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Mina Guanaca Cu Project

Cascada is earning a 100% interest in the 250-hectare Mina Guanaca Copper Property located 110 kilometres northeast of the City of Copiapó, Region III, Chile.  The Guanaca Project, which has been the focus of only cursory exploration over the past years, is currently the focus of small-scale open pit mining of high-grade copper oxide mineralization.

A number of untested targets are drill ready including the extension of the current open pit oxides to depth and a possible underlying copper molybdenum porphyry. Significant molybdenum along with gold and silver mineralization is associated with the copper mineralization.

Mina Guanaca Project Geology and Mineralization

The copper mineralization at Guanaca is associated with a brecciated tonalite located along the contact between a volcano-sedimentary sequence to the south and granitic intrusives to the north.  The copper mineralization currently being mined is dominated by oxides, including malachite and azurite, which have formed along factures and within the breccia matrix.  At depth, chalcopyrite and bornite are reported. 

Approximately 1,550 metres of shallow drilling as been completed in the area of the current mining. The table below summarizes the historical drill assay results.  Only copper assays were reported.

A sample of the open pit mineralization, reported by First Quantum Minerals Ltd. in 2022, returned 2.51% Cu, 0.107 g/t Au, 2.86 g/t Ag and 0.22% Mo.

Guanaca Historical Drill Results1
Hole Ref # From To Interval 2 End of Hole %CuTotal %CuSoluble
metres
Enami 3
SE1 16 98 82 176 0.91 0.67
SE2 6 68 62 100 0.77 0.56
SE3 18 73 55 140 0.50 0.31
SE4 2 10 8 77 0.87 0.37
SE5 -- -- -- -- -- --
San Andrés 4
ST1 0 24 24 84 1.3 n/a
ST2 0 41 41 62 2.3 n/a
ST5 0 10 10 50 2.2 n/a
SLMG 3
GR1 79 121 42 160 0.76 0.49
GR2 -- -- -- 80 -- --
GR3 11 47 36 47 0.71 0.54
GR4 14 47 33 47 1.15 0.90
GR5 10 66 56 67 0.82 0.64
GR6 27 37 10 40 0.77 0.44
Notes:
  1. See “Historical Results Note”.
  2. Interval represents downhole assay interval.  Insufficient information regarding the geometry of the mineralized body is available in order to determine true width of the assay interval.
  3. Enami and SLMG assay intervals are composited at a 0.2% CuT cut-off grade and 1 metre of internal waste with the exception of GR5 which contains a 4 metre interval grading 0.09% CuT
  4. San Andrés underground drill results are only available on a plan map and not all assay intervals results are reported. Cutoff grade is unknown.  Holes are reported to have been drilled from the bottom of the shaft..

Historical Results Note: Cascada has not undertaken any independent investigation of any sampling from the Guanaca Project nor has it independently analyzed the results of the historical drilling or grab samples assaying in order to verify those results. 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.

Guanaca Geophysical Surveys

A ground magnetic survey over the Guanaca Project shows the existence a distinct magnetic low coinciding with the highly altered and mineralized tonalites of Mina Guanaca related to the hydrothermal destruction of magnetic.  Additional magnetic lows, noted as Target 2 and Target 3, which lie under overburden, represent high priority drill targets. 

An induced polarization survey shows a chargeability low coinciding with Mina Guanaca related to the almost complete oxidization of near surface sulphides.  The chargeability low extends to the southeast along Profile 3 beneath overburden.   At depths of 200 to 300 metres below Mina Guanaca, a significant chargeability high occurs which is potentially related to sulphide mineralization associated with a porphyry system representing an additional high priority drill target. 

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