Cascadia Makes New Copper-Gold Porphyry Discovery with 116.60 m of 0.31% Copper and 0.30 g/t Gold at Catch Property, Yukon

November 16, 2023

November 16, 2023 – Vancouver, BC – Cascadia Minerals Ltd. (“Cascadia”) (TSX-V:CAM) is very pleased to provide results of the first two diamond drill holes ever completed at its 100%-controlled flagship Catch Property in central Yukon, Canada, located 16 km from an all-season highway and powerline within the traditional territory of the Little Salmon Carmacks First Nation. The Catch Property hosts multiple new greenfield discoveries of copper-gold porphyry mineralization within the northern extension of the prolific Stikine Terrane from BC’s Golden Triangle. A total of five holes were drilled at Catch in 2023, totalling 2,462 m. This release contains results from the first two holes (1,066 m), with results from the remaining three holes pending.

Drilling Highlights

• First diamond holes ever drilled at the Catch property both yielded significant copper-gold mineralization, confirming a new copper-gold porphyry discovery;
• Hole CA-23-002 intersected 116.60 m of 0.31% copper and 0.30 g/t gold from 356.00 m downhole, within a broader interval of 435.00 m of 0.16% copper and 0.09 g/t gold (Figures 1-3);
• Hole CA-23-001 intersected 45.83 m of 0.30% copper and 0.15 g/t gold from surface, within a broader interval of 333.87 m of 0.13% copper (Figures 1-3);
• These holes were drilled 160 m apart, in the middle of coincident 1,200 x 600 m chargeability and 800 x 600 m magnetic anomalies that are just beginning to be tested (Figures 1-3);
• Drilling has yet to intersect significant potassic alteration, suggesting there is potential to discover higher copper and gold grades in the untested core of the porphyry system;
• Results are pending from three additional diamond drill holes at the Main Zone, located 2 km north of these drill holes (Figure 1); and
• Cascadia invites shareholders and other interested parties to attend a video webinar and technical Q&A to be held Friday, November 17^th at 8:00 AM PT / 11:00 AM ET to learn more about the significance of these results: Register Here.

“To have made a significant copper-gold porphyry discovery in the first two holes ever drilled on a project is incredibly rare. We can now focus on expanding known mineralization and exploring for even higher-grade zones, whilst simultaneously testing numerous additional targets,” said Graham Downs, Cascadia’s President and CEO. “Our second hole returned over a hundred metres of 0.31% copper and 0.30 g/t gold, comparable to the resource grade of Newmont’s operating Red Chris open-pit mine in BC’s Golden Triangle (Measured and Indicated open-pit grade of 0.34% copper and 0.28 g/t gold^*). We have clearly tapped into a large porphyry system and eagerly await results from the remaining three holes that were drilled at the Main Zone, 2 km to the north. Cascadia is the first mover in the underexplored extension of the Stikine Terrane in Yukon, and we will utilize Catch as a case study regionally to acquire additional land throughout this compelling new porphyry district, as we prepare for an early 2024 drill program at Catch.”

*Red Chris resource grades are referenced from Newcrest Mining Limited’s (now Newmont Corporation) press release dated March 31^st, 2021.

Figure 1 – Catch Drilling Overview Map

Figure 2 – Diorite Zone Drill Map

Figure 3 – Diorite Zone Section

Figure 4 – Catch Location & Infrastructure

Figure 5 – Stikine Terrane Map

Catch Property Drilling Summary

The first two diamond drill holes at the Catch Property were completed at the Diorite Zone. Hole CA-23-001 ended at 511.83 m depth and Hole CA-23-002 ended at 554.00 m depth, with sulphide mineralization (pyrite-pyrrhotite-chalcopyrite) observed to the end of both holes. Both holes were targeting a broad Induced Polarization (“IP”) chargeability anomaly at depth, underlying coincident high-grade surface mineralization, within a pronounced magnetic anomaly. An additional three holes were drilled at the Main Zone, located 2 km north, and results from these holes are pending.

Table 1: 2023 Catch Assays Result Summary

* The reported intervals are drilled thicknesses and true widths are unknown.

Hole CA-23-001 targeted a high IP chargeability anomaly underlying an outcrop which returned 0.31% copper with 0.17 g/t gold over 12 m from a hand trench. The hole encountered basalt, diorite and gabbro host rocks. Copper and gold mineralization is associated with propylitic (chlorite-albite-epidote-calcite) to sodic (albite-chlorite-pyrite) alteration of all host rock types that carry quartz-carbonate ± pyrite-chalcopyrite veins and disseminated to blebby pyrite, pyrrhotite and chalcopyrite (sulphides listed in decreasing order of abundance). The hole ended in anomalous copper grades, with visual pyrrhotite and pyrite mineralization noted.

Hole CA-23-002 was collared 160 m north of CA-23-001, targeting the same high IP chargeability anomaly, underneath an outcrop which returned high-grade grab samples including 3.88% copper with 30.00 g/t gold. The hole encountered similar rock types, alteration and mineralization to hole 001, in addition to localised quartz-feldspar porphyry dykes up to 17 m in width, and an overall increase in copper and gold grades. The hole ended in anomalous copper grades, with visual pyrrhotite and pyrite mineralization noted.

