Cassiar Gold (GLDC.V): Commences 20,000 m Drill Campaign and Exploration Program at the Cassiar Gold Property

Calgary, Alberta–(Newsfile Corp. – June 1, 2022) – Cassiar Gold Corp. (TSXV: GLDC) (OTCQX: CGLCF) (the “Company” or “Cassiar Gold”) is pleased to announce the commencement of a 20,000-m drill campaign at the Company’s flagship Cassiar Gold Property located in northern British Columbia, Canada.

The drill campaign is planned to operate from June to the end of October utilizing three diamond drill rigs which will drill approximately 10,000 m in the Taurus Deposit area, 5,000 m in the Cassiar South project area and 5,000 metres at high-priority regional targets. The Company will also be carrying out geologic mapping and sampling work at various regional targets such as Lucky and Snow Creek during the field season.

“Results from our 2021 drill program have demonstrated the robust nature and resource growth potential of our Taurus deposit as well as the ability of our technical team to successfully tap into prospective high-grade vein systems at Cassiar South,” stated Marco Roque, President and CEO of Cassiar Gold. “We are excited to return to the property this year with our largest drill program so far to build upon last year’s success. We also look forward to testing a series of high-priority regional targets with the goal of making new discoveries across our district-scale property package.”

2022 Drill Campaign Overview

The 2022 drill campaign has commenced with two rigs, which will initially be focused at the Taurus Deposit. A third rig will start in mid-June to concurrently test discovery and expansion vein targets at Cassiar South followed by high-priority regional targets, contingent upon results of the 2022 field work.

Taurus Drilling

The Taurus Deposit hosts a near-surface, bulk-tonnage pit-constrained Inferred gold resource of 1.4 million ounces grading 1.14 g/t Au¹ with significant resource expansion potential laterally, at depth and between widely spaced historical drill holes within the resource footprint.

Of the total 10,000 m of drilling planned at Taurus, approximately 8,000 m will be focused on step-out drilling and 2,000 m will comprise infill and deep drilling. Step-out drill holes will be located between 50 m to 200 m away from the known resource and drilled to a depth of 250 m or deeper with the aim of expanding the known resource footprint. Infill holes are designed to link mineralization within areas of the deposit where gaps in mineralization are present due to historical drill holes being too widely spaced. The Company also plans to drill two to three deeper holes to a vertical depth of up to 500 m aimed at potentially expanding mineralization at depth and testing for potential stacked mineralized zones.

Drilling at Taurus will comprise a multi-phase program, with Phase I consisting of eight step-out drill holes planned east of the known resource (Figure 1). Phase I drilling aims to: (1) evaluate the potential for expansion of known mineralization adjacent to the past-producing Taurus Mine to the east, north and south, and (2) test the area between the current 1.4 Moz inferred Taurus resource and the past producing Taurus Mine to the east. Drilling will test for extensions of known mineralization as well the presence and potential influence of major interpreted structures.

Phase II of the program will consist of approximately 12 step-out and infill holes and is designed to test possible lateral, down-dip and down-plunge extensions of higher-grade mineralization in the western parts of the Taurus deposit as well as the continuity of mineralization across the mineralization-controlling Taurus West Fault. The program also includes a step-out hole at the Wings Canyon regional target where historical drilling in 2009 had intersected 128.5 m of 0.56 g/t Au and 90.6 m of 0.55 g/t Au².

Figure 1: 2022 Taurus Deposit Phase I & II Drillhole Locations Map.

Cassiar South Drilling

Later during the quarter, one drill rig will begin to target vein systems at the Cassiar South project area which hosts a multitude of gold-bearing shear veins and several past-producing underground mines that have historically produced over 315,000 ounces of gold grading between 10 to 20 g/t Au³.

Extensive historical drilling and mining data has been used to identify and prioritize targets based on: (i) potential areas for vertical stacking of new vein systems within favourable stratigraphy, (ii) lateral and down-dip extensions of known vein systems, and (iii) periodicity of parallel sets of productive vein systems to identify new corridors of high-grade veins of the style which has been historically mined. Additional details of Cassiar South drilling will be disclosed once drilling commences.

2022 Exploration Fieldwork

The Company will be carrying out geologic mapping and sampling work at various regional targets such as Snow Creek, Lucky and Elan. Preliminary passive seismic work may also be carried out at Cassiar South to determine argillite cover thickness and to identify underlying blind shear zones that may be host to additional auriferous vein systems in the project area.

Qualified Person

The technical information in this news release has been reviewed and approved by Jill Maxwell, P.Geo., Cassiar Gold Corp.’s Exploration Manager, who is a Qualified Person as defined by National Instrument 43-101.

About Cassiar Gold Corp.

Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship Cassiar Gold Property located in British Columbia, Canada. The Cassiar Gold property spans 590 km² and consists of two main project areas: Cassiar North, which hosts a NI 43-101-compliant inferred resource estimate of 1.4Moz at 1.14 g/t Au (cutoff grade of 0.5 g/t) known as the as the Taurus Deposit (see National Instrument 43-101 Technical report on the Cassiar Gold property, April 28, 2012, by S. Zelligan, J. Moors, C. Jolette, posted to SEDAR); and Cassiar South which hosts numerous gold showings, historical workings, and exploration prospects. Historical underground mines in the Cassiar South area have yielded over 315,000 oz of Au at average head grades of between 10 and 20 g/t Au (BC Minfile), underscoring the high potential for further discovery and expansion of bonanza-grade orogenic gold veins.

The Company also holds a 100% interest in the Sheep Creek gold camp located near Salmo, BC. The Sheep Creek gold district ranks as the third largest past-producing orogenic gold district in BC with historical gold production of 742,000 ounces gold at an average grade of 14.7 g/t gold from 1900 to 1951. Minimal exploration work has been conducted since the 1950s.

Cassiar Gold acknowledges, respects, and supports the rights of Traditional First Nations in the lands and communities where we operate.

CONTACT INFORMATION

Shirley Anthony
VP Investor Relations & Communications
1-778-999-2771
[email protected]

Forward-Looking Statements

This press release may contain forward-looking statements, including those describing Cassiar Gold Corp.’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 Gold Corp. and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: regulatory conditions and the Company’s ability to receive permits and regulatory approvals, mineral resource estimates and the assumptions underlying such estimates, and economic factors, business and operations strategies. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different from expectations. Although management of the Company has attempted to identify important factors that could cause actual results to differ, there is no assurance that these forward-looking statements will prove accurate, or that actual results will not vary materially from such statements. These statements speak only as of the date of this release, and 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.

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.

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¹ Zelligan, Moors, Jolette April 28, 2022. National Instrument 43-101 Technical Report on the Cassiar Gold Property, prepared for Cassiar Gold Corp.

² Assay results from 2009 Assessment Report on the Taurus Property, Event Number: 4469061, authored by Kristian Whitehead, BSc, GIT.

³ Historical production figures from September 2017 NI43-101 Technical Report on the Cassiar Gold Property, BC by Paul Cowley, P.Geo.