|May 05, 2011|
Cadillac Intersects 582 Feet of 0.39% Cu at Shallow K1-1 Deposit
|Toronto, May 5, 2011 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to provide assay results for 3 holes drilled into the shallow K1-1 deposit located on the Thierry Mine property, three kilometers east of the historic Thierry Mine shaft and mineral deposit. |
The K1-1 deposit is a separate occurrence from the Thierry Mine project currently being drilled by Cadillac, but on the same property, which has been historically identified by UMEX in 1973 and 1981 based upon drilling at the time. UMEX identified the following resource, which is not NI 43-101 compliant and historic in nature, cited in "Technical Report and Updated Resource Estimate on the Thierry CU-NI-PGE Mine Property, Pickle Lake Area, Patricia Mining District, North-Western Ontario Canada" by P & E Mining Consultants Inc. dated July 1, 2010 and filed by Cadillac on SEDAR.
Cadillac completed drilling holes K-11-01, K-11-02 and K-11-03 in February and March of 2011 in order to test results obtained previously by UMEX and other operators at K1-1. Drillhole K-11-01 was drilled at the eastern end of the known K1-1 mineralization, and drillhole K-11-02 was then drilled to undercut drillhole K-11-01 at the same location. Drillhole K-11-03 was drilled at the western end of the K1-1 mineralization. The results obtained at K1-1 include the following;
Initial deposit interpretation suggests multiple horizons of mineralization, and that drilling of hole K-11-02 may have been prematurely terminated.
Cadillac is currently planning an extensive drilling campaign to test for strike and depth extensions of the mineralized body, as well as additional confirmation of the historic drill results. Depicted below is Cadillac's current interpretation of the mineralization at K1-1.
K1-1 Mineralization looking south west
Depicted in green are the holes completed by Cadillac to date, against solids interpreted using drillhole data from UMEX and other operators. The solid is not an NI 43-101 compliant resource, it is a geological interpretation of the data available used to design an extensive drilling program intended to confirm and extend this model. This drilling program is scheduled to commence in May 2011.
Elsewhere, the sixth and final planned hole is currently being drilled into the tooth at depth at Thierry.
Norman Brewster P.Geo, President and CEO of Cadillac commented "K1-1 demonstrates exciting potential as a large tonnage, low grade shallow copper occurrence on the Thierry property. This mineralization, when added to the known resource at Thierry, has implications for the Thierry project which cannot be ignored, so Cadillac is now turning its attention to defining an NI 43-101 compliant resource statement at K1-1."
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.
The fifth deep hole, drilled in to the "tooth" area of the modeled deposit, has been completed. Assay results are pending, the mineralized zone was encountered at depth as expected. Drilling of the sixth and final deep hole has commenced.
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 final of six planned holes is underway. 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.