Drilling has not yet intersected significant potassic alteration, suggesting there is potential to discover higher copper and gold grades associated with the potassic core of the system. Additional drilling will be required to vector towards this core. Both holes were drilled in the middle of a coincident 1,200 x 600 m high IP chargeability anomaly and 800 x 600 m magnetic low anomaly. These geophysical features have provided a valuable vector towards mineralization and remain open in all directions.

Table 2: 2023 Catch Drill Hole Collars^**

** Easting and Northing are UTM co-ordinates in the NAD 83 datum, zone 8N. Azimuth is with respect to true north.

Soil sampling was also completed across the Catch property to evaluate newly staked areas, with a total of 830 soil samples collected. Multiple anomalies were identified that will be followed-up with prospecting and mapping next exploration season.

Property Geology and Mineralization

The 71 km² Catch Property is in central Yukon, Canada, 56 km southeast of the town of Carmacks (Figure 4), in an underexplored part of the Stikine Terrane – which extends from the Golden Triangle in British Columbia into Yukon (Figure 5), where it is immediately adjacent to the 1,000+ km long, deep seated, crustal scale strike-slip Teslin-Thibert fault. The Stikine Terrane is characterized by Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well-endowed with copper-gold-molybdenum porphyries including the Red Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines. The property is located wholly within the traditional territory of the Little Salmon Carmacks First Nation.

The Catch area is mostly underlain by augite phyric basalt of the Semenof Formation, centered on a 7 x 3 km regional magnetic high. Mineralization is associated with propylitic to sodic alteration of basalt and lesser diorite, intrusion-cemented and hydrothermal breccias. Locally there is intense albitization, silicification, brecciation and up to 10% disseminated to blebby pyrite, chalcopyrite and trace bornite and pyrrhotite. Secondary copper minerals including malachite, azurite and tenorite are widespread at surface, coat fracture surfaces, and are often associated with gypsum.

The geology, alteration and mineralization observed throughout Catch are all indicative of a significant copper-gold ± molybdenum bearing porphyry system.

Catch is under option from a Yukon prospector, and Cascadia can earn up to a 100% interest, subject to a royalty. For more information, see the Catch Property Technical Report filed on SEDAR+ at www.sedarplus.ca under the Cascadia Minerals Ltd. profile, or visit our website at www.cascadiaminerals.com for additional maps and figures.

About Cascadia

Cascadia is a Canadian junior mining company focused on exploring for copper and gold in Yukon and British Columbia. Cascadia’s flagship Catch Property is a brand-new grassroots porphyry discovery which exhibits extensive high-grade copper and gold mineralization across a 5 km long trend, with rock samples returning peak values of 3.88% copper and 30.00 g/t gold and initial drill results returning broad intervals of mineralization, including 116.60 m of 0.31% copper with 0.30 g/t gold. In addition to Catch, Cascadia is conducting exploration work at its PIL Property in British Columbia and the Sands of Time and Rosy properties in Yukon, as well as evaluating additional regional opportunities. Cascadia has approximately 37 million shares outstanding and its largest shareholders are Hecla Mining Company (19.8%) and Barrick Gold (7.6%).

QA/QC

Analytical work for samples was completed by ALS Canada Ltd, with sample preparation in Whitehorse, Yukon and Langley, BC, and geochemical analyses in North Vancouver, BC. Core samples were fine crushed before a 250-gram split was pulverized to better than 85% passing 75 microns. Gold was determined for core samples by the PGM-ICP24 procedure which involves fire assay preparation using a 50-gram charge with an inductively coupled plasma-atomic emission spectroscopy finish (“ICP-AES”). Soil samples were dry-screened at 180 micron, with analysis conducted on the fine fraction. Gold was determined for soil samples by the Au-ICP21 method, which involves fire assay preparation with a 30-gram charge followed by an ICP-AES finish. Multi-element data for 48 elements was determined for all samples by the ME-MS61 procedure, which involves a four-acid digestion followed by ICP-AES and inductively coupled plasma-mass spectrometry.

Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream of diamond drill samples to ensure integrity of the assay process. All diamond drill samples included in this news release have passed the QA/QC procedures as described above. All assay intervals presented in this news release are uncut. Core was sampled using a diamond saw, with half of each interval sent to the lab for analysis, and the other half retained.

Results referenced in this release represent highlight results only. Below detection values for gold and copper have been encountered in drilling, rock and soil samples in these target areas.

The technical information in this news release has been approved by Adam Coulter, M.Sc., P.Geo., VP Exploration for Cascadia and a qualified person for the purposes of National Instrument 43-101.

On behalf of Cascadia Minerals Ltd.

Graham Downs, President and CEO

For further information, please contact:
Andrew Carne, M.Eng., P.Eng., VP Corporate Development
Cascadia Minerals Ltd.
T: 604-688-0111 ext. 106
acarne@cascadiaminerals.com

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Cautionary note regarding forward-looking statements:

This press release may contain “forward-looking information” within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release. The Company undertakes no obligation to update forward-looking information, except as required by securities laws.