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Cache Cross Hills Northern IOCG Property Grab Samples Report Up To 0.59 g/t Gold, 18.0 g/t Silver, and 0.51% Copper
Mr. George A. Brown, President and CEO of Cache Exploration Inc. (TSX-V: CAY), is pleased to announce results from the sampling program on the Cross Hills IOCG Property in Newfoundland (see Figure 1). Dr. David Lentz, P.Geo., is a Qualified Person as described in National Instrument 43-101 and is responsible for the technical information contained in this news release.
Cache is pleased to report on the lab analyses from the 2012 summer sampling program at the Cross Hills Northern IOCG Property as described in the June 11, 2012 news release. A total of 11 samples were collected from the IOCG claims (see Figure 2). Nine of the samples were submitted for base metal analysis. One of the samples (see Figure 3) displays significant malachite staining and the presence of native copper. It was collected from an area where historical samples reported 0.1% Cu and 1,076 ppb Au in one sample and 1.47% Cu, 17.1 g/t Ag, and 782 ppb Au in another (Stares, 2006). The remaining two samples acquired from the IOCG Property will be used for Uranium (U) analysis. They were collected from an area that has been reported to yield up to 1,050 ppm U (Penney and Reid, 2007).
The nine grab samples were submitted to and prepared by Activation Laboratories Ltd. in Fredericton, NB then forwarded to their Ancaster, Ontario facility to be analyzed by Code-1EPI instrumental neutron activation analysis (INAA) and aqua regia ICP. The highlights from the results shown below are from sample 10 reporting 0.59 g/t Au, 18 g/t Ag, and 0.51% Cu.
These positive results from the IOCG Claim Block are encouraging. All samples collected in 2012 comprised of dark fine-grained volcanic rock, mafic to intermediate composition, and weakly silicified. An approximate SE-NW trend in mineralization was also noted along the well-exposed bedrock; the geology and mineralization are favourable settings for an epithermal gold-silver showing.
Cache is actively planning a follow-up work program on this area for the fall of 2012, including additional channel sampling and detailed bedrock mapping of the area to further assess the extent and scope of this mineralization.
As a result of the management evaluation of the 2012 exploration programs and results to date, the Company has provided written notice to the property owner as required under the property option agreement (see March 5, 2010 news release) that Cache has dropped the property option on the two original mining claim groups covering 63 claims which comprised the Cross Hills REE Property. The property option agreement continues to remain in force for the adjoining 100 claim Cross Hills Northern IOCG Property. Cache looks forward to focusing future work programs on the targets that have been identified on the Cross Hills IOCG Property. Figure 1 has been updated to exclude the 63 claims that are no longer under option.
Cache Exploration has a focus on exploring for REE deposits. Cache is exploring the Welsford REE Properties in New Brunswick, the Cross Hills Northern IOCG Property in Newfoundland, and the Nunavut REE Properties. The Company owns a 100% interest in Cache Minerals Inc. ("CMI") through which it now controls the CMI Cross Hill REE Properties, the 3,360 acre Stewart South Property in BC, the 4,349 acre Quinn Eskay Property in BC, the 719 acre GSM Property in BC, and the 4,680 acre White Gold Properties in the Yukon. All of the Cache REE properties are considered to have excellent potential for rare earth element mineralization. The BC and Yukon properties provide a diversity of exposure to exploration potential for copper, silver, and gold.
Figure 1 - Location of the Cross Hills Northern IOCG Property shown in yellow
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Figure 2 - 2012 Sample Location Map for Cross Hills Northern IOCG Property
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Figure 3 - Photo showing a malachite stained sample collected from Cache's Cross Hills IOCG Property.
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Additional information is available at www.sedar.com and at www.cacheexploration.com or by contacting Cache at firstname.lastname@example.org or by phone at (416) 867-1101.
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