|February 10, 2010|
Cadillac Ventures Announces Initial Spanish Drill Results
Toronto, February 10, 2010 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to present a progress report on the current drilling program being carried out on the MATSA Joint Venture properties in Southern Spain. Cadillac has commenced drill testing three properties, Chapirita, Angelita and Majada. The results of the program are summarized below and the present program will continue to the completion of the contracted 3,500 metres of drilling, at which time results will be evaluated.
The Chapirita project is within the Campofrio Mining Concession (Chuchillarejos Group) and is centred on an historical open cut remaining from former mining activities carried on intermittently between 1855 and 1909. The project is located approximately 4 km ENE from the former Rio Tinto Mine, and approximately 24 km ESE of the Aguas Tenidas Mine owned by Iberian Minerals Corp. Non NI 43-101 compliant historical records available indicate that 70,000 tonnes of material grading between 2% and 12% Cu were extracted. Massive suphide mineralization comprised of sphalerite and chalcopyrite up to several metres wide is visible on the pit wall. No historical records are available to indicate the extent, trend or repose of this visible mineralization, or any associated stockworks. Cadillac completed a 5 hole drill program where holes 3 and 4 intersected the mineralized horizon, holes 1, 2 and 5 were investigational, representing efforts to reach the mineralized horizon which instead intersected stockwork mineralization overlying the massive sulphide occurrence. Selected assay results from this drilling are presented below.
Note: The mineralization intercepts represent core length, true widths have not been calculated.
These results appear to indicate structural dislocation within the mineralizing system and possible fault thrusting activity. To better understand the effects these structural events may have had on the mineralized horizon, Cadillac conducted downhole EM surveys in holes 3, 4 and 5 in order to identify possible continuation of the mineralized horizon through conductivity, and identify any possible off-hole conductors. This survey successfully identified two off-hole conductors to the east of the completed drilling. Cadillac intends to drill at least one hole into one of these targets prior to the completion of the current drill program.
The Angelita project encompasses the former Angelita Mine, and is located within the Santo Angel Mining Concession (Cueva de la More Group), approximately 5 km east of the Aguas Tenidas Mine. Available records, which are historical and not in compliance with NI 43-101, indicate that the Angelita Mine produced 540,000 tonnes grading approximately 6% Cu plus an additional approximately 600,000 tonnes grading approximately 2% Cu. A prior technical report authored in 1982 (this report is historical and not NI 43-101 compliant) does indicate mineralization still in place, and management has used this report as a basis for decisions made in the exploration program at Angelita. Over the Christmas period Cadillac commenced operations on the property, however unusually high ongoing precipitation in an area that is typically arid made travel on the ground impossible. Two holes were completed on the property, but access to the third planned hole proved difficult, so the drill rig was moved to another property. Cadillac is awaiting the results from the two holes completed, and will revisit this property once conditions have improved, and results of the first two holes are evaluated.
The Majada project occurs within the Majada Investigation Permit, approximately 17 km ESE of the Aguas Tenidas Mine. The property is located on strike with the Aguas Tenidas - Cueva de la Mora mineralization trend, and is contiguous with the Cuchillarejos Group to the east. Numerous holes have been drilled into Majada by previous operators, however there is no NI 43-101 complaint statement that can be made regarding the extent or grade of mineralization present. Cadillac is currently drilling the first planned hole at Majada.
Cadillac has drilled approximately 2,700 metres combined on the three projects to date, and will complete the 3,500 metres contracted with Cabo Drilling International as discussed above. The drill results, in conjunction with ground geophysical surveys and downhole EM surveys will all be evaluated in order to allow management to focus further exploration on the MATSA Joint Venture Properties.
The onsite supervision of the diamond drill program was done by Jose Malave Mora, Euro Geol under the supervision of Brian Newton P. Geo as Qualified Person. The diamond drill program produced 225 core samples of 1.5 meters long on average. The cores were cut by saw and 50% sent for assay at ALS Chemex Laboratories in Seville Spain an independent accredited assay lab. The assay procedure was Atomic Absortion Spectometry (Aqua Regia Digestion). The lab undertakes batch duplicates and replicates for quality control in their analytical procedures.
Mike Newbury, P.Eng is an independent Qualified Person who has reviewed the technical information in this news release on behalf of the Company.
For further details regarding the MATSA Joint Venture please refer to www.cadillacventures.com.
Forward Looking Statements
This news release may contain certain forward-looking statements under applicable securities laws. Specifically, this news release contains forward-looking statements regarding the Company's planned drilling activity. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary licences and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Cadillac assumes no obligation to revise or update these forward-looking statements except as required by law.
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