Cascada Silver Corp. (CSE: CSS) (“Cascada“) announces that it has terminated the Agua Amarga option agreement after a review of the results from its recent exploration activities determined that the historically mined silver-rich veins had minimal economic potential.
Commenting on the termination of the Agua Amarga agreement, Carl Hansen, Cascada’s CEO noted, “Our recent drilling program determined that the silver-rich veins at Agua Amarga lacked depth extension and, therefore, the probability that Agua Amarga may host economically viable mineralization was minimal. Following our strict policy of limiting expenditures when exploration results do not meet our objectives, the decision was made to terminate the option agreement and focus our activities and associated expenditures elsewhere. Cascada continues to maintain a healthy $1.9 million cash position and we are finalizing our review of a number of exploration opportunities in Chile and Peru.”
In addition to terminating the Agua Amarga option agreement, the GEMA Concessions option agreement was allowed to expire. While Cascada’s recent work identified significant mineralization on one of the GEMA properties, the potential for the discovery of an economic mineral deposit was considered limited.
NI 43-101 Technical Disclosure
The Qualified Person, as defined by National Instrument 43-101 of the Canadian Securities Administrators, for Cascada’s exploration activities in Chile is Sergio Diaz, a resident of Santiago, Chile. Mr. Diaz is a Public Registered Person for Reserves and Resources N° 51, in Chile and is also registered in the Colegio de Geólogos de Chile under N° 315.
About Cascada Silver Corp.
Cascada is a mineral exploration company focused on silver and gold exploration in Latin America. Cascada’s team of successful exploration professionals are dedicated to the discovery of mineral deposits that can be progressed into economically viable development projects creating value for all stakeholders.
Source: Cascada Silver Corp.