|June 11, 2012|
Cadillac Announces Drilling Resumes at Thierry Project
|Toronto, June 11, 2012 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce that exploration has resumed at the Thierry Project, where Cadillac recently received a positive Preliminary Economic Assessment Report (PEA). |
The current exploration program is composed of drilling and field prospecting/mapping. The drilling program at K1-1 has been designed to both test new areas of the deposit, in order to potentially increase the mineralized resource at K1-1. The field prospecting/mapping program has been designed to provide field testing and sampling of correlated geophysical and coincident magnetic anomalies on the property, outside of the area of the Thierry Mine and K1-1. Norman Brewster, President & CEO of Cadillac states "while the company is focused on the redevelopment of the Thierry and K1-1 deposits, it is considered timely to ground prioritize the existing geophysical anomalies therefore a limited program is being carried out over the summer months".
The anomalies are shown on the map below in green, the Thierry Mine and K1-1 area are in red.
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 8.8 million tonnes Measured and Indicated grading 1.66% Cu, 0.19% Ni, 4 g/t Ag, 0.05 g/t Au, 0.04 g/t Pt and 0.13 g/t Pd (3.2 million tonnes Measured grading 1.65% Cu, 0.19% Ni, 4.6 g/t Ag, 0.03 g/t Au, 0.03 g/t Pt and 0.09 g/t Pd and 5.6 million tonnes Indicated grading 1.66% Cu, 0.19% Ni, 3.8 g/t Ag, 0.05 g/t Au, 0.05 g/t Pt and 0.14 g/t Pd) and 14.9 million tonnes Inferred grading 1.64% Cu, 0.16% Ni, 6.4 g/t Ag, 0.10 g/t Au, 0.07 g/t Pt, 0.21 g/t Pd using a cut-off NSR of C$41/tonne (see press release of February 23, 2012). The deposit remains open at depth and to the west
The K1-1 is an 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 an optimized pit shell consists of the following: 53,614,000 tonnes grading 0.38% Cu, 0.10% Ni, 1.8 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, and 0.14 g/t Pd at an NSR cut-off of C$11/tonne (see press release of February 14, 2012).
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 the potential increase of the mineralized resource at K1-1. 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.
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