim holding in the Taca Taca Mineral District. Salta is planning a three stage exploration program on each of its five claims. The first phase, which consists of property-scale geochemistry including rock outcrop grab and Mobile Metal Ion (MMI) samples. Subject to results, a second stage consisting of IP/Res/Mag geophysics is planned. Subject to identifying geophysical targets a core drilling program will occur.
Based on Salta's knowledge of this area and the results of Salta's historic sampling there are multiple occurrences of copper, gold and silver in the property area. In addition, there are areas of porphyry style alteration and significant areas of silicification. Salta will start work on the 100% owned Sarita Este claim where historic sampling yielded promising gold and base metal assays in a large area of silicification that adjoins the Taca Taca Bajo deposit to its immediate west.
Of the 51 historic Salta (2007) Sarita Este rock outcrop grab samples 30 assayed between 8ppb to 100ppb; eight were 101ppb to 1,000ppb, five were 1,001ppb to 5,000ppb, and three were over 5,000 ppb. Three samples assayed over 5,000ppb and 2 were >one ounce of gold with the highest at 36,400ppb or 36.4 g/t Au (1.17 oz/tn). Of the 51 samples, 13 were >0.05% copper with highest at 0.86% copper. Zinc values are very anomalous and molybdenum is anomalously low. Arsenic is also very low. The geochemistry of this area has characteristics common to silicified gold bearing systems proximal to Cu-Au-Mo porphyry systems. The objective is to resample the area to expand the scope of the sampled area and to verify the historic results.
In addition, two historic trenches on the Francisco II Cateo encountered an area of high-sulphidation alteration, which hosts a north south trending quartz vein. One Salta historic chip sample (BR5069) from the vein assayed 5.13 g/t gold. This vein is described as a quartz hematite gold-copper showing. Further to the northwest on Francisco I, the geology may transition from porphyry style to IOCG, as exposed in one pit, where rock grab samples returned high-values of copper-gold. This area is also described as hosting quartz hematite gold-copper showings. These are potential drill targets and the Company expects to identify additional drill targets with IP/Res/Mag geophysical surveys.
The La Sarita, Sarita Este, Francisco and Desierto claim group is a large under explored area to the west of Lumina's Taca Taca Bajo deposit. It is about 8kms east west by 16kms north south and is a highly prospective geological environment.
It is one thing for a junior exploration company to have a high-quality property that adjoins a mineral deposit but Taca Taca Bajo is not just any copper deposit. It is a world class Cu-Au-Mo porphyry system with tonnage and grade in the top quartile of undeveloped global porphyry systems.
Salta identified the Taca Taca area as a core portfolio holding and acquired property here from 2005 to 2012. The Company has a large geologically and strategically important land position in the Taca Taca Mineral District. The Company is looking forward to adding significant value to the Taca Taca area development as a world class mining district.
Chief Executive Officer
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral exploration business with offices in North Vancouver, BC, Canada, Sudbury, Ontario, Canada and Salta City in the province of Salta, Republic of Argentina. The Company generates, acquires and explores mineral properties and it active in the three jurisdictions.
In north central British Columbia, the Company has a 100% interest in a 31,000 hectare property in the Toodoggone region, which is prospective for copper gold porphyry systems. This property is subject to a C$20 million Joint Venture with Gold Fields.
In Ontario, the Company holds or has the right to acquire a 100% in 17 properties in the Sudbury, Swayze and Timmins camps, which are volcanic and sediment hosted copper gold prospects.
In north western Argentina, the Company holds a 50% interest in a 46 property portfolio, which consists mainly of bulk mineable copper-moly-gold porphyries and bulk mineable sediment hosted silver-gold plus base and rare metals.
In 2009, the Company discovered Taron, a large bulk mineable sediment hosted epithermal rare metal deposit in Argentina. In 2011, Cascadero discovered Las Burras, a new Argentine Cu-Mo-Au porphyry.
The Company holds a large claim block that adjoins Lumina Copper's Taca Taca Bajo Cu-Mo-Au deposit. Several copper and gold showings exist on these claims. A property-scale geochemical exploration program is underway on claims that adjoin the Taca Taca deposit to the west.
Cascadero's commodity focus is gold, silver, moly, copper, base and rare metal hosted in large-scale bulk mineable mineral systems.
In 2012 to 2013, Cascadero intends to conduct exploration in three core areas: Pancho Arias Cu-Mo-Au porphyry District, the Taca Taca porphyry District and the bulk mineable sediment hosted silver prospects in the El Oculto District. Exploration is also planned for Taron, an exciting large-scale sediment hosted rare metal discovery.
For more information please contact: Allan or Janice Feldman at AJF Consultants
1207 Beach Grove Road, Tsawwassen
BCOffice = 604-948-9663 Cell = 604-377-2942
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