Cascada is earning a 100% interest in the 2,000-hectare Angie Copper Molybdenum Project, located in Region III, Chile, approximately 85 kilometres east of the City of Copiapo. The Angie Project is situated at lower altitudes (2,800 to 3,200 metres) with good road access.
A large molybdenum rock geochemical anomaly (800 by 1,500 metres) has been outlined on the Angie Project with assay of up to 1,550 ppm Mo. Cascada’s Phase I drill program confirmed that the anomaly is associated with a mineralized porphyry system (see Drill Hole and Mo Rock Geochem Plan below).
Phase I Drilling Program
Cascada announced the results of its Phase I RC drill program on November 20, 2024. Drilling encountered significant intervals of molybdenum mineralization with drill hole AAS-02 returning 26 m grading 713 ppm Mo including 8 m, at the end of the hole, grading 1,208 ppm Mo. See the Table for the assay highlights as well as the Sections. The Mo intersections remain open in all directions. Unfortunately, due excessive water pressures encountered in both drill holes, neither hole was completed to its targeted depth of 300 m with hole AAS-01 terminated at 210 m and AAS-02 lost at 176 m.
| For reference, 0.1% (1,000 ppm) Mo has an equivalent value to 0.74% Cu, excluding mining related factors, based on $29.74 per pound Mo and $4.04 per pound Cu: a ratio of 1 to 7.4. | ||||||
| Angie Project, Phase I Drill Assay Results | ||||||
| Drill Hole # | From | To | Interval | Mo | MoS2 | Notes |
| m | m | m | ppm | ppm | ||
| AAS-01 | 54 | 110 | 56 | 410 | 684 | Hole lost at 210 m due to excessive water. |
| including | 58 | 60 | 12 | 588 | 982 | |
| AAS-02 | 54 | 118 | 64 | 476 | 785 | Quartz diorite porphyry |
| including | 54 | 62 | 8 | 735 | 1,227 | |
| and | 76 | 82 | 8 | 745 | 1,244 | |
| 150 | 176 | 26 | 713 | 1,190 | Drill hole lost at 176 m. Visible chalcopyrite and bornite at end of hole. Potassic altered monzodiorite. | |
| including | 168 | 176 | 8 | 1,208 | 2,016 | |
Note: weighted average Mo grades are based on a 250 ppm Mo cut-off grade with reported intervals incorporating no greater than 4 m of sub-cut-off internal dilution. MoS2 (molybdenite) values are for reference as many companies quote MoS2 grades. MoS2 are calculated upon a Mo content of 59.9%. Reported Intervals are downhole lengths as insufficient data is available to make an accurate determination of true width. 1,000 ppm is equivalent to 0.1%.
While copper remains the focus of our exploration at Angie, the molybdenum intervals intersected are significant with grades comparable to those found at primary Mo deposits such as Greenland Resources’ Malmbjerg deposit (1,000 ppm Mo), New Moly’s Kitsault deposit (830 ppm Mo), and Moon River’s Endako deposit (400 ppm Mo).
Mo grades in AAS-02 increase downhole toward a quartz diorite porphyry which is considered the likely source of the mineralization. The 26 m interval grading 713 ppm at the end of the hole remains open at depth and to the southwest along strike. Despite observed copper mineralization increasing with depth, no significant copper assays were returned suggesting that we are still on the margins or upper levels of the porphyry system. Further drilling is required, either deeper or along strike toward the quartz diorite porphyry, interpreted as the source of the mineralization and alteration.
Phase II planning is currently underway, including the mobilization of a diamond drill to facilitate the collection of more representative samples, mitigate water-related molybdenite losses, and conduct deeper drilling to: 1) expand the Mo intervals; and 2) evaluate the copper potential of the porphyry system.
Phase I Drilling Summary
Throughout the top 100 m of each drill hole, molybdenite was observed occurring as fracture fillings and disseminations within quartz veins and veinlets which cut both the altered quartz diorite porphyry intrusions and altered monzodiorite. The quartz diorite porphyries are interpreted as the source of the mineralization; however, those intersected during drilling are interpreted as secondary intrusions (dykes) related to larger porphyry intrusions underlying the centers of the 800 m by 1,500 m Mo geochemical anomaly. Figure 3 shows the preliminary drill hole locations for the Phase II drill program along with the geochemical survey results.
Alteration intensity increases downhole from propylitic to potassic. In drill hole AAS-02, increasing alteration intensity mirrors an increase in Mo grades and visual copper mineralization. The last 8 m of AAS-02, (1,208 ppm Mo) was associated with strongly potassic-altered monzodiorite with fine to medium-grained disseminated molybdenite, pyrite, chalcopyrite, and bornite.
Project Geology
The host rock consists of Permian hornblende and biotite granodiorites (San Miguel Pluton), with subordinate monzodiorites (237 ± 9 Ma and 57.7 ± 2.5 Ma). The later intrusions show thermal effects due to the intrusion of Eocene intrusives. The Eocene intrusives (43.5 ± 1.1 Ma) are medium-sized stocks of hornblende, pyroxene, and biotite granodiorites, including facies of amphibole and biotite diorite.
To the east, a Jurassic marine sedimentary sequence (Fm. Lautaro) overlies and is affected by contact metamorphism resulting from the Eocene intrusions. Locally, a Paleocene dacitic intrusion can be recognized, characterized by abundant quartz eyes and strong silicification in the groundmass.
The dominant hydrothermal alteration is characterized by a fine-grained magnetite-biotite assemblage associated with silicification. Multiple quartz veins cross-cut all units, with molybdenite present in several cases as sutures or disseminated within the veins. Calcite-epidote (and minor chlorite) veins cut through both intrusions, often containing molybdenite as well.
In the RC hole chips, molybdenite mineralization is observed occurring as veins and disseminated within quartz veinlets in the quartz diorites and monzodioritic (to dioritic) intrusions. Pyrite-chalcopyrite mineralization is recognizable from 100 m, with the chalcopyrite:pyrite ratio increasing with depth. Potassic alteration in the form of biotite is present towards the ends of AAS-2 and in AAS-1.
For further details on Angie, please review Cascada’s November 20, 2024 (drill assay results), September 10, 2024 (completion of drill program) and February 15, 2023 press releases.
Historical Results Note: Cascada has not undertaken any independent investigation of any sampling from the Angie Cu/Mo Project nor has it independently verified the results of the geochemical sampling program. The reader is cautioned upon relying on the accuracy of the historical results presented; however, Cascada considers the historical assay results relevant as it will use the results as a guide to plan future exploration programs and considers the data to be reliable for these purposes.