Cassiar Gold Corp. announced results from an additional eight diamond drill holes -totaling 2,812 m - from the 2023 exploration program at the Cassiar Gold Project, located in northern British Columbia. These results from new regional drilling highlight the additional targets on the property outside of the main deposits, and have identified new gold-bearing vein sets.

The Cassiar Gold Property hosts several regional prospects with potential to host Taurus-style mineralization in outlying areas to the Taurus bulk-tonnage Inferred gold resource of 1.4 million ounces grading 1.14 grams per tonne (g/t) gold (Au)[1]. Separate to the results reported here, results remain pending for six drill holes totaling 1,666 metres (m) of drilling from the 2023 program at the Taurus West target area. Newcoast is an area of exploration interest hosting numerous gold-bearing quartz veins and prospects over 3 km in east-west lateral extent which has been explored previously by limited, widely spaced drilling.

The target area is situated along a 15 km northwest trend of gold deposits and mineralized occurrences established across the property which contains the principal Taurus and Cassiar South deposits. The trend is associated with the development of gently dipping stacked shear zones between basalt units that are host to mineralization. Mineralization at Newcoast occurs roughly 2.5 km southeast of the Taurus Inferred Mineral Resource and exhibits similar physical characteristics to that of the Taurus deposit - with outcropping and near surface narrow sheeted quartz veining, disseminated pyrite, and gold-bearing Fe-carbonate-sericite-quartz- pyrite alteration (Figure 2).

The Newcoast target and Taurus deposit are separated by relatively flat ground with thin cover, limited outcrop exposure, and very little exploration. Some intervals at Newcoast exceeded 5.0 g/t Au in limited historical drilling. Six drill holes which are reported here, totaling 2,172 m in cumulative length, were drilled at the Newcoast target area (Figure 1).

These were designed to outline gold-bearing quartz vein and alteration systems in this area that have potential to be amenable to forming bulk-tonnage style mineralization. Most historical exploration work at Newcoast was designed to target higher grade quartz veins typical of narrow vein underground mining. The new drilling results from Newcoast confirm the bulk-tonnage potential, and continued expansion of the target area.

Drill holes 23NC-004, 23NC-005, 23NC-003, and 23NC-001 (northeast oriented) aimed to identify an extension of a broad mineralized intercept encountered in 2005 in hole 05SV-072 along a previously unrecognized interpreted northwest trending shear structure, where prior historical drill holes had been oriented to test for east-west trending mineralized features at more shallow depth extents (Figure 1). Drill holes 23NC-004 and 23NC-005 were designed to test 50 m northwest and 150 m southwest, respectively, and at greater depths than mineralization encountered in historical drilling. Results include: 23NC-004: 136.8 m of 0.71 g/t Au from 222.6 m downhole, including 95.3 m of 0.90 g/t Au, which contains internal intercepts of 6.9 m of 1.22 g/t Au, 16.0 m of 1.39 g/t Au, and 8.4 m of 1.35 g/t Au.

23NC-005: intersected multiple mineralized intervals, returning: 67.8 m of 0.60 g/t Au from 179.4 m downhole, including 1.1 m of 7.86 g/t Au, and 0.8 m of 7.07 g/t Au, and 17.1 m of 0.50 g/t Au from 263.1 m downhole, Drill holes 23NC-003 and 23NC-001 encountered multi-metre intercepts of gold mineralization above 0.5 g/t Au, which is the cut off grade for the Taurus Inferred Mineral Resource Estimate, including 14.8 m of 0.82 g/t Au in 23NC-003. Drill holes 23NC-002 and 23NC-006 were designed to test for the potential extensions of east-west trending mineralized quartz veins and alteration encountered in historical drilling and trench mapping, respectively. The Lucky prospect occurs along the northern extent of the 15-km northwest trend of deposits and prospects identified on the property to-date, sitting four kilometres northwest of the Taurus deposit and one kilometre higher in elevation above the valley that hosts the resource.

Geologically, Lucky provides an excellent example of the vertical aspects of structural controls on mineralization at the Cassiar Property. Lucky is an area that reflects stacked, interlayered sequences of mafic volcanic rocks separated by flat lying bands of interflow sediments and ultramafic rocks typical of Cassiar District geology. The competency contrast between these structurally weaker units allows the more competent mafic volcanics to behave as a favourable host to gold-bearing quartz veins due to both their chemical composition and tendency to fracture in response to regional deformation, helping to localize gold- mineralized fluids traveling along more ductile weaker units.

Two drill holes totaling 640 m in cumulative length, were drilled at the Lucky target area (Figure 1) and were designed to test for potential lateral and downdip extension of an outcropping sulphide-mineralized quartz vein, as well as evaluate the potential for additional parallel vein sets at depth. Drill holes 23LKY-001 and 23LKY-002 (northward oriented) confirmed the presence of shallow gold-bearing quartz veins in mafic volcanic host rock both above and below an interflow sediment and ultramafic horizon, consistent with the stacking of mafic panels at this locale.