Mining Stock News - Casa Minerals Inc. (TSXV: CASA) Provides Update on the 2023 Congress Gold Mine Exploration and Drilling Program
Vancouver, British Columbia - March 22, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Casa Minerals Inc. (TSXV: CASA) (OTC Pink: CASXF) (FSE: 0CM) (the "Company" or "Casa") is pleased to announce its 2023 exploration plan for its Congress Gold Mine Project. Building on its 2022 program which verified mineral data of the Eastern part of the project, the Company explored additional parts of the historic mine and has developed plans for follow-up and confirmation drilling of the Congress Mine West Zone.
Casa Minerals Inc, plans to drill 20 drill holes with average length 250 metres (820 feet), totaling approximately 5000 metres (16,400 feet) to confirm the historic resource as reported by previous operators/owners.
The objective is to further explore areas of potentially economic gold mineralization and long intervals of strong gold enrichment that were discovered by drilling in 2022 (reference: News Release, February 1, 2023). All work will be conducted in accordance with Arizona mining laws and regulations and will be supervised by qualified registered consulting geologists. Core samples will be processed by mineral exploration QA/QC and NI 43-101 standard procedures and analysed by ISO 9000 registered independent analytical laboratories.
The following 5 sections provide the drill hole sections and plans of historic data collected by the company subject to confirmation by 2023 drilling program.
Casa, in 2022, commenced drilling to confirm a substantial gold "resource" of 400,000 to 500,000 tons (365,000 to 455,000 tonnes) grading 0.3 opt (9.33 g/t) that were reported in 1989 by Echo Bay Mines, the most recent explorer/operator. Republic Goldfields Inc., dba Malartic Hygrade U.S. Inc., subsequently reported production of 28,500 ounces gold from 125,000 tonnes (i.e. 0.23 opt). Over the course of its history, the Congress gold mine has produced about 400,000 to 500,000 ounces of gold from underground workings and once supported a full ore processing plant, complete with a small frontier-style town. After more than 100 years of intermittent activity, the mine last operated in 1992. The above-quoted numbers cannot be verified and have not been audited by a Qualified Person, and do not conform to current NI 43-101 standards and should not be relied upon in any evaluation of the Congress Gold Mine.
Gold occurs with vein quartz and in strongly silicified granite.
Congress Mine property, located in Yavapai county, central Arizona, comprises 105.2 hectares (260 acres) of patented land and 200.2 hectares (494.8 acres) that were acquired by staking. Casa Minerals Inc. owns a 90% interest in the historic claims from 40 feet depth and beyond and an undivided 100% of the staked ground. A 1.5% Net Smelter Royalty is payable on production from the patented claims and certain surface rights to depth of 12.2 metres (40 feet) are held by a third party.
Casa Minerals Inc. also is preparing exploration programs for its British Columbia properties and updates will announce such as soon as they are available.
Mr. Erik Ostensoe P.Geo., a director and chief geologist of the Company, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
Cautionary Note: All historic data referenced in this news release were obtained from available archives and have not been confirmed or verified by the Company or a Qualified Person. There is no assurance that work by Casa Minerals will result in identification of economically-viable mineral bodies comparable in size and/or grade to those that supported historic mining operations.
About Casa Minerals Inc.
The Company is engaged in the acquisition, exploration and development of mineral properties located in Canada and the USA. Casa owns ninety percent (90%) interest in the Congress gold mine (Arizona, USA) in the patented claims from 40 feet depth and beyond and in addition the Company owns undivided 100% in 25 claims (494.48 acres) of unpatented ground adjacent to the Congress gold mine. This historic high-grade gold producing mine has not been explored nor been in production since 1992. Additionally, the Company owns a one hundred percent (100%) interest in the polymetallic Pitman and Keaper properties (BC, Canada) and has an option to acquire a seventy-five percent (75%) interest in the Arsenault VMS Property (BC, Canada).
On Behalf of Board of Directors
Farshad Shirvani, M.Sc. Geology
President and CEO
For more information, please contact:
Casa Minerals Inc.
Farshad Shirvani, President & CEO
Phone: (604) 678-9587
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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