Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac") is pleased
to provide the following information with respect to the
past-producing Thierry Mine property, which Cadillac recently
acquired through its acquisition of Richview Resources Inc.
("Richview") in January, 2010 (see Cadillac's press release dated
January 19, 2010).
The former Thierry Mine is located in the Patricia Mining
District of Northwestern Ontario, a few kilometers from the town of
Pickle Lake, with infrastructure and a nearby workforce that
previously supported mining operations onsite between 1976 and
1982. During this time Union Miniere Corporation ("UMEX") produced
5.8 million tons of copper-nickel ore with an average recovered
grade of 1.13% Cu and 0.14% Ni. Subsequent to this the property
changed hands several times with various levels of exploration
activity.
Thierry Resource Estimate
On September 14th, 2006, the former owner (Richview) of the
Thierry deposit press released an NI 43-101 compliant updated
resource estimate, which estimate superseded an initial resource
estimate (April 2006), both of which were authored by P&E
Mining Consultants Inc.
Table 1. Resource Estimate (September 2006)
--------------------- ------------ ------ ------ ------ ------ ------ ------
Classification (1) Tonnes (i) Cu% Ni% Ag g/t Au g/t Pt g/t Pd g/t
--------------------- ------------ ------ ------ ------ ------ ------ ------
Measured 26,000 1.72 0.24 5.74 0.08 0.28 0.46
--------------------- ------------ ------ ------ ------ ------ ------ ------
Indicated 5,544,000 1.81 0.19 5.67 0.08 0.13 0.28
--------------------- ------------ ------ ------ ------ ------ ------ ------
Meas.&Ind. 5,570,000 1.8 0.19 5.67 0.08 0.13 0.28
--------------------- ------------ ------ ------ ------ ------ ------ ------
Inferred (2) 3,403,000 1.6 0.18 6.1 0.12 0.14 0.39
--------------------- ------------ ------ ------ ------ ------ ------ ------
(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,
sociopolitical, marketing, or other relevant issues.
(2)The quantity and grade reported in this inferred resource estimation are
conceptual in nature and there has been insufficient exploration to define
an indicated mineral resource on the property and it is uncertain if
further exploration will result in discovery of an indicated or measured
mineral resource on the property.
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 December 11, 2005.
To provide additional information, the resources as set out
above are estimated to contain the following amounts of metal:
Table 2. Metal Content (September 2006)
--------------------------------------------------------------------------
Classification Copper Nickel Ag Au Pt Pd
(Millions (Millions (millions (000's (000's (000's
lbs) lbs) oz) oz) oz) oz)
--------------------------------------------------------------------------
Measured 1.0 0.1 0.01 0.07 0.23 0.38
--------------------------------------------------------------------------
Indicated 221.2 23.2 1.01 14.26 23.17 49.91
--------------------------------------------------------------------------
Meas. & Ind. 222.2 23.3 1.02 14.33 23.40 50.29
--------------------------------------------------------------------------
Inferred 120.0 13.5 0.67 13.13 15.32 42.67
--------------------------------------------------------------------------
Tables 1 and 2 above were presented in the "Technical Report and
Resource Estimate on the Thierry CU-NI-PGE Mine Property, Pickle
Lake Area, Patricia Mining District, Northwestern Ontario, Canada"
authored April 6th 2006 by P&E Mining Consultants Inc. for
Richview Resources Inc. and publicly filed. The same report further
states:
"The 2004-2005 drilling campaign was successful in confirming
that the mineralized zones are continuous along strike and extend
to at least 3000 feet vertical. The main mineralized zone is now
traceable over a 6,000-foot strike length dipping to the SW at 55
degrees"
The 2004-2005 13 hole Thierry drilling program carried out by
Richview drilled 16,608.85 feet. Prior to this the property was
also drilled from surface by PGM Ventures Inc. and UMEX, the latter
discovering the deposit with a surface hole in 1970 followed by 77
holes totalling 45,000 feet from surface. Additional extensive
underground drilling on 100 foot intervals on the 600, 1,200 and
1,600 foot development levels was also undertaken. The April 2006
report incorporated all available historical information to prepare
the resource estimate in Tables 1 and 2 above. Subsequent to
publication of the resource estimate in 2006, an additional report
containing data resulting from an underground core re-sampling
program by UMEX in 1974-75 to assess previously disregarded PGM
values in the 1200 level drilling became available. A selection of
the results obtained from this historical, re-sampling program
are:
--------------------------- ------- ------- ----- -------------------------
For Bulk Mining (i) Au+ Equivalent
--------------------------- ------- ------- ----- -------------------------
Pt+Pdg/
Drillhole Pt g/t Pd g/t Au g/t t Cu% Ni% Cu Pd Width (m)
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-090E-0 0.33 1.05 0.51 1.89 2.62 0.15 4.7 7.5 9.2
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-101E-2 0.17 0.67 0.13 0.96 1.72 0.28 3.8 6.1 19.8
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-102E-3 0.81 1.39 0.21 2.41 2.08 0.26 5 7.9 19.8
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-103E-1 0.86 1.91 0.18 2.96 1.64 0.37 5.4 8.5 13.7
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-104E-2 0.29 0.96 0.32 1.57 2.1 0.19 4 6.3 39.6
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-105E-1 0.18 1.21 0.05 1.44 1.21 0.23 3.2 5.1 16.8
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-107E-1 0.13 0.97 0.09 1.2 2.22 0.25 4.2 6.6 18.3
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-111E-1 0.45 0.45 0.15 1.04 1.65 0.15 3.3 5.1 12.2
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-112E-0 0.15 0.62 0.14 0.91 4.17 0.31 6.3 10 13.7
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-116E-0 0.29 1.48 0.14 1.91 2.52 0.57 6.3 10 9.2
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-117E-0 0.22 0.67 0.13 1.02 1.32 0.24 3.2 5 27.4
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-118E-0 0.19 0.86 0.13 1.18 1.85 0.32 4.1 6.5 16.8
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
1200-120E-0 0.18 0.89 0.12 1.19 1.19 0.29 3.3 5.2 10.7
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
Average(i): 0.31 0.97 0.19 1.47 2.2 0.25 4.3 6.8 17.7
----------- ------- ------- ------- ------- ----- ----- ---- ---- ---------
Note: The material set out in this table are historic and have
not been reviewed by a Qualified Person and are illustrative in
nature only;
Previous Exploration
In 2007 and 2008 Richview executed a surface drilling program.
