Vancouver, British Columbia - (August 29th, 2017) – CASCADERO CORPORATION
(TSXV: CCD) (“Cascadero” or the “Company”) has signed an Option Agreement with Amarc Resources Ltd. that enables Amarc, a Hunter Dickinson Inc. company, to acquire a 100% interest in the Company’s 49% interest in the Toodoggone Pine Project.
In order to exercise the Option, Amarc is required to make staged Cash Payments to Cascadero in the aggregate amount of $1 million before October 31, 2018 (the first Payment of CDN$150,000 having been made on execution of the Option Agreement). In addition, Amarc will issue on a staged basis common Shares to Cascadero having an aggregate value equal to $950,000 before October 31, 2018. In lieu of issuing common shares, Amarc may elect to pay to Cascadero the value of the Shares in Cash.
“The Pine Property is situated in the Toodoggone district of north-central British Columbia. The Property is considered to have high-potential for the discovery of porphyry copper-gold deposits and epithermal gold systems. The funding derived from the Option Agreement enables Cascadero to focus its energy and resources on the development of its excellent Argentine properties for which the Company holds the exploration rights to over 50,000 hectares,” stated Bill McWilliam, Chairman of Cascadero.
“In particular, with current resources and the funding from this Option Agreement we are planning a second exploration phase on the 830 hectare Sarita Este property. The property is adjoins First Quantum’s Taca Taca Cu-Au-Mo deposit to the west. The program is expected to get underway by mid-September. Sarita Este is a high-sulphidation gold system and it consists of exposed gold bearing veins and vein arrays of quartz-gold-pyrite mineralisation present over a large area. The program will consist of property-scale geochemistry and mapping of the veins. A heavy mineral sieve program will be initiated to determine if gold bearing veins that do not outcrop but are part of the same surface alteration assemblage but may exist in areas of lower erosion. Once the orientation of the veins is understood the area will be subject to up to 2,000 metres of trenching followed by mapping and sampling the trenches. The high-gold bearing zone of interest is present over a 300 by 200 metre area within a much larger alteration system, which includes a Kspar-Clay Zone, a Sericite-Clay-Limonite Zone and a Hematite Zone. The data from these programs are expected to provide drill targets.
In 2012 the Company had a rock geochemistry study done which concluded that the area of interest is possibly underlain by one or more buried base metal systems. This study is available on request. The reader is directed to the Amarc Resources news release, issued today, on the details of the Option Agreement.
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