Cassiar Gold Corp. Intercepts 1.78 g/t Au over 32.79 M and 3.71 g/t Au over 11.35 M at Taurus Bulk-Tonnage Gold Deposit in British Columbia

Hong Kong, Hong Kong and Calgary, Alberta--(Newsfile Corp. - December 1, 2020) - Cassiar Gold Corp. (TSXV: GLDC) (OTCQB: CGLCF) ("Cassiar" or the "Company") is pleased to announce assay results for seven more diamond drillholes from the recently completed 2020 drill program on the company's 100%-owned Cassiar Gold Property in northern British Columbia, Canada. The primary goal of this drill program was to continue to confirm and expand the 43-101 near-surface resource of 1 million ounces at 1.43 g/t Au estimated at the Taurus Deposit in 2019 (see Company news release, September 11, 2019). The initial seven drillholes were previously reported (see Company new release, November 10, 2020). The remaining 10 drillholes from the program will be reported pending receipt and confirmation of results.

Highlights

• 2.37 g/t Au over 25.07 m in drillhole 20TA-110 including two occurrences of visible gold in quartz veins, from the hangingwall of the Taurus West fault;
• 1.78 g/t Au over 32.79 m in drillhole 20TA-119, also from the hangingwall of the Taurus West Fault;
• Exploration drilling at Wings Canyon yielded encouraging results with 0.64 g/t Au over 16.84 m and 19.50 g/t Au over 0.50 m, supporting near-surface potential beyond Taurus at North Cassiar.

"We are extremely pleased with our second set of assay results from our drill program at the Taurus Deposit. All drillholes came in mineralized and it is very exciting to hit visible gold. We also have some really impressive intervals with grades above our resource grade in sparsely drilled parts of our resource. Really looking forward to see how this may impact our resource model," commented Marco Roque, CEO of Cassiar Gold Corp.

"We are also encouraged by the results from Wings Canyon," said Kaesy Gladwin, VP Exploration for Cassiar Gold Corp. "Broad gold-mineralized intervals coincident with geophysical features and similar in style to the nearby Taurus deposit confirm the potential for additional bulk-tonnage prospects beyond the current resource."

Taurus Deposit Drilling Summary

Drillholes were planned to increase confidence in historical diamond drilling results, to test potential for extension at depth, or to infill gaps within the 2019 Taurus bulk-tonnage resource model. Results are reported in Table 1.

Five drillholes targeted the sparsely drilled western extent of the 2019 resource in the hangingwall of the Taurus West Fault (Figure 1), where some of the most continuous and widest assay intervals occur within the deposit. The Taurus West Fault is an east-dipping brittle fault of uncertain offset, that may be a reactivation of an earlier ductile structure. The Taurus resource is hosted in hangingwall basalt to the east of the fault, and basalt, chert, and argillite are found in the footwall to the west.

Figure 1. 2020 drilling at Taurus and Wings Canyon. Resource gold shells projected to surface for reference. Inset map shows location of detailed area in blue box within Cassiar Gold Property.

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Drillholes 20TA-109 and 20TA-110 targeted a 150 m-wide undrilled area in the hangingwall east of the fault and west of historical drilling. 20TA-110 yielded several zones including 2.37 g/t Au over 25.07 m, locally with visible gold (Figure 2). 20TA-109 intersected a broad zone of 0.99 g/t Au over 21.49 m. 20TA-111 targeted the same hangingwall setting, 200 m to the south, and intersected 0.97 g/t Au over 29.65 g/t Au.

Figure 2. Visible gold at 30.5 m down-hole depth in drillhole 20TA-110.

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Drillholes 20TA-118 and 20TA-119 were both drilled from one site, testing an under-drilled space in the resource grade shell from ~50-100 m vertical depth, as well as a potential southern extension of the resource. 20TA-118 intersected 1.45 g/t Au over 15.25 m in the upper portion of the drillhole, as well as numerous mineralized intervals through the resource grade shell gap (Table 1). Drillhole 20TA-119 intersected less robust mineralization through the gap, as well as 1.78 g/t Au over 32.79 m and 1.96 g/t Au over 7.86 m proximal to a historical drillhole at depth.

