Permits Submitted for Two Drill Programs in the Toodoggone
May 10, 2006
Cascadero Copper Corporation ("Cascadero") has submitted permit applications to the Department of Energy, Mines and Petroleum Resources in Prince George, BC, for the Company's proposed exploration program for 2006 in the Toodoggone Region in north central British Columbia. The program consists of core drilling on the MEX and Pine North, which are both large-scale copper-gold porphyry targets. Cascadero holds a 100% interest in the property, which is subject to a 3% NSR.
Cascadero completed 4 core holes on the MEX last year with encouraging results from the first hole, M05-01. From 30 to 145.4 metres the hole assayed 0.12% copper, 0.14% zinc and 0.63 grams per tonne gold. Drilling was terminated 145.4 metres due to poor rock condition probably caused by a complex of faults. The last 7.4 metres, from 138 to 145.4 metres assayed 0.18% copper, 0.04% zinc and 1.75 grams per tonne gold. This hole was targeted at a magnetic anomaly that exists on the contact of the Giegerich monzonite and the MEX intrusive rocks. The magnetic feature is approximately 500 metres wide and at least 1,000 metres of strike length. The company has permitted 4 holes to further test this zone of copper-gold mineralization.
Pine North is an un-drilled prospect that is identified by a copper-molybdenum-gold-in-soil geochemical anomaly. The target zone is approximately 1,000 metres north-south by 2,000 metres east west and is located on the south flank of Nub Mountain at an elevation of 1,200 metres. The prospect is east of Cascadero's Ryan Creek prospect that was core drilled last year.
On the Ryan Creek porphyry prospect, the best hole was RC05-01 that assayed 0.05% copper, 0.4% lead, 0.37% zinc and 45 ppb gold over 178 metres from 30 to 208 metres. The drill holes at Ryan Creek displayed alteration and mineralization consistent with that of the outer zone of a larger porphyry system. The expected potassic-copper-gold core to porphyry systems could be located at the Pine North geochemical anomaly, which is 2,000 metres to the north east of the Ryan Creek. The Ryan Creek data provides compelling evidence that suggests the un-drilled Pine North porphyry prospect is a high-priority target. The Company has requested a permit to conduct an initial program of 4 widely spaced core holes to test the target.
For reference, Northgate's Kemess North deposit has a published proven reserve of 282 million tonnes grading 0.159% copper per tonne and 0.305 grams per tonne gold. At current metal prices that yields a gross metal value of about US$18.76 per tonne. On the same basis, drill hole M05-01 has a gross metal value of about US$27.73 per tonne or 48% higher than Kemess North. At Ryan Creek RC05-01 gross metal value is about US$17.88 per tonne or 5% lower than Kemess North. The comparison is for discussion purposes to highlight the fact that the MEX and Ryan Creek porphyry prospects have potential to produce economic grade deposits. The MEX is 15 kms and Ryan Creek is 18 kms northeast of Kemess North.
Cascadero and Stealth Minerals are conducting due diligence on gold and copper-gold prospects in Argentina in addition to their interest in the Santa Rosa gold prospect that is currently subject to 1,300 metre drill program.
Stealth Minerals (SML: TSXV) holds a 61% equity interest in Cascadero Copper and provides management and corporate services to the Company.
Bill McWilliam
Chief Executive Officer
Cell: 604-999-0391
Office: 604-924-5504
Email: Bill@Cascadero.com
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