Cadillac Announces Balance of Positive K1-1 Assays
|Marketwire.com - Sep 13, 2011
TORONTO, ONTARIO--(Marketwire - Sept. 13, 2011) - Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") announces results of the remaining five holes drilled on the K1-1 deposit located 3 kms east of the Thierry Mine deposit, on the wholly owned Thierry Project property outside of Pickle Lake, Ontario. Each of these holes successfully intersected widespread shallow mineralization. With the receipt of these assays the Company has all the current K1-1 information inhand and can move forward in calculating the size of this deposit as presently known.
Commencing in March 2011 Cadillac has drilled a total of 16 holes into the K1-1 deposit, historically identified by UMEX, as previously press released on June 2, May 5 and May 6 2011. Initially Cadillac drilled three holes into the deposit in order to test the UMEX data, and found that the drilling supported historical records the Company holds for the property. Subsequent to this the Company commenced an additional 13 hole program, carried out in May and June of 2011, designed to confirm the historic data and facilitate an NI 43-101 compliant resource calculation at K1-1. Based upon the results obtained in this program, the Company will be planning a more definitive drilling campaign at K1-1. In this drilling the Company has encountered widespread mineralization which can be simplistically described as a shallow lying, large, low grade deposit, with localized higher grade occurrences within this body, the deposit remains open. In addition, high grade nickel values associated with coarse pentlandite mineralization were encountered coincident with interpreted north-south trending shear structures. Insufficient drilling has been carried out to date to fully define this mineralization. The Company is presently working on calculating the size of this mineralization, with a view to developing an NI 43-101 compliant statement for K1-1.
Assay result highlights received for K-11-11 thru K-11-16 are presented below.
Hole From (ft) To (ft) Length (ft) Cu % Ni %
K-11-11 590 673.9 83.9 .26 .06
including 645 673.9 28.9 0.33 0.1
K-11-11 820 845 25.0 0.42 0.13
K-11-11 900 965 65.0 0.35 0.09
K-11-11 992.3 1055 62.7 0.31 0.07
including 992.3 1030 37.7 0.35 0.08
K-11-12 570 955 385.0 0.24 0.07
Including 696.2 765 68.8 0.35 0.08
Including 790 800 10 0.39 0.07
Including 860 875 15 0.31 0.11
K-11-13 139 150 11 0.37 0.09
K-11-13 227 245 18 0.31 0.11
K-11-13 415 440 25 0.30 0.13
K-11-13 565 610.9 45.9 0.36 0.13
Including 595 610.9 15.9 0.52 0.18
K-11-14 260 502.5 242.50 0.25 0.10
Including 300 465 165 0.30 0.11
Including 395 425 30 0.37 0.11
K-11-15 190 305 115 0.28 0.11
Including 285 305 20 0.36 0.11
K-11-15 340 490 150 0.24 0.09
K-11-16 210 570 360 0.27 0.11
Including 230 275 45 0.39 0.17
Including 310 405 95 0.34 0.12
Including 355 405 50 0.40 0.07
Including 450 490 40 0.37 0.09
Including 545 555 10 0.39 0.13
To view the drill plan for this program, please visit the following link: http://media3.marketwire.com/docs/drillplan.jpg.
The samples were selected in the field, cut and bagged, sealed with a security seal and transferred by bonded courier to the facilities of Activation Laboratories Ltd. in Thunder Bay where they were processed using Total Digestion ICP(Total), with the overlimit 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's Thierry Mine project has a measured and indicated mineral resource of 8.2 million tonnes at a grade of 1.73% Cu, and an additional inferred mineral resource of 14.6 million tonnes at a grade of 1.70% Cu. 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.
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.
Cadillac Ventures Inc.
President and Chief Executive Officer
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- Posted: 2011-09-13 09:13:29
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