Business
Cassiar Gold Completes Acquisition of Sheep Creek Properties
Calgary, Alberta--(Newsfile Corp. - February 7, 2022) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQ...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Cassiar Gold Completes Acquisition of Sheep Creek PropertiesCalgary, Alberta--(Newsfile Corp. - February 7, 2022) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) (the \"Company\") announces that it has completed the acquisition of a 100% interest in the Bayonne and Sheep Creek properties collectively known as the Sheep Creek Camp, located near Salmo, British Columbia. Covering an area of 3,940 hectares, the Sheep Creek Camp is highly prospective for both gold and silver discoveries and ranks as the third largest past-producing orogenic gold district in B.C. (behind Barkerville and Bralorne) with historical gold production of approximately 742,000 oz at an average grade of 14.7 g/t.[1]\"We are excited to now own 100% of the Sheep Creek Camp which provides our shareholders with another avenue for exploration and discovery upside,\" stated Marco Roque, President and CEO of Cassiar Gold. \"The Sheep Creek Camp is located on the same inland orogenic gold belt as our flagship Cassiar Gold Property and the past-producing Cariboo-Barkerville district and is a geological analogue to both projects in that it hosts a multitude of gold-bearing quartz veins with the potential to carry high-grade gold, as indicated by its historical production grades[2]. There are between 60 to 70 known vein systems at the camp and little modern exploration has taken place since the 1950s. We are currently evaluating the project for exploration work in 2022 and will take our geological understanding of the Cassiar South area and apply them to Sheep Creek to maximize our chances of exploration success.\"Sheep Creek Camp AcquisitionAs previously announced by the Company on January 16, 2017, the Company (previously Margaux Resources Ltd. (\"Margaux\")), entered into an option agreement with Yellowstone Resources Ltd. (a private company, based in British Columbia), as amended by amending agreements dated February 10, 2020, July 10, 2020 and February 15, 2021 (collectively, the \"YSR Agreement\") for the acquisition of 100% of the Bayonne and Sheep Creek properties.The Company has now paid the final instalment cash payment of $100,000 and issued 90,000 common shares with respect to the YSR Agreement to complete the 100% acquisition of the Sheep Creek Camp. Total consideration paid for the properties from 2017 onwards was $590,000 in cash and the issuance of 585,1...