|February 23, 2011|
Cadillac Provides Thierry Drilling Update
|Toronto, February 23, 2011 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to report the following update on the ongoing diamond drill program at the Thierry Mine project in Pickle Lake, North Western Ontario.|
The first three holes of this shallow drilling portion of the program, which began in January 2011, were designed to test the western edge of the mineralized horizon and to extend the zone further to the west. Additionally, these holes tested for the presence of an offset to the zone by a postulated NS trending fault interpreted from an airborne EM survey completed in 2005. The mineralization has been shown to extend to the west of the current model, an offset has not been proven at this time. Once assay results are in another series of holes will be designed to overcut the intersections outlined below and to further test the possibility of the offset to the north.
This hole was located on L8750E / 11400N and was drilled at an azimuth of 144 degrees and a dip of -85 degrees. This hole was designed to test mineralization in an area on the western side of the deposit where there are very limited intersections. The mineralized zone was intersected from 1159 to 1173.8 feet. The rock was strongly chloritic with clots and disseminations of chalcopyrite. Very little pyrite and almost no pyrrhotite was observed.
This hole was located on L 8750E / 11000N and was drilled at an azimuth of 144 degrees and a dip of -85 degrees. This hole was designed to test for the mineralization at the western extent of the modeled body at an approximate depth of 700 feet. The mineralized zone was intersected from 726.9 to 742.5 feet and is hosted in a black strongly chloritic rock with chalcopyrite and minor pyrite mineralization disseminated throughout and at times elevated over short distances within fractures and micro-gashes.
This hole was located on L 8650E / 11100N and was drilled at an azimuth of 144 degrees and a dip of -75 degrees. This hole was sited to intersect the western extension of the copper mineralized zone at a depth of 700 feet. The mineralized zone was intersected from 702 to 710.4 feet. Chalcopyrite concentration is quite variable, very little pyrite and almost no pyrrhotite was observed. The mineralized zone is believed to be in Meta-sediments that include thin chert bands and cherty meta-sediments.
A second phase of the overall program consists of a series of holes to extend the zone further to the east of the eastern extent of the known mineralization. The first two holes were drilled along the edge of the deposit model as a very limited number of intersections were returned from limited exploration in this area. A brief discussion of the first three holes is found below. Drilling continues on further strike step outs eastward of the currently modeled mineralized envelope boundary.
This hole was located on L 12500E / 10850N and was drilled at an azimuth of 144 degrees and a dip of --70 degrees. This hole intersected the mineralized zone at a depth of 573.5 to 593.6 feet. The mineralization is hosted in a black strongly chloritic rock with chalcopyrite concentrations ranging from 1 -- 9% in disseminations, clots and along fracture planes. Fine disseminations of pyrrhotite and platy pyrite are also noted. As such the rock in this area is moderately to strongly magnetic.
This hole was located on L12600E / 10900N and was drilled at an azimuth of 144 degrees and a dip of -70 degrees. The mineralized zone appears to be significantly wider and stronger in this area and was intersected as expected from 628.5 to 672.5 feet and consists of chalcopyrite, pyrrhotite and pyrite. The host rock for the mineralization is once again the black and strongly chloritic rock that is seen in most other holes, however towards the bottom of the mineralized zone narrow chert bands were evident. The rock is strongly magnetic throughout due to finely disseminated pyrrhotite and fine grained magnetite.
This hole was located at L12700E / 10850N and was drilled at an azimuth of 144 and a dip of -70 degrees. This hole will test for the presence of the main copper mineralization at a depth of approximately 600 feet and located 100 feet east of the known deposit limit.
While the copper rich portion of the mineralized zone has thinned somewhat in this hole, the magnetite portion of the mineralized zone has increased substantially in thickness possibly representing a more proximal location to the VMS source. The zone intersected in the last two holes is possibly more typical of VMS style mineralization with extensive areas of silicification, epidote and potassium feldspar alteration and localized bands of massive magnetite. At least one more hole will be drilled a further 100 feet to the east, to determine further eastward continuation of the mineralized zone.
Samples have been selected and cut from all holes described above; as available the assay results will be made public. The shallow drilling will continue to the east as the mineralization is traced beyond the extent of the existing model. Cadillac has also mobilized a deep drilling rig to the site to resume the deep drilling program targeting the tooth, to date three holes have been drilled successfully intersecting the mineralization at depth as anticipated by extrapolating the existing model. A further three holes are planned in this program and will commence as soon as possible.
Mr. Brian H. Newton P.Geo, of Billiken Management Services Inc. and a "qualified person" pursuant to NI 43-101 has reviewed and approved the technical information in this press release on behalf of the Company.
Cadillac is a development-focused exploration company which has the past-producing Thierry Property near Pickle Lake in Northern Ontario, several exploration projects in Spain in joint venture with MATSA and three Canadian exploration projects, located in regions that have been historically active.
The Thierry Property encompasses the past producing Thierry Mine which ceased production in 1982 leaving potentially economic mineralization in situ. In addition to the Thierry mine project, Cadillac wholly owns the New Alger project, a previously productive gold mine, located outside of Cadillac, Quebec, where the Company has entered into a joint venture agreement with Renforth Resources Inc. for a three year $2.5 million exploration program. In Spain, the Company is joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding the exploration of 12 different investigation licenses surrounding the Aguas Tenidas Mine in the Iberian Pyrite Belt of southern Spain. The Pickle Lake Gold project held by Cadillac is a land package contiguous to three formerly productive historic gold mines; this project has been joint ventured to Newcastle Minerals Ltd. The Burnt Hill Project is a 51% owned tungsten tin project located outside of Fredericton, New Brunswick.
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.