VANCOUVER, BC / ACCESSWIRE / November 7, 2024 / SASQUATCH RESOURCES CORP. (CSE:SASQ) ("Sasquatch" or the "Company") is pleased to announce that it has received results from ALS Laboratories surrounding a sampling program conducted over waste rock and tailings areas at its Blue Grouse Property ("Blue Grouse").
Blue Grouse is comprised of five claims totaling 531 hectares and was formerly the site of the Blue Grouse Mine (which includes the Sunnyside Mine), located on the south side of Cowichan Lake, approximately 5 kilometers northwest of Honeymoon Bay, and only a few hundred meters from a paved access road. Logging roads provide direct access to the area from the paved road. The mine was in production from 1917 to 1919 and from 1956 to 1960, and produced copper, silver and gold. Blue Grouse is host to a significant amount of waste-rock from previous mining activities, as well as a large tailings area, all shown in the map below.
The program was designed by Jacques Houle, P.Eng., to give the Company an idea of a "base case" for mineralization across waste rock and tailings areas within the claims. The sampling was completed by 911 Mining, which is run by Justin Devault, also a director of the Company. Overall, 60 samples were taken across Blue Grouse waste piles, 16 samples were taken across Sunnyside waste piles, and 25 samples were taken from the tailings area. In the case of the tailings area, samples were taken at different locations and at various depths, using a backpack drill to create vertical holes in four different locations (see map 1 above). In addition, four grab samples were taken. A comprehensive list of samples and the results for each sample will be made available on our web-site at www.sasquatchresources.com.
Average grades for copper and silver in each area were as follows:
Area | Samples taken | Average copper value (%) | Average silver values (g/t) |
Blue Grouse | 60 | 2.37 | 12.8 |
Sunnyside | 16 | 4.31 | 8.91 |
Tailings | 25 | 0.44 | 2.14 |
Grabs and Chips | 4 | 12.61 | 31.35 |
Peter Smith, Sasquatch CEO, commented, "These results certainly show that there is great promise in the waste rock at Blue Grouse. Like Mount Sicker, we have a very fortunate situation at Blue Grouse, with an old mine that was discarding what by today's standards is high grade copper ore onto waste piles. This first survey demonstrates this, and shows that Blue Grouse has great economic potential as a future reclamation project. Also like at Mount Sicker, there were a number of hazards left behind, including open shafts and adits, as well as high sulphide waste lying at surface in these piles, and we feel it'll be in the best interests of the province to address these hazards in the future."
Three pictures illustrating the waste piles and hazards are below:
Qualified Person
Jacques Houle, P.Eng., a "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and approved the scientific or technical information included in this news release. Mr. Houle has verified the information disclosed by reviewing all of the exploration results, and there were no limits on the verification process.
About the Company
Sasquatch Resources Corp. is a mineral exploration company focused on its Mount Sicker Property in southern Vancouver Island, British Columbia, and the Blue Grouse Property, located about 30km from the Mount Sicker Property on the south side of Lake Cowichan.
The Company owns its interest in the Mount Sicker Property outright, subject to an aggregate 2% net smelter returns royalty, half of which Sasquatch can repurchase by issuing an aggregate of 500,000 Sasquatch common shares to the royalty holders.
Pursuant to an option agreement, Sasquatch has the irrevocable right and option until July 2027 to conduct exploration on the Blue Grouse Property and to remove and process minerals from the surface and near-surface, including without limitation from the mineral "waste rock" and near-surface exposures up to a depth of 10m from surface. As consideration, Sasquatch is required to make such exploration expenditures on the Property to keep the claims in good standing. In addition, on commencement of commercial production on the Property, Sasquatch is required to pay $25,000 to the optionor and grant a 2% net smelter returns royalty to the optionor. Upon completion of commercial production, Sasquatch must make such exploration expenditures as are necessary to keep the claims in good standing for five years thereafter.
For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at psmith@sasquatchresources.com or by telephone at 778.999.7030.
On Behalf of the Board of Directors
Peter Smith
Chief Executive Officer
778.999.7030
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Mount Sicker Property, the proposed work program on the Mount Sicker Property and the potential and economic viability of the Mount Sicker Property. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
SOURCE: Sasquatch Resources Corp.
View the original press release on accesswire.com
