JOVAN SURVEY HIGHLIGHTS
- Twenty-one (21) high-priority geophysical targets are present with significant strength and depth extension to warrant diamond drill testing
- Integration of recent Mobile Metal Ions soil geochemistry and historic assay data with geophysical data reveals an excellent correlation between known mineralization and induced polarization (IP)
- Several long (>600 metres) NE-SW trending IP anomalies are open to the east and west
- IP targets are located at shallow-to-mid depths
- QUANTITATIVE SECTIONS™ Methodology surveys suggest mineralization is generally sub-vertical and likely extends to great depths
- Report strongly recommends extending reconnaissance survey to property scale
The Company received a Technical Report on the JOVAN copper gold prospect from Toronto based Matrix GeoTechnologies Ltd. The report details the geophysical report and integrates MMI geochemical data supervised by Mount Morgan Resources Ltd.
The JOVAN property is located about 40 kms east northeast of the city of Sudbury, an area with excellent infrastructure. The property is wholly within Davis Township and is approximately 4.9 kms east west by 1.6 kms north south (~800 hectares) and is road accessible. The Cascadero exploration is on the western most part of the claim block. The property is within a belt of past gold producers that extends from northeast of the Sudbury Basin to Espanola some 120 kms to the southwest.
Exploration history in the area dates to 1913. In early days, work was by private owners. In the 1930s to the 1980s larger Canadian companies, (including Consolidated Mining and Smelting Company of Canada, Noranda, Falconbridge, Kerr-Addison, and Currie-Rose), conducted several campaigns in the area. Notable former producing mines close to JOVAN are Norstar and Scadding.
Cascadero entered into an Option Agreement to acquire a 100% interest in the JOVAN gold-copper (the Brady Option), which consists of 29 contiguous units that are in good standing. The Brady Option agreement provides for cash, share issuances and a work commitment over a four-year term. The Property is subject to a 3% net smelter return royalty on precious metal (the "NSR"), 50% of which can be purchased for cash.
Cascadero exploration amounts to ~C$230,000 to date, which includes due diligence, geochemistry, geology, mapping, sampling and IP/Res/Mag geophysics and related reports.
The Company is evaluating the Matrix Report with a view to identify 12 to 20 drill collar locations in planning for up to 4,000 metres of core drilling.