Data from an airborne VTEM (Versatile Time Domain Electromagnetic) survey flown by Casa Minerals Inc. (CASA:TSX.V; CASXF:OTCMKTS; 0CM:FSE) over its Pitman property located near Terrace, British Columbia, showed a large, near-surface conductive mass on areas of the property that geological mapping, surface sampling and geochemical analyses previously identified as "potentially valuable gold, silver and base metal occurrences," the company announced on March 29. The conductivity of the area varied from 0.44 to 25 ohm-meters, "consistent with that of sulphide mineral occurrences."
The Pitman Property's mineral zones include Paddy Mac and Gold Dragon, which contain gold-bearing quartz veins; the Dragon Tale zinc-silver-copper area, which was recently discovered; WoMo, a multi-metal porphyry-type prospect; and the Pitman molybdenite mine, a past-producing site.
The Golden Dragon, discovered in 2018, features gold and silver veins that have returned values as high as 574 g/t gold plus 109 g/t silver, 0.1% copper, 1.56% lead and 0.23% zinc over 0.6 meters, and 268.86 g/t gold, 127 g/t silver, 0.2% copper, 2.95% lead and 0.04% zinc over 1 meter.
The Dragon Tale, also discovered in 2018, has a logging road on the property, and samples taken from 320 meters along the logging road and outcroppings have come back with assays as high as 231 g/t silver, 3.18% copper and 11.98% zinc.
According to the company, in 2006, geologists who mapped the formation "thought it may correspond to rocks that occur in and near" the historical Eskay Creek Mine, which produced around 3.3 million ounces of gold and 160 million ounces of silver; it was once the world's highest-grade gold mine.
Farshad Shirvani, president and CEO of Casa Minerals, told Streetwise Reports that Dragon Tale is easily accessed by the logging road and will be the company's priority for drilling.
Casa Mineral's neighbor, International Montoro Resources Inc., conducted a ZTEM (Z-Axis Tipper Electromagnetic) survey of its Pecors area, and identified two deep-seated targets "with depths to the tops of >600m and >800m respectively." The resistivity values range from 100 ohm-meters to 500 ohm-meters, "which makes them good candidates for semi-massive Ni-Cu mineralization."
Shirvani compared the International Montoro ZTEM results with his company's VTEM results. "We went with VTEM rather than ZTEM as we were looking for a lower resistive system because we knew that we had a sulphide system and VTEM would identify it better."
"There are several features that are different. International Montoro's mass begins 750 meters below the surface," Shirvani told Streetwise Reports. "Our mass at some places begins at surface and at most it begins at 60 meters below the surface."
"Additionally, our mass is very large. International Montoro reported about 1 to 1.5 kilometers, while Casa's is 2.5 kilometers, and that is on just one of our three pieces," Shirvani stated.
"The third difference is International Montoro has reported 100 to 300 ohm-meters, while we are reporting up to 25 ohm-meters. The latter range is the signature of sulphides, so we could have a massive suphfide system. I say could because we still have to drill it to be 100% certain."
"Casa has a very tight share structure, 37 million shares outstanding, but all but 5 million shares are closely held," Shirvani noted. The company's market cap is about CA$5 million.
[NLINSERT]Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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