TORONTO, CANADA – October 15, 2012 – Mr. George A. Brown, President and CEO of Cache Exploration Inc. (TSX-V: CAY), is very pleased to release the following results from our 100% owned Quinn Eskay Property near Stewart, British Columbia. Dr. David Lentz, P.Geo., is a Qualified Person as described in National Instrument 43-101 and is responsible for the technical information contained in this news release.
In August 2012, Cache personnel conducted a sampling program at the company’s 100% owned Quinn Eskay Property, located 50 km northwest of Stewart, BC (see attached Figure 1). The primary objective was to further investigate zones of interest identified in the 2011 work program (see October 5, 2011 news release), while also expanding programs to other parts of the property not previously prospected. The company is extremely pleased to announce positive results from these work programs.
Seventeen samples were collected from two sites (see attached Figure 2). Samples 12-QECG-01 through -07 were collected from the first site, where previous samples reported 0.83 g/t Au and 0.76 g/t Au (see October 5, 2011 news release). Samples 12-QECG-08 through -13 were taken from a zone of intense hematite alteration and silicification. The most significant sample (12-QECG-07) is from a large angular float boulder of quartz-sulfide vein (see attached Figure 3), which contained 30.7 g/t Au, 159 g/t Ag, and 4.47% Cu. Other reported highlights include 12-QECG-01, -04, and -05E, which contained 0.428 g/t Au, 0.207 g/t Au, and 0.309 g/t Au, respectively (see attached Table 1). All samples were collected from schistose to mylonitic meta-volcanic and intrusive rocks with varying degrees in intensity of quartz and/or carbonate veining.
The Quinn Eskay Property is favourably located in the Skeena mining district of British Columbia with numerous past producers and deposits undergoing active exploration. Most notably, these include the large volcanogenic massive sulphide deposit at the Granduc Mine (see attached Figure 1), located approximately 10 km south of the Quinn Eskay Property. Granduc historically reports having produced over 64,000 ounces of gold, 4.0 million ounces of silver, and 419 million pounds of copper from 1971 to 1984; Castle Resources Inc. (TSX-V: CRI) currently plans to bring Granduc Mine back into production with an indicated 10.4 Mt of 1.25% Cu, 0.14 g/t Au, and 10.6 g/t Ag and an inferred of 36.6 Mt of 1.26% Cu, 0.13 g/t Au, and 9.7 g/t Ag (source: Castle Resources February 21, 2012 news release and public information on Castle Resources website). The Doc Property, also known as the Gracey, is located 2 kilometres to the north and exhibits similar vein-style mineralization, in addition to associated skarn mineralization. It is reported to contain up to 426,337 tonnes of indicated resources grading 9.2 g/t gold and 44.9 g/t silver (source: November 2009 Geological and Geochemical Report on the Eskay Project filed with the British Columbia Ministry of Energy and Mines as an assessment report).