Vancouver, British Columbia (FSCwire) - Tasca Resources Ltd. ("Tasca", "TAC" or the "Company") (TSX Venture symbol: TAC) (Frankfurt: 3TA) is pleased to announce that it has optioned the Poplar Property that is contiguous to the south of Tasca’s newly acquired Nadina claim blocks announced on November 6, 2017. The Poplar Property also contains the Poplar Copper deposit within its claim boundaries.
The Poplar Property encompasses over 620 square kilometres (62,000 hectares) and is contiguous to the south of one of Tasca’s newly acquired Nadina claim blocks. It is also on strike to the west of New Nadina’s Silver Queen property.
The Property has a long past of historical exploration including the drilling of 147 holes. This drilling identified an historic indicated mineral resource of 131 million tonnes grading 0.31% Cu, 0.009 % Mo, 0.09 g/t Au and 2.39 g/t Ag and an historic inferred mineral resource of 132 million tonnes grading 0.27 % Cu, 0.005 % Mo, 0.07 g/t Au and 3.75 g/t Ag.
These historic indicated and inferred resources were disclosed by Lions Gate Metals Inc. in its technical report dated March 30, 2012 prepared by Gary Giroux, P.Eng.
To determine the historic resource, a three-dimensional solid was constructed to constrain the mineralized area, using a 0.1 % Cu grade shell as a guide. Large internal waste zones were modelled as were some larger post mineral dykes. Of the total data base, 129 drill holes totalling 37,205 m were within the mineralized zone and were used to estimate the resource. Drill holes were compared to the mineralized solid and assays were tagged if inside. Copper, molybdenum, gold and silver assays within the mineralized solid were capped at 1.4 % Cu, 0.14 % Mo, 0.34 g/t Au and 41 g/t Ag respectively. Five metre composites were formed and used for variography.
For this estimate and to aid with some preliminary planning, the blocks were reduced to 5 x 5 x 10 m in dimension and were estimated for Cu, Mo, Au and Ag by ordinary kriging. The historic resource is classified as Indicated and Inferred based on each block’s proximity to data and the grade continuity. The historic indicated and historic inferred resource uses the categories set out in Section 1.2 of NI43-101.
Tasca will need to review and verify the historic drilling database and twin a number of the existing drill holes to bring the historic resources current. Investors are cautioned a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and therefore Tasca is not treating the historical estimate as current mineral resources or mineral reserves.
The underlying geology of the Poplar Property is largely Cretaceous Kasalka Group andesitic volcanics intruded by lower Cretaceous Bulkley Suite intrusive stocks. Lower Jurassic Hazelton Group Telkwa Formation calc-alkaline volcanics are in fault contact in the northeast. Outliers of Eocene Ootsa Lake Group volcanics overlap the Cretaceous rocks.
Subject to TSX Venture Exchange ("Exchange") approval, Tasca can earn a 100% interest, subject to legacy NSR interests ranging from 1% to 2%, in the Poplar property by completing the following share issuances, exploration expenditures and cash payments to the Vendor:
- $50,000 cash consideration and 2,200,000 common shares within 3 days of Exchange approval;
- A further cash consideration of $350,000 within 18 months of the Agreement date;
- A further cash consideration of $750,000 within 36 months of Agreement date;
- A further cash consideration of $3,500,000 within 48 months of the Agreement date;
- Tasca shall complete $500,000 in exploration expenditures on the Poplar Property within 180 days of the Agreement date;
- Tasca shall complete $1,000,000 in exploration expenditures on the Poplar Property within one year of the Agreement date;
- Tasca shall complete $1,500,000 in exploration expenditures on the Poplar Property within 48 months of the Agreement date;
About Tasca Resources
Tasca Resources Ltd. (TAC: TSX-V) is a Canadian-based mineral exploration company focused on the acquisition, exploration and development of mineral properties. Our objective is to build shareholder value through exploration and potential development or acquisition of existing projects with significant up-side.
For additional information regarding the above noted Property and other corporate information, please visit the Company's website at www.tascaresources.com
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. an independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
