Cadillac Announces Mineral Resource Estimate for K1-1 Project at Thierry Property
October 25 2011 - 8:30AM
Marketwired Canada
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
----------------------------------------------------------------------------
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.
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