|June 02, 2011|
Cadillac Announces Start of K1-1 Drill Program
|Toronto, June 2, 2011 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce the commencement of a planned 2000 metre drill program on the shallow K1-1 deposit on the Thierry Mine property, to the east of the Thierry Mine deposit. The K1-1 deposit is a separate occurrence from the Thierry Mine site where Cadillac successfully drilled off the "tooth" and also expanded the mineralization along strike to the East and the West, 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.|
The first hole of this new program has been completed. K-11-04 (depicted on the last illustration) was drilled to a depth of 660 feet. Mineralization of varying degrees of chalcopyrite was encountered over 2/3 of this hole. Three mineralized zones were encountered which spanned the intervals over 211.8 feet to 316 feet, 340 feet to 490 feet, and 504.75 feet to 574.20 feet. Samples have been selected from these mineralized zones, and are presently being cut and will be submitted for assay, the results released once available. This hole was designed to undercut known UMEX intersections in the deeper part of this hole, and in the shallower part of this hole undercut other historic drilling which required confirmation.
The location of the K1-1 deposit relative to the Thierry deposit can be seen below, with an interpretation of the strike for both deposits. Also indicated are the holes drilled to date.
The new drill program is designed to undercut the known mineralization as seen below, as well as drill for extensions along strike to the deposit. Depicted below is the K1-1 deposit looking southwest modeled with the previously completed 3 confirmation holes.
The first planned holes are as follows;
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, this program has just been completed, with final results still pending. All of the 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.
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.