Cadillac Announces Mineral Resource Estimate for K1-1 Project at Thierry Property
|Marketwire.com - Oct 25, 2011
TORONTO, ONTARIO--(Marketwire - Oct. 25, 2011) - Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce the completion of a mineral resource estimate and exploration target for the Company's wholly owned K1-1 open pit project located on the Thierry property near Pickle Lake, NW Ontario. This estimate, provided by P&E Mining Consultants Inc. of Brampton, Ontario, has been based on a combination of historic drilling by previous project operators and more recent drilling by Cadillac.
The inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following: 19,897,000 tonnes grading 0.10% Ni, 0.42% Cu, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, 0.15 g/t Pd.
The Exploration Target for K1-1 located outside and below the resource pit shell are as follows: 45-55 million tonnes grading between 0.08 and 0.12% Ni, 0.32 to 0.36% Cu. The balance of Exploration Target metal grades are presented in Table 2 below.
Norman Brewster, President and CEO of Cadillac, stated "This initial NI 43-101 resource estimate for the K1-1 project demonstrates the value K1-1 contributes to the Thierry Project. When combined with the Thierry Mine Project underground resource located 3 km to the west on the Company's wholly owned Thierry Property, Cadillac is demonstrating a copper based asset of a magnitude sufficient to sustain development."
Table 1: K1-1 Inferred Mineral Resource
NSR Cut-off Tonnes (M) Ni % Cu % Ag g/t Au g/t Pt g/t Pd g/t
C$15/tonne 19.897 0.1 0.42 2.0 0.03 0.05 0.15
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
(3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
(4) The July 31, 2011 two year trailing average US metal prices used in this estimate were $3.57/lb Cu, $9.98/lb Ni, $23.87/oz Ag, $1,258/oz Au, $1,605/oz Pt and $557/oz Pd. The C$US$Exchange rate was 0.98.
(5) Overall payable metal (process recovery x smelter payable) in the NSR calculation were 84% Cu, 13% Ni and 37% for Ag, Au, Pt & Pd.
(6) Mineral resources were determined within a Whittle pit shell with 50 degree slopes utilizing mining costs of C$2.00/tonne for mineralized material and waste rock, and C$1.50/tonne for overburden.
(7) Costs used to determine the C$15/tonne NSR resource cut-off value were processing at C$12/tonne and G&A C$3.00/tonne.
(8) The K1-1 Mineral Resource Estimate were undertaken by Antoine Yassa, P.Geo, Rick Routledge, P.Geo and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc.
Table 2: K1-1 Exploration Target
Tonnes (M) Ni % Cu % Ag g/t Au g/t Pt g/t Pd g/t
45 - 55 0.08 – 0.12 0.32 - 0.36 1.0 - 2.0 0.02 - 0.03 0.04 - 0.05 0.11 - 0.15
(1) The potential quantities and grades are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
K1-1 and Thierry Mine Project Deposits
The K1-1 deposit area is approximately 3 kms east of the Thierry Mine mineralization as depicted below, and mineralization has been found at K1-1 over a strike length of 4100 feet (~1.2 kms.), with the deposit still open along strike.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/cdvf1_1025.jpg
K1-1 Whittle Pit Shell and Mineralization Model
The K1-1 area, partially depicted above, encompasses the Whittle Pit shell depicted in the image below, exported form the modeling software. The black circular areas are the outlines of the current pit model, which actually consists of 2 pits. The horizontal coloured areas are the envelopes of mineralization, and there are numerous current and historic drillhole collars also shown. In addition there are areas of the mineralization horizons depicted which are presently not included in the pit model.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/cdvf2_1025.jpg
K1-1 Whittle Pit Shell Cross-Section
The image below is a cross section through the pit shell at line 10000E which depicts the outline of the pit, and the mineralized blocks within the pit delineated using Whittle software, as well as drillhole intercepts of mineralization and the continuation of the mineralized envelopes, which are presently excluded from the pit shell. This is an example of where infill drilling, if successful, would result in adding tonnage to the model.
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/cdvf3_1025.jpg
Cadillac is commencing an exploration program on the K1-1 deposit this week. The program is planned to include 10,000 metres of drilling over the next several months, utilizing two diamond drills rigs. The purpose of this drill program is in order to upgrade and expand the mineralization and models at K1-1 by infill drilling within the area of the pits and adjacent to the modeled pits, as well as targeting area under the pits and along strike in an exploration program.
Mr. Brian H. Newton P.Geo, on behalf of the Company and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. are "Qualified Persons" pursuant to NI 43-101 and have both reviewed and approved the contents of this press release.
The NI 43-101 compliant resource in Table 1 was calculated using an NST cut-off value within a Whittle pit shell taking into consideration pit mineralized domain constraints defined upon exploration results to date. Therefore, the exploration target at K1-1 captures the area outside and below the current pit envelope and the potential therein. In order to define this resource, consideration was given to historical drilling by both Umex while the Thierry Mine was in production and PGM Ventures during a brief exploration campaign. In addition, Cadillac has recently completed a 16 hole exploration program at K1-1 which leaves the deposit open along strike and on dip in each direction. Cadillac will shortly be resuming exploration at K1-1 with a planned drilling program of approximately 6,000 meters designed to confirm, increase and upgrade the current exploration target.
Cadillac is a junior resource company engaged in the acquisition and exploration of mineral properties with interests in mineral properties in Canada, Spain and Peru, certain of which, prior to their acquisition by Cadillac, have had historical commercial mineral production.
Cadillac wholly-owns the Thierry Mine Project, located in northwestern Ontario, adjacent to the town of Pickle Lake, which contains a mineral resource estimate consisting of 8,281,000 measured and indicated tonnes grading 1.73% Cu and 0.20% Ni, and 14,639,000 inferred tonnes grading 1.70% Cu and 0.16% Ni, using a cut-off NSR of C$46.30/tonne.
Cadillac has entered into a joint venture agreement with Minas de Aguas Tenidas, S.A. ("MATSA"), a wholly-owned subsidiary of Iberian Minerals Corp. (TSX VENTURE:IZN) with respect to 14 properties totalling approximately 232 square kilometres within the Iberian Pyrite Belt of southern Spain surrounding the Aguas Tenidas Mine held by MATSA and encompassing a wide range of development opportunities, ranging from priority drill targets to advanced exploration/evaluation stage properties. Cadillac has recently satisfied the earn-in conditions under the joint venture agreement to earn a 90% earned interest in the joint venture.
Cadillac also holds (i) a 51% interest in the Burnt Hill Project, a tungsten tin project located outside of Fredericton, New Brunswick; (ii) a 30% indirect interest (with the option to acquire up to an additional 50% interest) in an approximately 51,000 hectare mineral property located on the Pacific coast of Peru, 100 kilometres north of Lima, Peru; and (iii) an interest in 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 the Company's website at www.cadillacventures.com.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws, including with respect to the Thierry Project's ability to sustain development and Cadillac's exploration plans 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.
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: 2011-10-27 15:21:59
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