The results from this program were excluded from the resource
estimate in tables 1 and 2 and in the opinion of Cadillac's
management need to be considered in an updated resource estimate.
The 2007 drill program encountered mineralization between
approximately 2,800 and 3,000 feet down the hole (occurring down
dip from the previously known extents of mineralization) with the
intersections presented below. The 2008 drill program intersected
mineralization as deep as 3,878 feet down the hole. Results from
both the 2007 and 2008 surface drill campaigns carried out by
Richview are presented below, all of these results have been
obtained from Richview press releases on the dates noted and are
available on SEDAR under Richview's profile.
--------- -------------- -------------- -------------- ------ ---------
Hole ID From To Length (ft) Cu% Date
--------- -------------- -------------- -------------- ------ ---------
RV-07-04A 2964.1 2979 14.9 0.5 2/8/2008
--------- -------------- -------------- -------------- ------ ---------
RV-07-05 2876.9 2910.9 94.2 1.33 2/8/2008
--------- -------------- -------------- -------------- ------ ---------
RV-07-12A 3141.4 3164.5 23.1 1.77 2/8/2008
--------- -------------- -------------- -------------- ------ ---------
incl. 3141.4 3159.3 17.9 2.43 2/8/2008
--------- -------------- -------------- -------------- ------ ---------
RV-08-15B from 3028 vertical depth 22.6 1.33 7/16/2008
--------- -------------- -------------- -------------- ------ ---------
RV-08-17 3857.2 3887.7 25.6 0.54 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
incl. 3866.6 3878 11.4 1.15 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
RV-08-18 2727.2 2752.9 25.7 0.55 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
incl. 2727.2 2734.1 6.9 1.56 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
RV-08-19 2914.8 2975.0 60.2 2.5 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
incl. 2917.0 2966.0 49.0 3.0 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
incl. 2928.5 2951.1 22.6 3.8 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
incl. 2928.5 2938.2 9.7 5.3 9/24/2008
--------- -------------- -------------- -------------- ------ ---------
Richview's press releases issued on 2/8/2008 and 7/16/2008 cite
the review of Eduard Sawitzky, P.Geo and a Qualified Person
pursuant to National Instrument 43-101. The press release for
9/24/2008 cites the review and approval of Brian H. Newton P.Geo,
also a Qualified Person. Both were acting as independent
consultants to Richview at the time of the releases. The core
lengths presented above are down the hole, the true widths have not
been calculated.
Cadillac's Project Plans
Cadillac has commenced an aggressive exploration plan at
Thierry:
- P & E Mining Consultants Inc. have been retained to revise the resource
estimate for Thierry to include the previously excluded PGM sampling
report and the results of the surface drill program and the deep
mineralization intercepts obtained by Richview.
- It is intended that this updating and remodelling of the mineralized
zones will allow Cadillac to identify areas to target for a planned
surface drilling campaign scheduled to commence in June, 2010.
- Cadillac is in negotiations to obtain the results of an airborne
geophysical survey that was flown over the Thierry claim group in 2008.
Cadillac anticipates that this previously unseen geophysical survey
will, if acquired, further aid Cadillac in the planning of its June,
2010 surface drill program.
- Cadillac has formed a working group comprised of management, geologists,
engineers, contractors and local community representatives to commence
planning and with the intention of identifying the critical path steps
to initiate a June 2010 dewatering program onsite.
- Cadillac has retained an environmental firm to assess the permits that
were previously acquired by Richview to ensure they are in good standing
and identify any further permissions which are required to commence
dewatering.
- Cadillac will also examine the closure plan requirements for the Thierry
Mine as part of this process.
Michael Newbury P.Eng and an independent Qualified Person
pursuant to National Instrument 43-101 has reviewed and approved
the technical disclosure in this release on behalf of the company.
In addition Eugene Puritch P.Eng, President of P&E Mining
Consultants Inc. also an independent Qualified Person has reviewed
and approved the technical disclosure in this press release and
this press release accurately reflects the results of the April
2006 technical report and the content of the September 2006 press
release.
About Cadillac
Cadillac is a development-focused exploration Company which has
the past-producing Thierry Property near Pickle Lake in Northern
Ontario, two Canadian exploration projects, located in regions that
have been historically active, and exploration projects in
Spain.
The New Alger project located outside of Cadillac, Quebec is a
wholly-owned, previously producing gold mine, where the Company has
entered into a joint venture agreement with Renforth Resources Inc.
for a three year $2.5 million exploration program. The Burnt Hill
Project is 51% owned tungsten tin project located outside of
Fredericton, New Brunswick. In Spain, the Company is joint venture
partner with Minas de Aguas Tenidas, S.A.U. regarding the
exploration of a number of high potential properties surrounding
the Aguas Tenidas Mine.
For more information regarding Cadillac, please visit our
website at www.cadillacventures.com.
Forward Looking Statements
This news release may contain certain forward-looking statements
under applicable securities laws. 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.
Forward-looking statements 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. Cadillac assumes no obligation to
revise or update these forward-looking statements except as
required by 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 416 203-7722
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