|March 17, 2011|
Cadillac Extends Thierry Mineralization Along Western Strike
|Toronto, March 17, 2011 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to report that assays have confirmed the extension of mineralization at its Thierry Mine project to the west of the known deposit along strike, with the result that the mineralization remains open.|
Norman Brewster P.Geo, President and CEO of Cadillac commented "We are excited that the first three holes drilled earlier this year intersected mineralization at the western end of the modeled deposit, and more importantly, extended the mineralization outside of the current NI 43-101 resource statement and model produced in June of 2010. This extension should demonstrate to our shareholders the exploration potential for this deposit both at depth, in the tooth which we are successfully drilling, and along strike to the west as demonstrated."
Drillholes CV 11-08, CV 11-09 and CV 11-10 were commenced in January 2011 as part of the 2011 shallow drilling program at Thierry. On February 23, 2011 the lithologies of these holes were press released, the assay results are highlighted below. These results demonstrate intersections of a grade and length that are comparable to those existing in the model. Hole CV 11-08 adds data to an area of the model where information was limited with an intersection of 17 feet grading an average of 0.74% Cu. Hole CV 11-09 was located at the western extent of the deposit and was successful in intersecting the mineralization over 15.6 feet with an average grade of 1.25% Cu. Lastly, and in management's opinion, most importantly, hole CV 11-10 stepped outside of the existing model and intersected mineralization over 5.4 feet grading 0.64% Cu, a result which proves that the modeled resource doesn't terminate where modeled, and the mineralization extends and remains open.
Assay Result Highlights
Samples were selected in the field and bagged and tagged under the supervision of Brian H. Newton P.Geo, and couriered by bonded carrier to the facilities of Activation Laboratories in Thunder Bay Ontario where they were prepped and assayed using Fire Assay ICPOES. Samples which assayed over 1% were then reprocessed using total digestion ICP(Total).
The press release of February 23 2011 referenced a further three holes drilled on the eastern extent of the deposit, including a step out from the modeled deposit which hosted mineralization The assays for these three holes are still and pending and will be released when complete.
Drilling at Thierry is ongoing. The shallow program to date has consisted of an additional hole at the eastern end of the model, and initial holes on the K1-1 deposit at the eastern extent of the property, approximately three kilometres east of the historical Thierry shaft. Additionally the fourth hole targeting the tooth is underway and at a depth of approximately 2400 feet.
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's Thierry Mine project has a measured and indicated mineral resource of 6.2 million tonnes at a grade of 1.92% Cu, and an additional inferred mineral resource of 8.2 million tones at a grade of 1.79% Cu (see the Company's 43-101 compliant report entitled "Technical Report and Updated Resource Estimate on the Thierry CU-NI-PGE Mine Property, Pickle Lake Area, Patricia Mining District, North-Western Ontario, Canada" dated July 2010 and filed on Sedar). In addition the resource includes Nickel, Silver, Gold, Platinum and Palladium. The Thierry Mine is located in Northwestern Ontario, is wholly owned by Cadillac, and was last in operation under UMEX in the early 1980s, leaving significant underground development in place. Since acquiring the Thierry Mine project, Cadillac has been focusing on adding to the resource in the immediate area of the mine by drilling a gap in the NI 43-101 deposit model referred to as the tooth, which management has internally calculated contains six million tonnes of material. Presently the fourth of six planned holes is underway. The first three holes successfully intersected mineralization of a grade and width that supported management's assumption regarding the continuation of the model at depth through the tooth. In addition, drilling along strike to both the east and the west has intersected mineralization outside of the NI 43-101 model. Cadillac's property position at Thierry is large and hosts other exploration targets, including the K1-1 deposit, known from historical drill records which are not NI 43-101 compliant, to be a large, low grade and shallow occurrence approximately three km to the east of the old Thierry Mine shaft, which also had within it higher grade intersections. Cadillac is currently investigating this deposit with several initial drill holes.
International exploration potential is also held by Cadillac, a joint venture partner with Minas de Aguas Tenidas, S.A.U. ("MATSA") regarding the exploration of 12 different investigation licenses encompassing over 230 square kilometers surrounding the Aguas Tenidas Mine held by MATSA (a wholly owned subsidiary of Iberian Minerals Corp.) in the Iberian Pyrite Belt of southern Spain. Each of these licenses hosts visible mineralization and/or evidence of historical mining activities. In order to earn a 90% interest in the entire license package Cadillac has embarked on a survey drill program over several of these licenses which is nearing completion augmented by geophysics. The information produced by this program has been assembled and is guiding management in prioritizing these properties for individual definition campaigns.
The three other projects held by Cadillac consist of: (i) the Burnt Hill Project, a 51% owned tungsten tin project located outside of Fredericton, New Brunswick and where Cadillac obtained positive drill results and new evidence of mineralization at the extents of this large property last summer and which is slated for follow up work in the Summer/Fall 2011 season; (ii) the Pickle Lake Gold project, a land package contiguous to three formerly productive historic gold mines which has been joint ventured to Newcastle Minerals Ltd.; and (iii) the New Alger project located in the Cadillac Break mining camp in Quebec which is a gold project joint ventured to Renforth Resources Inc.
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.