Cascadia Steps Out 315 m at Catch and Intersects 106 m of Porphyry Mineralization Grading 0.37% Copper and 0.22 g/t Gold (0.52% CuEq)

July 22, 2024

July 22, 2024 – Vancouver, BC – Cascadia Minerals Ltd. (“Cascadia”) (TSX-V: CAM, OTCQB: CAMNF) is pleased to provide results from the 2024 Phase 1 diamond drill program at its Catch Property in central Yukon, Canada, located 10 km from an all-season highway and powerline. The Phase 1 program comprised a total of 1,613 m of drilling in three holes at the Spark Zone. A Phase 2 diamond drill program is underway to step out further at the Spark Zone, vectoring towards the core of the porphyry system.

Spark Zone Drilling Highlights

• Hole CA-24-006 intersected 106.00 m of 0.37% copper with 0.22 g/t gold (0.52% CuEq), within a broader interval of 177.00 m of 0.25% copper and 0.14 g/t gold (0.34% CuEq) (Figures 2,4);
• All five holes drilled to date at the Spark Zone have encountered porphyry mineralization across 470 m of strike length and 520 m of vertical extent from surface, within an open-ended 1.2 x 1.0 km Induced Polarization chargeability high target (Figure 2);
• Hole CA-24-006 was a 315 m step-out from the 2023 discovery holeCA-23-002 (Figure 2);
• An interval of potassic alteration in Hole CA-24-006 returned 0.67% copper with 0.87 g/t gold (1.25% CuEq) over 6.55 m (Figures 5, 6), confirming higher-grade mineralization is present in the core of the system;
• Hole CA-24-007 encountered lower-grade mineralization in the pyrite-dominant outer shell of the porphyry system for nearly its entire length, returning 578.85 m of 0.10% copper (Figure 3);
• A follow-up 1,500 m+ Phase 2 drill program is underway at Catch, with further step outs to the southeast at the Spark Zone targeting broader zones of potassic alteration and the core of the porphyry system (Figure 2); and
• Initial prospecting results from the Amp Zone (1 km north of the Spark Zone) are very encouraging; results to be released within the week.

“To have stepped out over 300 m from our discovery hole at the Spark Zone and hit higher grade copper over a significant width is incredibly positive and a testament to the size and strength of the system. All three of the holes drilled this spring achieved our goal of intersecting porphyry copper-gold mineralization and critical alteration data, which will help us vector towards the core of the system and target broader zones of higher grade potassic alteration,” said Graham Downs, Cascadia’s President and CEO. “Phase two exploration is now underway to drill step-out holes further to the southeast, in the direction of higher-temperature alteration. New, grassroots porphyry discoveries in North America are very rare, and typically take dozens of holes to vector towards the core of the system. We’ve just caught the tip of the iceberg at Catch and look forward to continuing to unlock this district-scale porphyry opportunity.”

Figure 1 – Catch Copper-in-Soil Map

Figure 2 – Spark Zone Drill Plan Map

Figure 3 – Spark Zone Section A-A’

Figure 4 – Spark Zone Section B-B’

Figure 5 – CA-24-006 351.00 – 357.00 m

Figure 6 – CA-24-006 353.04 – 354.00 m Detail Photo

Spark Zone Drilling Summary

Three diamond drill holes totalling 1,613 m were completed at the Spark Zone in the first phase of diamond drilling this season. There have been a total five diamond drill holes (2,678.83 m) completed at the Spark Zone to date, with no documented exploration work on the property prior to 2020. The 2024 holes stepped out from 2023 discovery diamond drill hole CA-23-002, targeting a broad Induced Polarization (“IP”) chargeability anomaly at depth, underlying coincident high-grade surface mineralization, within a pronounced magnetic low anomaly.

Table 1: 2024 Catch Drilling Highlights

* The reported intervals are drilled thicknesses and true widths are unknown.
**Copper Equivalent (CuEq) calculations use metal prices of US$3.75/lb for copper and US$1,950/oz for gold. Recoveries factors of 85% for copper and 75% for gold were used based on a review of similar projects, as no metallurgical data has been collected for Catch.

