Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 24, 2011) –Cascadero Copper Corporation (TSX VENTURE:CCD) has entered into an Option Agreement that enables it to earn a 100% interest in the Powerline gold prospect (the “Property”) in Street and Scadding Townships in the Sudbury Mining District, Ontario. The Property consists of 31 contiguous units in four claims blocks. The agreement provides for cash, shares and an exploration commitment over a four-year term. The Property is subject to a 3% net smelter return royalty (the “NSR”), 50% of which can be purchased for cash. The Agreement also contains an advanced royalty clause, which is payable yearly if Cascadero exercises its right to acquire a 100% interest in the Property.
The Property adjoins the Scadding Mine property to its south. Both properties occur in a belt of past gold producers that extends from north east of the Sudbury basin to south of Espanola, a distance of about 120 kms. Recent work by the Ontario Geological Survey established a common alteration signature and style of mineralization for these deposits. The first phase of hydrothermal alteration was albitization of the host sediments. Albititized zones several hundred metres long were subject to silica flooding and carbonate veins, stockwork and breccia. These were followed by a gold rich episode that filled the fissures with chlorite, carbonate, pyrite, arsenopyrite and gold. In addition, some veins occur with chalcopyrite, pyrite and cobalt sulfo-salts and high-grades are present in narrow veins.
This alteration assemblage and style on mineralization are present in outcrop on the Powerline gold prospect. Five historic samples from the property have pyrite, quartz, albite, carbonate, jarosite, chlorite and gold values. Samples with more intense chlorite alteration have higher gold values.
The Company is planning a property-scale soil geochemical survey, an IP/Res/Mag ground based geophysical survey and, if warranted, followed by core drilling. The exploration focus will be on the sulphide-chlorite episode.
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral exploration business. The Company has offices in North Vancouver, BC, Sudbury, Ontario and Salta City in the province of Salta, Argentina. The Company generates, acquires and explores mineral properties in these three areas. The Company has several copper-gold porphyry prospects in the Toodoggone region of British Columbia, volcanic and intrusive hosted gold properties in the Sudbury, Swayze and Timmins camps of Ontario and holds a 50% interest in a 46 property portfolio in north western Argentina. Exploration is currently active in Ontario and Argentina and exploration has recently commenced in British Columbia.
Cascadero’s commodity focus is gold, silver and copper hosted in large-scale mineral systems. In 2011 and 2012, Cascadero plans to drill test a total of four copper-gold porphyry systems. In addition, Salta intends to drill four large-scale sediment hosted gold and silver-rich polymetalic systems and two sediment hosted gold-silver showings.
