Cadillac Ventures Inc.: Updated Thierry Resource Estimate Received
June 09 2010 - 10:10AM
Marketwired
Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac" or the
"Company") is pleased to report that a recently completed updated
resource estimate by P&E Mining Consultants Inc. for the former
Thierry mine consists of an Indicated Resource of 6,228,000 tonnes
containing 1.92% Cu and 0.2% Ni and an Inferred resource of
8,379,000 tonnes containing 1.79% Cu and 0.16% Ni using an NSR
cut-off of C$46/tonne.
Table 1 - June 2010 Updated Resource Estimate at a C$46/tonne NSR cut-off
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Class Tonnes Cu % Ni % Ag g/t Au g/t Pt g/t Pd g/t
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Measured 2,221,000 1.90 0.21 7.7 0.13 0.13 0.41
--------------------------------------------------------------------------
Indicated 4,007,000 1.93 0.20 7.1 0.14 0.14 0.41
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Meas&Ind 6,228,000 1.92 0.20 7.3 0.14 0.14 0.41
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Inferred 8,379,000 1.79 0.16 9.6 0.18 0.12 0.35
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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 December 11, 2005.
4. The 2 year trailing average US metal prices used in this estimate were
$2.75/lb Cu, $7.62/lb Ni, $14.75/oz Ag, $945/oz Au, $1,350/oz Pt and
$308/oz Pd. The C$US$ Exchange rate was 0.95.
5. Overall payable metal in the NSR calculation were 84% Cu, 13% Ni and 37%
for Ag, Au, Pt & Pd.
6. Costs used to determine the C$46/tonne NSR cut-off value are as follows:
mining C$28/tonne, processing C$13/tonne and G&A C$5/tonne.
The resource statement was prepared at the request of Cadillac
using the additional data generated by drilling 20 holes in 2007
and 2008 by the former operators of the property as well as the
drilling used in previous NI 43-101 resource estimates. In all,
1,180 surface and underground drill holes were utilized on 15 metre
drill sections in the resource estimate. Block model grades were
determined with inverse distance squared (1/d2) interpolation. The
Thierry mineralization has a strike length of 1,300 m and a down
dip distance of 1,600m.
Cadillac is the sole owner of the former Thierry Mine which sits
on approximately 4600 hectares of leased land outside the Town of
Pickle Lake in Northern Ontario. This resource statement was
prepared by P&E Mining Consultants Inc. under the supervision
of Eugene Puritch P.Eng in a manner which meets the guidelines of
National Instrument 43-101. A technical report will be filed within
45 days of this press release.
Cadillac is pleased by the significant increase in the resource
evident when the June 2010 resource statement in Table 1 is
compared against the September 2006 statement in Table 2 below.
Drill results incorporated into the updated June 2010 statement
include intersections at a vertical depth of greater than 900
metres, and several holes which encountered mineralization in
previously untested areas of the deposit.
Table 2 - September 2006 Resource Estimate
------------------------------------------------------------------------
Classification 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 1.80 0.19 5.67 0.08 0.13 0.28
------------------------------------------------------------------------
Inferred 3,403,000 1.60 0.18 6.10 0.12 0.14 0.39
------------------------------------------------------------------------
The mineral resources in this press release were estimated using the Canadian
Institute of Mining, Metallurgy and Petroleum ("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.
Mr. Brian H. Newton P.Geo, on behalf of the Company and Eugene
Puritch, P.Eng are "Qualified Persons" pursuant to NI 43-101 and
both have reviewed and approved the contents of this press
release.
About Cadillac
Cadillac is a development-focused exploration company which has
the past-producing Thierry Property near Pickle Lake in Northern
Ontario, several exploration projects in Spain in joint venture
with MATSA and three Canadian exploration projects, located in
regions that have been historically active.
In addition to the Thierry mine project Cadillac wholly owns the
New Alger project, a previously productive gold mine, located
outside of Cadillac, Quebec, where the Company has entered into a
joint venture agreement with Renforth Resources Inc. for a three
year $2.5 million exploration program. In Spain, the Company is
joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding
the exploration of 12 different investigation licenses surrounding
the Aguas Tenidas Mine in the Iberian Pyrite Belt of southern
Spain. The Burnt Hill Project is a 51% owned tungsten tin project
located outside of Fredericton, New Brunswick. The Company also
holds the Pickle Gold project comprised of 21 claims in the
vicinity of 3 historically productive gold mines near Pickle Lake,
and the Kirkland Gold project, located about 15 kilometres west of
the town of Kirkland Lake.
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 www.cadillacventures.com
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