January 30, 2018 / TheNewswire / Vancouver, British Columbia - Cache Exploration Inc. (the "Company", or "Cache"), (TSX-V:CAY) is pleased to report that the Company has signed a Purchase Agreement to acquire a 100% interest in the Deep Lake Cobalt Property, located near Saint John, New Brunswick.
Deep Lake Cobalt Property Highlights:
(Data derived from previous exploration as Cache has not completed exploration at this time)
Geological Description
- The property hosts a cobalt bearing sulphide vein showing that was sampled by Shell Canada in 1981 (assessment report #472786)
- Mineralization was observed on the banks of a small creek that drains into Deep Lake. The showing was hand trenched and exposed for 3 to 4 meters, along an east-southeast strike. The cobalt showing is hosted in Silurian metasediment units, close to intrusive Devonian granites.
Sampled Values
- 0.60% Co (cobalt) over widths of 0.25 to 0.51 meters
- Grab samples of 0.95 % Co and 1.18% Co
Property Description
- Five (5) licences over ~ 10 square kilometers
- Located 25 kilometers west of Saint John, New Brunswick.
Excellent Property Access
- Eastern portion of property cut by highway #7
- Central and western portions of the property are accessible by well-maintained logging roads
Soil Geochemistry
- Due to limited outcrop exposure, Shell (1981) completed a soil geochemical survey over the area west of Deep Lake. Scattered cobalt soil anomalies were noted and the peak values were 22 and 27 parts per million (ppm) Co. (Total samples were 365)
- A 1989 exploration program completed by Lombard Cons. Res. Ltd. with a focus on gold mineralization, returned multiple cobalt soil anomalies east of Deep Lake, with elevated values in soil of 34, 38 and 63 ppm Co. (Total samples were 1,835)
- A discrete, strongly anomalous, linear cobalt soil anomaly extends for over 1,500 meters east of Deep Lake.
- Gold in soils geochemistry - Lombard Cons. Res. 1989 soil survey also returned numerous gold in soil anomalies, with values up to 1.21 ppm (g/t Au). Gold targets will be a secondary focus on the Deep Lake property.
Exploration Plans
The Company is planning an aggressive exploration program to investigate cobalt and gold targets as soon as weather permits. The historic cobalt showing area reported by Shell 1981 area was visited in 2017 and is overgrown and collapsed with overburden. Hand trenching and pitting is planned to expose the showing. The high sulphide mineralization should respond favorably to EM (Electro-magnetic) geophysics, and the Company is investigating airborne surveys that could be completed during the 1st quarter.
Purchase Agreement Terms
Cache shall pay a private B.C. incorporated company 800,000 shares on execution of this agreement, for 100% interest in the Deep Lake Cobalt Property. This purchase is subject to exchange approval.
Mr. Garry Clark P.Geo, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release. The content of the geological data presented has been derived from the New Brunswick Department of Energy and Resource Development Mineral Deposit Database and exploration assessment files and are believed to be accurate and correct.
