|April 21, 2011|
Cadillac Succesfully Intersects Mineralization in Fifth Deep Hole
|Toronto, April 21, 2011 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce that the fifth hole into the "tooth" at Thierry has intersected the mineralized zone at depth as anticipated in the internal planning model used in designing the drilling program.|
The Thierry project is located in northwestern Ontario and encompasses a land position of approximately 4,669 hectares of mining leases, and approximately 1000 hectares of adjoining staked mineral claims. This area encompasses the historically productive Thierry Mine which was last operated by UMEX and shut down in 1982 due primarily to a decline in the price of copper.
The property encompasses the historic Thierry Mine, with an NI 43-101 compliant copper resource in place, as well as all of the underground workings remaining from the last mining activity. The mine was flooded upon closure, and Cadillac has commenced the dewatering process by retaining AECOM, a global environmental engineering firm with 45,000 employees worldwide and significant depth of expertise in mining projects with a focus on safeguarding the environment. AECOM is currently carrying out initial water testing procedures on the property, and engaging the Ministry of the Environment in project updates under the supervision of Billiken Management. Cadillac is permitted for the dewatering program and continues to move forward through the process.
Recent activities on the Thierry Mine portion of the property, an area which encompasses a surface expression of approximately 2 linear kilometers, have included, as previously press released, the drilling of a total of 5 holes into the "tooth", this is a tooth shaped void in the model of the mineralization which exists at depth. Cadillac has designed a drill program of 6 holes to test this area. To date, 5 holes have been completed and successfully intersected mineralization as predicted by the geological model. Additionally, Cadillac drilled several comparatively shallower holes on the western end of the model, strengthening data in certain areas of the model and stepping out slightly, all of these holes encountered additional mineralization and the results have been press released. Lastly, Cadillac also tested the eastern end of the model with several comparatively shallower holes, these holes stepped outside of the model and intersected mineralization, to date the results of the eastern extension along strike have been partially press released. Also ongoing at Thierry is an exploration plan update, this will use the results from the first 3 of the 5 successful holes drilled into the tooth and attempt to quantify the impact of the success on the resource picture at Thierry. Once the remaining deep hole (#6) is completed Cadillac will then be commissioning a restatement of the independent 43-101 resource.
Outside of the Thierry Mine area the eastern component of the total property encompasses a project referred to as K1-1. This area, which lies 3 kilometres east of the Thierry Mine, was historically drill tested by both UMEX, who defined the mineralization, and by PGM Ventures, who further tested the occurrence. Cadillac has also recently drilled the K1-1 occurrence and intersected wide zones of mineralization demonstrated by the UMEX drilling, results will be released once available. Cadillac will shortly be commencing a drill program on the K1-1 occurrence which covers a surface area of approximately a kilometre, but is not yet fully defined. The drill program to test this mineralization is being developed in conjunction with both Billiken Management and an independent engineering firm with a view to produce a 43-101 compliant resource at the conclusion of the drill program.
Cadillac will be shortly moving the drill to the last of the planned deep holes into the tooth. In completing the fifth hole successfully as stated above Cadillac has drilled through the mineralized envelope in the model and then encountered a second unexpected zone of copper mineralization strikingly similar to the main mineralized zone.
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 tonnes 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 re-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 fifth of six planned holes is being completed. The holes to date have 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.
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.