at the request of iiroc, tasca knows of no material change in its affairs
Vancouver, British Columbia (FSCwire) - Tasca Resources Ltd. ("Tasca" or the "Company") (TSX Venture symbol: TAC; FWB symbol: 3TA) today reported that, in view of the sudden decline in the share price of the common stock of the Company, it reports that it is not aware of any material corporate development or material change which could account for the price changes. Further the Company believes it has a technically superior property portfolio that fully supports the share price prior to the price decline. The following is a summary of the Company’s current property portfolio and exploration plans for the spring of 2018.
Poplar Copper Deposit
Tasca recently entered into an option agreement to acquire a 100% interest, subject to legacy 1% or 2% NSR royalties, in the Poplar copper deposit in central British Columbia. A recent long wave infrared (LWIR) survey utilizing satellite data identified some of the known deposits and several previously unknown exploration targets throughout the 620 square kilometre property. In addition, The Poplar copper deposit hosts an historical indicated mineral resource of 131 million tonnes grading 0.31 per cent copper, 0.009 per cent molybdenum, 0.09 gram per tonne gold and 2.39 grams per tonne silver and a historical inferred mineral resource of 132 million tonnes grading 0.27 per cent Cu, 0.005 per cent Mo, 0.07 g/t Au and 3.75 g/t Ag has been identified through the drilling of 147 historical holes.
These historical indicated and inferred resources were disclosed by Lions Gate Metals Inc. in its technical report dated March 30, 2012, prepared by Gary Giroux, PEng.
To determine the historical resource, a three-dimensional solid was constructed to constrain the mineralized area, using a 0.1-per-cent-copper-grade shell as a guide. Large internal waste zones were modelled as were some larger-post mineral dikes. Of the total database, 129 drill holes totalling 37,205 metres were within the mineralized zone and were used to estimate the resource. Drill holes were compared with the mineralized solid, and assays were tagged if inside. Copper, molybdenum, gold and silver assays within the mineralized solid were capped at 1.4 per cent Cu, 0.14 per cent Mo, 0.34 g/t Au and 41 g/t Ag, respectively. Five-metre composites were formed and used for variography.
For this estimate and to aid with some preliminary planning, the blocks were reduced to five by five by 10 metres in dimension and were estimated for Cu, Mo, Au and Ag by ordinary kriging. The historical resource is classified as indicated and inferred based on each block's proximity to data and the grade continuity. The historical indicated and historical inferred resource uses the categories set out in Section 1.2 of National Instrument 43-101.
Tasca will need to review and verify the historical drilling database and twin a number of the existing drill holes to bring the historical resources current. Investors are cautioned a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and therefore Tasca is not treating the historical estimate as current mineral resources or mineral reserves.
Tasca’s Technical team is currently reviewing and compiling data in preparation for a spring exploration program to test these newly identified targets with a diamond drilling program in 2018.
Bleiberg Lead Zinc Deposit
Tasca recently received approval from the TSX-V to acquire a 100% undivided interest in the Bleiberg lead zinc project near the village of Villach, in southwestern Austria. The Bleiberg lead zinc Property hosts an extensive mining infrastructure with more than 1150 kilometres of tunnels and underground workings including three mine shafts. Historic production was about 500,000 tons per year, and it was one of the 6 largest Germanium producers in the world while it was in production. Average grades were 6 percent zinc, 1 percent lead and 200 parts per million (ppm) germanium.
Source: ARCHIV FÜR LAGERSTÄTTENFORSCHUNG DER GEOLOGISCHEN BUNDESANSTALT, Arch. f. Lagerst.forsch. Geol. B.-A. ISSN 0253-097X Band 18 S. 5–33 Wien, Juni 1995, Austrian Resource Potential of Specialty Metals (Ga, In, Tl, Se, Te, Cd) in Lead-Zinc and Other Ores.
Tasca plans a data compilation and diamond drilling program in 2018, to test what the company believes could be as much a 50 to 60 million tonne exploration extension
Princeton Gold Project
Tasca also has an option agreement to acquire a 100% interest, subject to a 2% NSR royalty, in the Princeton gold project, south of Princeton, British Columbia. Prospecting, soil grids and rock sampling over the 4,013 hectare property have zeroed in on Area 2, where float grab and in-place quartz rock sampling documented 25 of 37 samples returning gold values in excess of 1,000 ppb with 13 of the 25 samples returning gold values in excess of 10,000 ppb gold, or 10 grams per tonne, to a maximum of 66,237 ppb or 66.2 grams per tonne gold. The samples were collected from three separate areas enclosing angular float, subcrop or outcrop of rusty weathered, limonite stained quartz with trace to 5% very fine grained disseminated pyrite. Several of the samples exhibit remnant vugs or cellular boxwork structure. The 2011 grid soil sampling surveys indicate Area 2 hosts multiple, linear, parallel gold-in-soil anomalies with the strongest anomaly striking a minimum of 500 metres to a maximum of 650 metres in a northwestern direction.
The property vendor has a trenching and drilling permit in place and Tasca plans to undertake a 2018 drilling program.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo., Tasca’s geologist, who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
For additional information regarding the above noted property and other corporate information, please visit the Company's website at www.tascaresources.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Tasca Investor Relations
Phone: (604) 644-6794
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Tasca Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Tasca Resources Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
“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.”