Results from the 2020 drilling program suggest that there is potential for strategic infill drilling to add to the Taurus resource. The drilling results further establish continuity in the Taurus West fault corridor, which include 1.43 g/t Au over 87.6 m in drillhole TA09-41, 10 m to the east of 20TA-119 at depth, and 1.22 g/t Au over 95.4 m in drillhole T95-13, 70 m to the northwest (Figure 3). Drilling in the Taurus West fault corridor defines a broad zone of disseminated pyritic and veinlet mineralization within and above the fault.

Figure 3. Vertical section through 20TA-118 and 20TA-119 looking west. 100 m section width. Resource grade shell (0.5 g/t Au) shown in pink shading. 20TA-119 terminated at Taurus West fault, shown in red.

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Wings Canyon Exploration

Wings Canyon is an exploration prospect 600 m southeast of the Taurus deposit (Figure 1) with extensive outcrop of altered mineralized basalt and abundant quartz vein development in a potential source area of historical placer gold production. Two drillholes were designed to test across a coincident chargeability high and resistivity anomaly within a low magnetic response, north and west of minimal historical drilling. Both drillholes intersected quartz veining in pyrite and iron-carbonate altered basalt characteristic of Au-bearing rocks at the North Cassiar property, and returned multi-meter intercepts at greater than 1.0 g/t Au (Table 2).

Drill hole 20TA-105 intersected two narrow high-grade vein intercepts of 0.4 m at 12.0 g/t Au and 0.5 m at 19.5 g/t Au within a broader interval of 1.8 g/t Au over 10.0 m. Drillhole 20TA-106 intersected 8.70 m of 1.45 g/t Au, with a long interval above this of low grade mineralization between 7 and 42 m. These results confirm that significant mineralization is present at Wings Canyon, as well as supporting the viability of induced polarization (IP) geophysical methods to identify mineralized trends at Taurus.

Table 1. Selected mineralized intercepts from 2020 drilling at the Taurus deposit. Drillholes 20TA-101 through 20TA-124 were drilled sequentially in the 2020 program. Drillholes not included in this table are pending receipt and validation of results.

Table 2. Selected mineralized intercepts from 2020 drilling at the Wings Canyon prospect.

Qualified Person

The qualified person for the Cassiar Gold Project as defined by NI 43-101 is Kaesy Gladwin, P.Geo., VP Exploration for the Company. The 2020 Taurus program is drilled with HQ drill core oriented using the REFLEX ACTIII system. Drill core samples selected and analyzed in the 2020 exploration program are logged and then cut in half using a diamond cutting saw, in a secure core storage facility located in Jade City, British Columbia. Certified gold reference standards and blanks are routinely inserted into the sample stream, as part of Cassiar Gold Corp.'s quality control/quality assurance (QAQC) program. All samples are delivered to the SGS Canada preparation facility in Whitehorse, Yukon, where they are processed, and then shipped to the SGS Canada analytical facility in Burnaby, British Columbia. Samples are analyzed for gold by 50 gram fire assay with finish by atomic absorption or gravimetric methods. Screen metallic analysis is performed on selected samples. SGS Canada quality systems and technical aspects conform to requirements of ISO/IEC Standard 17025 guidelines.

About Cassiar Gold Corp.

Cassiar Gold Corp. (TSXV: GLDC) (OTCQB: CGLCF) is a Canadian gold exploration company focused on projects in British Columbia and led by a team of highly successful business and technical executives. The Company's key asset, the Cassiar Gold Project, is a large, advanced-stage, road-accessible gold property with a NI 43-101-compliant resource estimate of 1M oz at 1.43 g/t Au at the Taurus bulk-tonnage gold deposit. The Property hosts numerous gold showings, historical workings, and exploration prospects over a >15 km long and up to 10 km wide trend that extends from high-grade past-producing mines at Cassiar South, to the Taurus deposit at Cassiar North.

Forward-looking statements

This press release may contain forward looking statements including those describing Cassiar's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Cassiar and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Cassiar's exploration plans and work commitments, the potential of mineral resources and potential for recover thereof, the timing of reporting of exploration results, as well as other market conditions and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION

Cassiar Gold Corp.
https://www.cassiargold.com

Marco Roque
CEO and a Director
+852 6691 6295
Marco@cassiargold.com

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