|March 01, 2010|
Cadillac's Thierry Mine Property
Toronto, March 1, 2010 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac") is pleased to provide the following information with respect to the past-producing Thierry Mine property, which Cadillac recently acquired through its acquisition of Richview Resources Inc. ("Richview") in January, 2010 (see Cadillac's press release dated January 19, 2010).
The former Thierry Mine is located in the Patricia Mining District of Northwestern Ontario, a few kilometers from the town of Pickle Lake, with infrastructure and a nearby workforce that previously supported mining operations onsite between 1976 and 1982. During this time Union Miniere Corporation ("UMEX") produced 5.8 million tons of copper-nickel ore with an average recovered grade of 1.13% Cu and 0.14% Ni. Subsequent to this the property changed hands several times with various levels of exploration activity.
Thierry Resource Estimate
On September 14th, 2006, the former owner (Richview) of the Thierry deposit press released an NI 43-101 compliant updated resource estimate, which estimate superseded an initial resource estimate (April 2006), both of which were authored by P&E Mining Consultants Inc.
Table 1. Resource Estimate (September 2006)
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. (2) The quantity and grade reported in this inferred resource estimation are conceptual in nature and there has been insufficient exploration to define an indicated mineral resource on the property and it is uncertain if further exploration will result in discovery of an indicated or measured mineral resource on the property.
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
To provide additional information, the resources as set out above are estimated to contain the following amounts of metal:
Table 2. Metal Content (September 2006)
Tables 1 and 2 above were presented in the "Technical Report and Resource Estimate on the Thierry CU-NI-PGE Mine Property, Pickle Lake Area, Patricia Mining District, Northwestern Ontario, Canada" authored April 6th 2006 by P&E Mining Consultants Inc. for Richview Resources Inc. and publicly filed. The same report further states:
"The 2004-2005 drilling campaign was successful in confirming that the mineralized zones are continuous along strike and extend to at least 3000 feet vertical. The main mineralized zone is now traceable over a 6,000-foot strike length dipping to the SW at 55 degrees"
The 2004-2005 13 hole Thierry drilling program carried out by Richview drilled 16,608.85 feet. Prior to this the property was also drilled from surface by PGM Ventures Inc. and UMEX, the latter discovering the deposit with a surface hole in 1970 followed by 77 holes totalling 45,000 feet from surface. Additional extensive underground drilling on 100 foot intervals on the 600, 1,200 and 1,600 foot development levels was also undertaken. The April 2006 report incorporated all available historical information to prepare the resource estimate in Tables 1 and 2 above. Subsequent to publication of the resource estimate in 2006, an additional report containing data resulting from an underground core re-sampling program by UMEX in 1974-75 to assess previously disregarded PGM values in the 1200 level drilling became available. A selection of the results obtained from this historical, re-sampling program are:
Note: The material set out in this table are historic and have not been reviewed by a Qualified Person and are illustrative in nature only;
In 2007 and 2008 Richview executed a surface drilling program. The results from this program were excluded from the resource estimate in tables 1 and 2 and in the opinion of Cadillac's management need to be considered in an updated resource estimate. The 2007 drill program encountered mineralization between approximately 2,800 and 3,000 feet down the hole (occurring down dip from the previously known extents of mineralization) with the intersections presented below. The 2008 drill program intersected mineralization as deep as 3,878 feet down the hole. Results from both the 2007 and 2008 surface drill campaigns carried out by Richview are presented below, all of these results have been obtained from Richview press releases on the dates noted and are available on SEDAR under Richview's profile.
Richview's press releases issued on 2/8/2008 and 7/16/2008 cite the review of Eduard Sawitzky, P.Geo and a Qualified Person pursuant to National Instrument 43-101. The press release for 9/24/2008 cites the review and approval of Brian H. Newton P.Geo, also a Qualified Person. Both were acting as independent consultants to Richview at the time of the releases. The core lengths presented above are down the hole, the true widths have not been calculated.
Cadillac's Project Plans
Cadillac has commenced an aggressive exploration plan at Thierry:
Cadillac is a development-focused exploration Company which has the past-producing Thierry Property near Pickle Lake in Northern Ontario, two Canadian exploration projects, located in regions that have been historically active, and exploration projects in Spain.
The New Alger project located outside of Cadillac, Quebec is a wholly-owned, previously producing gold mine, where the Company has entered into a joint venture agreement with Renforth Resources Inc. for a three year $2.5 million exploration program. The Burnt Hill Project is 51% owned tungsten tin project located outside of Fredericton, New Brunswick. In Spain, the Company is joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding the exploration of a number of high potential properties surrounding the Aguas Tenidas Mine.
For more information regarding Cadillac, please visit our website at www.cadillacventures.com, or call Norman Brewster, President and Chief Executive Officer, at 416 203-7722.
Forward Looking Statements
This news release may contain certain forward-looking statements under applicable securities laws. 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. All dollar amounts are in Canadian dollars unless otherwise noted.
Neither 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 release.
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