Cache Stakes Claims Contiguous to Ucore Rare Metals Claims
ca.finance.yahoo.com
On Friday January 21, 2011, 9:59 am EST
Toronto, Ontario (January 21, 2011) – The President of Cache Exploration Inc. (TSX-V: CAY), George A. Brown, is pleased to announce that Cache has expanded the Company’s claim position contiguous to the Cross Hills REE Property in Newfoundland by staking. 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.
The Cross Hills Northern IOCG Property consists of 100 additional claims covering 25 square kilometres which are contiguous to the north of the Cross Hills REE Property claim boundary up to and partially encompassing the Uranium claims held by Ucore Rare Metals Inc. in the Gisborne Lake area of Newfoundland (see attached diagram). After the successful ground exploration program this past summer on Cache’s two adjoining 63 claim blocks under option (see March 5, 2010 news release) and a review of available information in the area, including the geological map and report for the Newfoundland and Labrador Geological Survey’s Branch (Tuach, 1991), it was determined that the northeast to north trending Cross Hills Lineament and the three known mineral occurrences in proximity to this lineament have potential for Iron Ore Copper Gold (IOCG) mineralization similar in style to the Olympic Dam deposit with Uranium and Rare Earth Element potential. The Carroll’s Hat (U, Cu, Fe, REE), Nine Mile Hill (U), and Dunn's Mountain (Cu) occurrences are part of the new Cross Hill Northern IOCG Property hosted within the Mooring Cove and Belle Bay formations, of the Upper Proterozoic Long Harbour Group. Notably the Mooring Cove Formation is a bimodal volcanic succession that contains cogenetic felsic volcanic rocks thought to be coeval with the peralkalic Cross Hills Plutonic Suite that is locally mineralized in REE-Y-Nb in the region. This brings Cache's holdings in the area to over 40 square kilometres, along the Cross Hills Lineament.
Using this IOCG exploration model, Altius Minerals completed reconnaissance prospecting and sampling which is documented in the database for Newfoundland and reported Uranium and mineral occurrences on what is now the newly acquired claims. In addition to this, a multi-parameter airborne survey was flow over this region for Altius Minerals, which shows prominent magnetic anomalies along this corridor. The historical dataset will be utilized by Cache to plan an aggressive exploration strategy for the upcoming field season. Olympic Dam-style deposits typically occur within extensional Proterozoic continental rift sequences, adjacent to major structures. In this region, there is significant potential for bodies of iron oxide with copper, precious minerals, uranium, and rare earth mineralization similar in style and setting to the giant Olympic Dam deposit in Australia.
The Cross Hills Northern IOCG Property is located northwest of the Town of Grand Le Pierre, Newfoundland where numerous Zr-Nb-Y-REE-U-Cu occurrences can be found within the peralkaline granite and adjacent host rocks. Cache’s contiguous Cross Hills REE Property is intersected by the English Harbour Road (Route 211) and has hydro and other infrastructure in close proximity. Historically reported samples collected in the area by Tuach Geological Consultants Inc. revealed 6,328 g/t Zirconium and 316 g/t Niobium, which is indicative of significant rare earth potential in the area. The most significant mineralization reported within the Cross Hills Plutonic Suite is the Barks Pond showing held by RockBridge Resources Inc., revealing 19,208 g/t Zirconium, 2,968 g/t Yttrium, 1,860 g/t Niobium, 1,550 g/t Cerium, and 90 g/t Tin, hosted within small aplite dykelets and related veins that cut the peralkaline granite; Cache's Cross Hills REE Property and Cross Hills Northern IOCG Property adjoin the Rockbridge claims. Cache’s Cross Hills REE Property also has these peralkalic granites and related aplitic dykes identified during this past summer’s exploration program.
Cache Exploration is a well funded company with a focus on exploring for REE deposits. Cache is exploring the Welsford REE Properties in New Brunswick, the Cross Hills REE Property and Cross Hills Northern IOCG Property in Newfoundland, and the Louil Hills REE Property in Newfoundland. All of the Cache REE properties have proximity to available infrastructure and are considered to have excellent potential for rare earth element mineralization.
Additional information concerning Cache Exploration is available at www.sedar.com and on the Cache website at www.cacheexploration.com. For additional information please contact info@cacheexploration.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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