|January 25, 2012|
Cadillac Announces Drilling Results at K1-1 Project at Thierry Property
|Toronto, January 25, 2012 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce results for holes K-11-25 through K-11-32 drilled on the K1-1 open pit project at its Thierry Mine property, located in Northwestern Ontario. Highlights of results appear in the table below, including 825 feet assaying at 0.4% Cu and 2.15 g/t Ag (Silver) in drillhole KH-11-28.|
"Cadillac continues to be pleased with the ongoing positive results from the K1-1 open pit drill program, and the resultant positive impact on the existing resource. In addition management is evaluating the impact of the notable silver results being obtained in this program, another "value add" for the combination of the Thierry Mine Project and the K1-1 Open Pit project on the Thierry Property," stated Norman Brewster, President and CEO of Cadillac.
The K1-1 project is located approximately 3 kms to the east of the Thierry Mine project, both being within the boundaries of the 11,538 acre Thierry property, occupying only a small portion of the property. In late 2011, the Company released an initial inferred mineral resource estimate for K1-1 within a Whittle pit shell consisting of: 19,897,000 tonnes grading 0.42% Cu, 0.10% Ni, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, 0.15 g/t Pd and an Exploration Target for K1-1 located outside and below the resource pit shell of: 45-55 million tonnes grading between 0.32 to 0.36% Cu, and 0.08 to 0.12% Ni. The 26 hole drill program was designed to address gaps within the pit shell area, as well as test for extensions along strike and at depth. Depicted below are the seven drillholes being reported in this press release, relative to the grey pit shell and the contained resources (not visible). The exploration target resource, contained in 7 mineralized horizons, depicted as coloured bands (green, light blue, red, purple, blue, peach, pink) occurs outside of the light grey pit shell and below the dark grey surface. The drilling was designed to upgrade mineralization from the exploration target category into the resource statement, and if successful add tonnage to both categories, using infill drilling. The illustration below shows the drillhole trace in yellow, some of which were collared in the pit, extending below the pit and the currently modeled mineralized envelopes. Recalculation of the resource, incorporating these drill results, is expected to result in an increase to the resource by the extension of the modeled mineralization.
K1-1 3D model of pits and mineralization with holes K-11-25 thru K-11-32
The highlights of the assays results received to date are included in the following table;
In this program there was a total of 20,868 feet drilled over the twenty-six holes, and a total of 2,590 samples taken (excluding quality assurance and quality control sample protocols). Between holes KH-11-25 to KH-11-32 there were 1137 samples taken and assay results received. Of these samples 326 gave Cu values between 0.3 and 0.5%, 149 assayed between 0.5 and 1%, and 6 gave values over 1%.
A total of 278 samples assayed over 0.1% Ni. Two samples assayed over 0.5g/t Pd, both in hole K-11-28, 80 samples assayed between 0.2 and 0.5g/t Pd. Low level silver mineralization is common with 723 samples assaying over 1g/t Ag, including 12 samples over 5g/t Ag, all typically concurring with high Cu and Ni values.
The remainder of the assays will be released as received and tabulated. Once all of the assays are received the Company will be updating the initial K1-1 resource statement.
The samples were selected in the field, cut and bagged, sealed with a security seal and transferred by personnel from Billiken Management Services Inc. and bonded courier to the facilities of Agat Laboratories Ltd. in Sudbury, Ontario where they were processed using Total Digestion ICP(Total), with the over limit results further tested by Fire Assay ICPOES, and the gold, platinum and palladium tested by Fire Assay ICP.
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 copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
Thierry Mine Deposit
The Thierry Mine is a past producing mine with a current resource estimate consisting of 8.3 million tonnes measured and indicated grading 1.73% Cu and 0.20% Ni, and 14.6 million tonnes inferred grading 1.70% Cu and 0.16% Ni, using a cut-off NSR of C$46.30/tonne. The deposit remains open at depth and to the west.
The K1-1 is a potentially open-pit, large tonnage, low grade deposit located approximately 3 km from the past producing Thierry Mine. The inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following: 20 million tonnes grading 0.42% Cu, 0.10% Ni, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, 0.15 g/t Pd. The K1-1 Deposit is open along strike and at depth.
For more information regarding Cadillac, please visit the Company's website at www.cadillacventures.com, or call Norman Brewster, President and Chief Executive Officer, at 416 203-7722.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws, including with respect to recalculation of the resource at K1-1 and the potential impact of drill results on the Thierry Mine Project. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary licences and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and Cadillac assumes no obligation to revise or update these forward-looking statements except as required by applicable law. All dollar amounts are in Canadian dollars unless otherwise noted.
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.