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Margaux Resources Announces Wildsky Shareholder Approval of Option Agreement to Acquire Cassiar Gold Project in Northern British Columbia
Calgary, Alberta--(Newsfile Corp. - June 24, 2019) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB...
About this update from Cassiar Gold Corp
[{"type":"text","content":"Margaux Resources Announces Wildsky Shareholder Approval of Option Agreement to Acquire Cassiar Gold Project in Northern British ColumbiaCalgary, Alberta--(Newsfile Corp. - June 24, 2019) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce that the shareholders of Wildsky Resources Inc. (\"Wildsky\") approved the sale of its 100% interest in the Cassiar Gold Project (the \"Cassiar Property\") in northern British Columbia by way of an all-share option agreement (the \"Option Agreement\") with Margaux (the \"Transaction\").The Cassiar Property is a road-accessible, advanced-stage orogenic gold system, with a historical Inferred Resource of 1.04 million ounces gold (32.4 million tonnes at an average grade of 1.0 g/t gold using a cut-off grade of 0.5 g/t gold). The resource is supported by a technical report entitled \"Technical Report on the Taurus Project, Liard Mining District, B.C. for Cusac Gold Mines Ltd.,\" dated May 15, 2009, and prepared by Wardrop Engineering Inc. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Margaux is not treating the historical estimate as current mineral resources or mineral reserves. The Taurus resource does not incorporate the results of drilling completed within the resource area in 2009 or 2012.As Margaux works to continue its evaluation of the Property it will be engaging an independent reserves evaluator to complete an updated 43-101 report and based on the findings of that report, anticipates further QA/QC work, including a drill program. Tyler Rice, President and CEO for Margaux, stated, \"Obtaining shareholder approval from the shareholders of Wildsky is a major milestone which affords Margaux the opportunity to activate the 2019 field season with a focus on completing an updated resource estimate for the Taurus zone.\" On the Cassiar Property, gold mineralization occurs along a 15 km corridor of veining[1]. Within this structural corridor, gold occurs both as discrete high-grade veins and as near-surface low-grade style mineralization. Past-production from the property (primarily 1979-1997) is approximately 920,000 tonnes at an average grade of 11.9 grams per tonne (g/t) gold, or a total of 350,000 ounces of hard rock gold[2]. During this period, ...