Cache Exploration Signs Definitive Agreement to Acquire 100% Interest in Kiyuk Lake Property
Cache Exploration Inc. (the "Company", or "Cache"), (TSX-V:CAY) announces that on March 1, 2017 it signed a binding, definitive agreement with Montego Resources Inc. ("Montego") to acquire a 100% interest in and to a series of mineral claims and leases located in Nunavut commonly referred to as the Kiyuk Lake Property (the "Property"). This agreement is subject to approval by the TSX Venture Exchange. "With multiple gold occurrences over 15 Km including 4 discrete mineralized zones each with multiple gold intercepts greater than 1g/t and a substantial amount of drilling data we are pleased to acquire the Kiyuk Lake Property. We look forward to begin drilling in the upcoming spring and summer season," comments CEO Jack Bal.
Terms to Acquire 100% Interest in the Property:
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-$200,000 payable upon the signing of the Definitive Agreement
-$200,000 payable on or before 6 months after the signing of the Definitive Agreement
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-$100,000 payable on or before 12 months after the signing of the Definitive Agreement
Kiyuk Lake Property Highlights
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-A true district play covering a majority proportion of the Proterozoic Kiyuk Basin
-12,000 meter drill database: 2008-2013
-Gold Showings over a 15 Km Strike Length
-Multiple Gold Intercepts over 1g/t
-Four Discrete Mineralized Zones (Rusty, Gold Point, Cobalt, Amundsen)
-Significant expansion possible with five new target areas identified and ready for drilling
-Sites are drill ready with fuel, drills and 35-man camp on site and ready for spring drilling
About Cache Exploration
Cache Exploration is focused on its newly acquired Kiyuk Lake Property in Nunavut.
For more information about Cache Exploration, please visit: www.cacheexploration.com
"Jack Bal"
Jack Bal
Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
604-3065285
jackbal@cacheexploration.com
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Kiyuk Lake Property: statements pertaining to the ability of Cache Exploration Inc.("CAY"); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for CAY to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by CAY in light of its experience and perception of current and expected future developments, as well as other factors that CAY believes are appropriate in the circumstances. Many factors could cause CAY's results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
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