October 19, 2021 (Investorideas.com Newswire) These new data from Cassiar Gold’s project “successfully confirmed the high-grade nature of mineralization and continuity of the shear quartz veins at Bain,” noted a Red Cloud Securities report.
In an Oct. 13 research note, Red Cloud Securities analyst David Talbot
reported that initial results from Cassiar Gold Corp.’s (GLDC:TSX.V; CGLCF:OTCQX; 756:FRA) current drill program at its namesake project show “high grade[s] over favorable widths.”
“With grade x thicknesses up to about 168 meters (168m), we believe these results highlight the high-grade potential of unmined portions of historical veins, and we expect additional high-grade intercepts to follow,” Talbot commented.
The available results are for six holes drilled in Cassiar South, testing for extensions of the Bain vein downdip and laterally, and Talbot reviewed the findings.
Highlights, he wrote, come from the three holes drilled in East Bain. Hole 21EB-300, for instance, drilled about 160m from previous workings, returned visible gold. Intercepts included 35.1 grams per ton (35.1 g/t) gold over 4.8m, including 105 g/t over 0.5m and 270 g/t over 0.4m.
Also, hole 21EB-301 showed 12.6 g/t Au over 6.4m, including 85.4 g/t Au over 0.8m and 25.7 g/t Au over 2.95m. Cassiar Gold placed this hole 180m from historical workings and between previous drill holes.
Grades and widths shown with the three reported drill holes in West Bain were lower and narrower, respectively, than those at East Bain.
“Overall,” Talbot wrote, results have successfully confirmed the high-grade nature of mineralization and continuity of the shear quartz veins at Bain.”
As for the returned grades, Talbot noted they are in line with the historical resource grade of about 18-24 g/t gold in the Cassiar South area and better than the grades mined historically at Bain of about 13.71 g/t gold.
The veins themselves, according to Cassiar Gold, are like those present at Beta Hunt in Washington and Barkerville in British Columbia in terms of type and geological setting. This could mean there are “additional parallel and stacked shear veins to be discovered throughout the [Cassiar] property,” Talbot added.
Cassiar Gold continues its 2021 drill program at Cassiar, with two rigs actively drilling the Vollaug and Bridge veins. Before the season closes at October’s end, the explorer aims to drill two more holes at Vollaug, two more at Bain and one more at Hot. To date, it drilled more than 10,000m, including 4,039m in 15 holes at Cassiar North and about 6,000m in 15 holes at Cassiar South, results for all of which are pending.
Along with the release of drill results throughout the next two quarters, upcoming catalysts potentially include an update to the existing mineral resource sometime next year, Talbot noted.
Red Cloud has a Buy rating and a CA$1 per share price target on Cassiar Gold, the stock of which is trading now at about CA$0.41 per share.
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Red Cloud Securities Inc., Cassiar Gold Corp., Oct. 15, 2021.
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