|May 07, 2008|
New Gold Bearing Zones Located At New Alger
|Toronto, May 7, 2008 -- Cadillac Ventures Inc. (CDEX-CNQ) ("Cadillac") is pleased to announce that positive gold results have been received from new mineralized zones at the wholly owned New Alger project (formerly known as the Thompson-Cadillac Mine) located between Rouyn-Noranda and Val D'or, Quebec, in the Doyon -- Bousquet -- LaRonde mining camp. |
In the fall of 2007 Cadillac conducted a 3495 metre drill program, drilling a total of 12 holes. The New Alger program had 2 objectives, i) to drill test 4 IP anomalies identified in a previously completed geophysical survey and ii) to test potential mineralized shoots at depths ranging from 250 to 400 metres along the known mineralization of the former Thompson-Cadillac Mine, including the eastern area of the property where there is believed to be a repeating structural occurrence of mineralization from the mine contiguous to the New Alger property. Cadillac considers this program to have been a success in each of these respects, all holes drilled returned gold assays.
The New Alger property consists of 317.2 hectares underlain by the Pontiac and Cadillac sediments in the north and the south of the property, and the volcanic rocks of the Piché Group with the associated Cadillac Break Zone occupying the central part of the property. Six known gold ore bodies all lie either in or close to the Cadillac Fault Zone, these being the New Alger, Central Cadillac, Wood Cadillac, Pandora and Lapa Cadillac. The Thomson-Cadillac Mine Zone portion of the drill program was designed to target this area on the New Alger Property.
Thomson-Cadillac Mine Zone Drilling
The existing historical workings on the New Alger property, and the historical mining operations, targeted a possible extension of the #2 vein on the adjacent O'Brien property.
The 2007 New Alger drilling program targeted this possible extension to the #2 vein system - comprised of a series of parallel narrow width, steeply plunging shoots - by searching for vertical extensions at depths between 250 and 400 metres where there appear to be a cyclical nature to the better grades of mineralization at O'Brien. This type of mineralization is typical of mines in the area including the adjacent O'Brien Mine. A majority of these deposits start at 400 m below surface and extend to almost -3000 m below surface. Historically drilling on the New Alger property has rarely reached below the -200 m level.
Drilling in the mine area at New Alger identified two major mineralized horizons approximately parallel to the Cadillac Break along a strike length of approximately 750 metres. Drillholes NA 07-05 to NA 07-12 intersected both the south and north horizons, which are separated by 20-45 meters at depths ranging from 150 meters on Sections 5+50E to 260 and 380 meters below surface on Section 13E. The thickness of the south horizon varies from 1.3 to 1.7 meters on its west end (Sections 5+50E and 6+50E) to reach a maximum of 4.1 meters in its center (Section 9E). On the east end, Section 13E, the thickness varies from 3.0 meters to 2.7 meters from 260 to 380 meters below surface. These gold mineralized intersections are associated with variable amounts of quartz injections and arsenopyrite found in brownish biotite-rich intermediate and mafic volcanics and intermediate porphyries.
Each of these holes returned elevated gold assay numbers, from the quartz vein systems located within both the Piché Group Volcanics as well as the Pontiac Group greywacke, in the case of NA 07-05 and NA 07-06 gold mineralization was associated with faulting or brecciated zones and quartz veins. In addition to encountering mineralized zones at the various depths each hole was designed to test for, each of these holes also encountered mineralized zones at shallower or deeper depths, for which their had been no historical indication. Additionally management is interested in the highly carbonated/transverse fault area between L4E to L6E and its possible association with the gold mineralization as evidenced by assay results. This area may be representative of another mineralized shoot or the potential for offsets to the gold mineralized horizons not previously explored.
A total of 696 samples were selected. A summary of the significant assays for the Thomson-Cadillac mine zone drilling is as follows;
The samples processed from these holes were selected onsite by Marc Leonard, P.Geo, working under the supervision of Brian Newton, P.Geo. These samples were cut, bagged and tagged and delivered to ALS Chemex Laboratories in Val D'or. The samples were prepared at the ALS lab by crushing the sample to 70% - 2mm, this part was riffled to obtain a 250 gram fraction. This fraction was then pulverized to obtain an 85% - 75 microns pulp from which analysis was done. All samples were assayed for atomic absorption (AA) analysis for gold, samples returning more than 1000 ppb were reassayed by gravimetric method (FA) on a 30 gram sample (one assay ton) taken from the corresponding pulp.
IP Anomaly Targets
Four holes were drilled, totaling 750 metres, testing anomalies identified by the IP survey carried out in late 2006. These 4 anomalies are located outside the historical drill corridor and may represent Cadillac mineralization types not yet targeted on the New Alger property. The four associated holes were all drilled to relatively shallow depths. Drillhole NA 07-02 was drilled to test the east end of a long east/west trending IP zone where coincident high chargeability and low resistivity values were obtained. The lithology encountered in this hole leads management to believe that a previously unknown transverse fault crossing the baseline, as indicated by highly fractured rock with pyrite coating the fracture planes, has been uncovered in this drillhole. 167 samples were selected from the 4 IP test holes and sent for assay in the same manner as those of the Thomson-Cadillac Mine Zone Drilling holes. A summary of the significant results appears below.
Mr. Brian Newton, P.Geo, consultant to Cadillac, is a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and verified the technical information contained in this press release and approved the contents of this press release.
Cadillac is publicly traded on the CNQ under the symbol CDEX. The New Alger Project is wholly owned by Cadillac and located in the "Cadillac Break" mining camp near Val D'or, Quebec. In the past New Alger was a historically productive gold mine known as the Thomson-Cadillac Mine. Cadillac has completed one season of exploration drilling on the property designed to test the extent of the known mineralization. In addition to this Cadillac is the 51% owner of, and operator of a joint venture on, the Burnt Hill Project located outside of Boiestown, New Brunswick. This property was intermittently productive historically for tungsten. During the last exploration season Cadillac also found molybdenum mineralization to be present on the property.
For more information regarding Cadillac please visit our website at www.cadillacventures.com, or call Norman Brewster, President at 416-815¬8666.
Forward Looking Statements
This press release may include certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are in Canadian dollars unless otherwise noted.
The CNQ does not accept responsibility for the adequacy or accuracy of this release.