Impact: Mildly Positive
Cassiar announced assays from the first six holes of the 30-hole (7,168m) 2024 exploration program at its Cassiar Au project in B.C. The holes were drilled in the Taurus West area to 1) test for near-surface mineralization, and 2) test for continuity of deeper mineralization that had only seen wide-spaced drilling previously. All six holes encountered gold mineralization, with both near-surface and deeper intercepts. Highlights include: 1) 2.28 g/t Au over 18.1m from 74.3m down-hole and 1.68 g/t Au over 40.8m from 209.4m down-hole in hole 24TA-212, and 2) 0.54 g/t Au over 67.7m from 8.3m down-hole and 1.1 g/t Au over 58.5m from 257.4m down-hole in 24TA-214. Assays remain pending for 21 more holes (5,596m) from the summer drill program, which concluded at the end of August. Of the 30 holes drilled in this program, 27 targeted the Taurus deposit, which hosts a resource of 1.4M oz Au grading 1.14 g/t Au. In our opinion, these are mildly positive results. The holes succeeded in identifying mineralization both near surface and at depth, demonstrating continuity in areas that were previously gaps between wide-spaced holes. While the area drilled is within the overall footprint of the Inferred resource, there were gaps not previously included in resource blocks. Thus, these holes should help fill these gaps and add ounces to the resource.
