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
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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
----------------------------------------------------------------------------
0.08 - 0.32 - 1.0 - 0.02 - 0.04 - 0.11 -
45 - 55 0.12 0.36 2.0 0.03 0.05 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 (approx. 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.
About Cadillac
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.
Contacts: Cadillac Ventures Inc. Norman Brewster President and
Chief Executive Officer 416 203-7722www.cadillacventures.com
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