Posts Tagged Cascadero Copper

Cascadero Provides Toodoggone Exploration Update

Highlights of the 2009 Toodoggone exploration program to date are as follows:

  • A low-level airborne magnetic geophysical program was flown over approximately 2/3rds of the property (~20,000 hectares) in April.
  • The Toodoggone Camp was ready in early June after snow removal and set-up.
  • Road grading, bridge repair and building repairs were required due to heavy snow pack.
  • Line cutting in preparation for an Induced Polarization geophysical survey started on the June 4th.
  • The Induced Polarization geophysical survey began on June 18th. Interesting anomalies are indicated by preliminary analysis, the full significance, of which, remains to be evaluated.
  • Geologic mapping, sampling and review of historic core are underway. Infill rock chip sampling is expected to enhance the understanding of overall metal zoning.
  • A program of ~4,000 metres of HQ core drilling is scheduled for early August. Initial holes are in the Pine mineralized zone. Additional drill locations are dependent on the compilation of geology, air-mag and IP results.
  • All permits are in place.
  • Discussions with First Nations Groups about environmental, archeological and employment opportunities are proceeding
    Total camp population is in the order of 35 to 40 people.

The 2009 exploration program is managed and financed by Gold Fields Toodoggone Exploration Corporation which can earn up to a 75% interest in the property. The property is also subject to a 3% NSR in favour of Electrum Resource Corp. The NSR can be reduced with cash payments to 1% on base metal and 1½ % on precious metal. The property is road accessible and located in the Toodoggone region of north central British Columbia.


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Gold Fields Plans a $3.9 Million Toodoggone Exploration Program

Gold Fields has tabled an exploration program for Cascadero’s Toodoggone Project that is budgeted for up to C$3.9 million in 2009.

Cascadero holds a 100% interest in 75 mineral tenures aggregating 30,409 hectares in the Toodoggone region of north central British Columbia. The property is located about 20 km north of Northgate Minerals’ Kemess South Au-Cu mine. As of November 30th 2008, Cascadero Copper and previously Stealth Minerals, spent $9.5 million on exploration consisting of mapping, geochemistry, ground and airborne geophysics and drilling. This work identified a broad corridor of geology prospective for bulk mineable copper-gold porphyry deposits, including the PINE copper-gold deposit.

On March 4th 2009, Cascadero Copper Corporation signed an Option and Joint Venture Exploration Agreement with Gold Fields Toodoggone Exploration Corporation (“Gold Fields”), a wholly owned subsidiary of Gold Fields Netherlands Services BV and a member of the Gold Fields Limited group of companies.

The Agreement grants Gold Fields an option to acquire a 51% interest in Cascadero’s Toodoggone property to be satisfied by incurring expenditures of at least C$5 million over a three year period. If Gold Fields acquires the 51% interest, it has the option to acquire an additional 24% interest in the property which is to be satisfied by spending an additional $15 million or funding the completion of a feasibility study. When Gold Fields provides notice to acquire a 75% interest, Cascadero and Gold Fields will form a 25/75 joint venture for the continued exploration and possible development of the property.

In late March 2009, the Toodoggone Project Management committee met in Vancouver. The work program and budget were presented and reviewed. The first year program consists of airborne geophysics, line cutting, ground geophysics, soil and stream sediment geochemistry and core drilling.

The airborne magnetic survey will be flown at 100 to 50 metre spacing and will cover the southern and eastern 2/3rds (~20,000 hectares) of the claim block.

Grid-based line cutting and Induced Polarization geophysics are focused on a north east trending 3,000 metre wide by 16,000 metre long corridor on the southern flank of the Finlay River valley.

A program of soil and rock geochemistry is also planned in the area of line cutting.

Subsequent to data compilation and interpretation, a core drilling program of up to 3,750 metres is planned that is initially focused within the area of the ground based geophysical program.

The airborne magnetic survey is underway.

Gold Fields expects to mobilize to Cascadero’s Finlay Camp in mid-May.

Cascadero Copper has closed its private placement with Gold Fields Toodoggone Exploration Corporation for 500,000 units at C$0.10 per unit. A unit consists of one common share and one warrant each of which plus C$0.12 can purchase one more common share for a period of one year. Gold Fields Toodoggone Exploration Corporation is a wholly owned subsidiary of Gold Fields Netherlands Services BV and a member of the Gold Fields Limited group of companies.


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Lorraine Copper Update

A New Player in Central British Columbia

The prolific Quesnel Terrane, a geologic belt running the length of the province and hosting numerous copper-gold porphyry deposits, including our own Lorraine occurrences, has attracted a large new player to BC. South African based Gold Fields Limited has announced that it has taken an option to acquire a 51% interest in Cascadero Copper Corporation’s Toodoggone property (approx. 100 km north of Lorraine) by incurring expenditures of $5 million over a three year period and may acquire an additional 24% interest in the property by spending a further $15 million.

Gold Fields is one of the world’s largest gold producers with annual attributable production of approximately four million ounces from nine operating mines in Peru, Ghana, Australia and South Africa. In addition the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world. Despite being a “pure gold” company, one of the more recent projects developed by Gold Fields is the Cerro Corona Mine in Peru which came on line in 2008. The Cerro Corona Mine is an open pit copper-gold porphyry mine with an economic model type that has many similarities to Lorraine.

It has become very evident over the last few years that gold companies are including large copper-gold porphyry deposits on their target list for a source of gold as they find that large gold-only deposits are becoming harder and harder to find. You may see that in the future these deposit types get referred to as Gold-Copper deposits instead of Copper-Gold to protect the gold-only producers from being labeled as copper producers. The bonus for the gold companies is the added revenue from the copper side where we are seeing a nice recovery in the price of late (US$2.05/lb.; 4/9/09). Many analysts believe that copper price is the bellwether of the economy and is a leading indicator to a pending recovery as it is a metal critical to industrial and domestic use.

It is a strong statement of credibility for BC and the exploration potential of the Quesnel Terrane to see Gold Fields enter our territory to explore alongside us.

At Lorraine Copper we are looking forward to continuing to explore and develop the Lorraine Project. Teck Cominco Ltd., Lorraine Copper’s option partner, may earn an initial 51% interest in the Lorraine Project (including subsequent expansions) by spending $9 million by December 31, 2010. Upon earning a 51% interest, Teck Cominco has a right to earn an additional 9% interest by funding and completing a feasibility study and a further 5% interest by arranging financing on behalf of Lorraine Copper for its share of capital costs. As we are all aware, Teck Cominco, having spent approximately $8.4 million to date, has been seriously affected by the recent economic downturn. Teck has not yet advised the company of the ongoing exploration plans for Lorraine but we are confident that the project will continue to garner success for Lorraine Copper.

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