VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2012) - Salta Exploraciones S.A. (Salta), Cascadero's (TSX VENTURE:CCD) 50% owned Argentine subsidiary and Lumina Copper's 100% owned Argentine subsidiary, Corrientes Argentine S.A. (Corrientes), have agreed to enter a Memorandum of Understanding (MOU) to conduct a 50/50 Joint Venture (JV) exploration program on the Francisco I and Francisco II properties in north western Argentina. The properties are, immediately adjacent to the west of Lumina's 1.7 billion tonne Taca Taca Cu-Mo-Au deposit. Funding is pro-rata between Corriente and Salta, which each hold a 50% interest Francisco I and Francisco II. Corrientes was appointed as program operator.
The objective of the MOU is to complete the required investment plan for both properties as dictated by article 217/218 of the Argentine mining code, which requires expenditures of AP$ 3,120,000 on Francisco I by November 17th 2012 and AP$ 2,740,000 on Francisco II by May 3rd 2013. The total expenditure is approximately US$ 1,300,000 of which Cascadero Copper is required to provide US$ 325,000.
The first part of the exploration program was recently completed and consisted of a limited-scale geochemical program using Mobile Metal Ion technology (MMI) on Francisco I and II, and property scale gravity and magnetic geophysical surveys. Francisco I consists of 1,313 hectares and Francisco II, which adjoins Francisco I to the south, is 1,000 hectares.
The JV completed an MMI survey that covered a small area in the north west part of Francisco I and about one-third of the Francisco II claim immediately to the west of the JV and Taca Taca common boundary. The data were complied and interpreted by Mark Fedikow of Mount Morgan Resources Ltd. The MMI data from the Francisco II survey delineated a multi-sample silver and gold high-response anomaly with an approximate area of 500 metres east west by 2,000 metres north south. Lower contrast but scattered As, Cu, Mo, Pb and Zn responses are associated with the silver-gold anomaly.
Drilling is expected to start on Francisco I on October 20th. The drill targets on Francisco I are a combination of gravity and magnetic anomalies and areas of surface rock grab samples that assayed copper and gold values. Outcrops are not common in this area.
The drill program on Francisco II is proposed as a series of step out holes and offset locations at 150 metre spacing to the west of Lumina's existing grid where exceptional results were reported in a Lumina news release from reverse circulation drill hole TTRC-19, which assayed 0.83% CuEq over an interval of 222 metres. The drill hole locations Francisco II are designed to test the continuation of this mineralization along an apparent northwesterly structural trend. In addition, three reconnaissance style drill holes at 300 metre spacing are planned to test the contact relationship with the volcanic sediments and the underlying granite host rock.
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral exploration business with offices in North Vancouver, BC, Canada, Sudbury, Ontario, Canada and Salta City in the province of Salta, Republic of Argentina. The Company generates, acquires and explores mineral properties and is active in the three jurisdictions. In north central British Columbia, the Company has a 100% interest in a 31,000 hectare property in the Toodoggone region, which is prospective for copper gold porphyry systems. This property is subject to a C$20 million Joint Venture with Gold Fields.
In Ontario, the Company holds or has the right to acquire a 100% in 17 properties in the Sudbury, Swayze and Timmins camps, which are volcanic and sediment hosted copper gold prospects. Geochemistry programs are currently underway.
In north western Argentina, the Company holds a 50% interest in a 46 property portfolio, which consists mainly of bulk mineable copper-moly-gold porphyries and bulk mineable sediment hosted silver-gold plus base and rare metals.
Cascadero's commodity focus is gold, silver, moly, copper, base and rare metal hosted in large-scale bulk mineable mineral systems.
In 2009, the Company discovered Taron, a large bulk mineable sediment hosted epithermal rare metal deposit in Argentina. In 2011, Cascadero discovered Las Burras, a new Argentine Cu-Mo-Au porphyry.
The Company holds a large claim block that adjoins Lumina Copper's 1.7 billion tonne Taca Bajo Cu-Mo-Au deposit. Several copper and gold showings exist on these claims. A first stage geochemical program is complete and a drill program is in the planning stage.
In 2012 to 2013, Cascadero intends to conduct exploration in three core areas: Pancho Arias Cu-Mo-Au porphyry District, the Taca Taca Mineral District and the bulk mineable sediment hosted silver prospects in the El Oculto District. Exploration, metallurgy and marketing studies are, by way of an option agreement, is also planned for Taron, an exciting large-scale sediment hosted rare metal discovery.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cascadero Copper Corporation
Bill McWilliam
CEO
Cell: 604-999-0391 or Office: 604-924-5504
Bill@Cascadero.com
www.cascadero.com
AJF Consultants
Allan or Janice Feldman
Office: 604-948-9663 or Cell: 604-377-2942