Recently Cache Exploration, Inc. (TSXV: CAY) (OTC Pinksheet: CEXPF) caught the attention, an exploration and gold mining company that operates on Lake Kiyuk, Nunavut through its 100%-owned Kiyuk Lake Gold Property. Earlier this week, after a $2.4 million increase in its private placement was announced, news followed that a new drilling program will begin at the Kiyuk Lake Gold Project in February 2021. Today more information was shared about the cache exploration.
The winter drilling plan at the end of February 2021 will include up to 4,000m of core drilling aimed at expanding the gold mineralization discovered in the Rusty and Gold Point Zone and the recent East Gold Point discovery. It’s a surprising and potential announcement, as the last drilling program on Lake Kiyuk dates back to 2017. Drilling in 2013 and 2017 showed strong continuity of breccia-hosted gold mineralization in the Rusty Zone. The discovery of high-quality gold in the Rusty Zone and new gold discoveries proved the exploration concept.
Drilling will take place in the Rusty Zone to compensate for high-quality gold interceptions in 2017 and to expand scattered gold mineralization at depth and surface to the south and east. The Gold Point Zone is located in a 15-mile magnetic anomaly that coincides with a polymictic conglomerate, a high-priority project area. The East Gold Point (and South Gold Point) which is 700 meters to the east of the Gold Point zone, is an extension zone of which is defined by ground magnetics as a magnetite destruction zone. This coincides with east-west structures, which are identical to those in the Gold Point zone.
East Gold Point represents a proof of concept new discovery that confirms the potential of structures crossing the polymictic conglomerate unit.
In intercepting significant gold mineralization in the first borehole to reach the northernmost part of this structure, a positive result was found which will expand the development of gold mineralization models.
The Kiyuk Lake project is fully permitted for drilling with a Land Use Permit for exploration activities until 2024 and Water Licence supporting camp and drilling activities until 2022.
Latest numbers and figures:
Highlights from previous drilling at Rusty include:
- 8.0m at 26.4 g/t Au from 108m
- 52.4 m at 3.2 g/t Au from surface
- 35.9 m at 4.9 g/t Au from 134.1 m
- 61.5 m at 3.3 g/t Au from 159 m
- 122.0m at 1.8 g/t Au from 188m
Previous drilling at the Gold Point zone returned:
- 63.6 m at 2.84 g/t Au from 148 m
- 12 m at 2.4 g/t Au from 120 m
- 12 m at 3.9 g/t Au from 163.5 m
Drilling at the East Gold Point returned:
- 64.0 m at 1.46 g/t Au from 35 m
- 10 m at 6.5 g/t Au from 248 m
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