CA-24-006 was collared 315 m southeast of hole CA-23-002 (Figure 2), targeting a stronger and broader portion of the IP chargeability anomaly (Figure 4), coincident with a zone of high resistivity. The hole encountered a variety of host rock types including feldspar porphyry, diorite, diorite porphyry, basalt and gabbro. The top 252 m of the hole displayed broad propylitic alteration (chlorite-epidote-pyrite ± hematite) of dominantly basalt and diorite with a clear increase in intensity with depth. A zone of sericitic (quartz-sericite-pyrite) to potassic alteration (shreddy biotite often replaced by chlorite) with disseminated to vein hosted pyrite-chalcopyrite mineralization from 252 to 429 m returned 177 m of 0.25% copper and 0.14 g/t gold in all host rock types. Potassic alteration was observed from 352.00 to 358.55 m and returned 6.55 m of 0.67% copper and 0.87 g/t gold (Figure 5, 6). Strong propylitic alteration was observed again from 429 to 570 m dominantly within gabbro before encountering a large fault towards end of hole.

Hole CA-24-007 was collared from the same pad as CA-23-002 and drilled eastward to step out on copper-gold mineralization at depth. This hole encountered dominantly diorite with the highest abundance of pyrite observed in all holes at Spark Zone to date. The hole returned lower-grade copper mineralization for nearly its entire length, with 51.15 to 630.00 m returning 578.85 m of 0.10% copper and ending in mineralization (Figure 3). This interval is interpreted to represent the pyrite shell of the porphyry system, suggesting that it is more distal to the core of the porphyry, which is thought to be located to the south-southeast.

CA-24-008 was collared from the same pad as CA-24-006 and drilled northeast to test a potential up-dip extension of the mineralization observed in hole CA-24-006. Broad intervals of lower-grade copper mineralization were returned, including 217.05 m of 0.10% copper from 195.95 to 413.00 m, ending in mineralization (Figure 4). These results support the interpretation that the core of the system lies southeast of drilling completed to-date.

There is a pervasive late-stage chlorite-sericite-clay overprint on the mineralization making identification of primary alteration difficult. In addition, structural deformation is observed in the mineralization; likely from the nearby 1,000+ km long Teslin-Thibert fault. Further petrographic studies will be undertaken in the coming months to validate initial geology and alteration logs. Indications are that there may be multiple overlapping porphyry events present.

Table 3: 2024 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.

Phase 2 Exploration Program

A Phase 2 exploration program at Catch is now underway. At least 1,500 m of additional diamond drilling at the Spark Zone is planned, comprising 2-3 holes stepping out to the south-east towards the interpreted core of the porphyry system (Figure 2). The drill program may be expanded if warranted, with permitting in place to allow for up to 6,000 m of additional drilling this season.

Additional IP geophysical surveys are also planned at the Spark Zone, as the eastern edge of the chargeability anomaly is unbounded (Figure 2). Crews will complete additional IP lines further to the east to help refine drill targeting.

Property Geology and Mineralization

The 119 km² Catch Property is in central Yukon, Canada, 50 km southeast of the town of Carmacks, within the traditional territory of the Little Salmon Carmacks First Nation, in an underexplored part of the Stikine Terrane – which extends from the Golden Triangle in British Columbia into Yukon, 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 Spark Zone is defined by a 700 x 700 m magnetic low coincident with a 1,200 x 1,000 m IP chargeability high and rock samples returning up to 3.88% copper with 30.0 g/t gold at surface within a large copper in soil anomaly. Diamond drill hole CA-23-002 returned 116.60 m of 0.31% copper and 0.30 g/t gold and CA-24-006 returned 106.00 m of 0.37% copper and 0.22 g/t gold. Copper and gold porphyry mineralization has been encountered in diamond drilling across 470 m of strike length and 520 m of vertical extent from surface and is open in all directions.

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.

QA/QC

Analytical work was completed by ALS Canada Ltd, with sample preparation in Whitehorse, Yukon 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”). Multi-element data for 48 elements was determined 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.

About Cascadia

Cascadia is a Canadian junior mining company focused on making new copper and gold discoveries in the Yukon and British Columbia. Cascadia’s Catch Property in the Yukon hosts a brand-new copper-gold porphyry discovery where drill results have returned broad intervals of mineralization, including 116.60 m of 0.31% copper with 0.30 g/t gold. Catch 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.

In addition to Catch, Cascadia is currently drilling the PIL Property in the Toodoggone region of British Columbia, which hosts numerous porphyry copper-gold and epithermal gold targets. Work is also ongoing at the Mack’s Copper and Milner properties – recently staked Catch analogues within Yukon’s Stikine Terrane – as well as the Sands of Time property in the Yukon, all of which have additional copper porphyry targets. Cascadia has approximately 52 million shares outstanding and its largest shareholders are Hecla Mining Company, Michael Gentile and Barrick Gold.

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

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 NEWS RELEASE.

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.