Cadillac Ventures Inc.: Thierry Mine Updated Mineral Resource Estimate Increases Measured and Indicated by 33% and Inferred by 75% - Business - Press Releases on Astini News
& & TORONTO, ONTARIO — Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce it has received an updated resource estimate for the Thierry Mine project, based upon drilling carried out by Cadillac in 2010 and 2011. The updated Mineral Resource estimate consists 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. The updated resource estimate, prepared by P & E Mining Consultants Inc. ("P&E") is presented below. This update represents a significant increase over the May 2010 resource of 6,227,000 tonnes Measured and Indicated grading 1.92% Cu and 0.20 Ni and 8,379,000 Inferred tonnes grading 1.79% Cu and 0.16% Ni.&
Norman Brewster P.Geo, President and CEO of Cadillac commented "Cadillac is pleased that the success we obtained in our drill campaigns at Thierry has positively impacted the resource size, resulting in an increase of 33% in the Measured and Indicated category and 75% in the inferred category over the May 2010 resource estimate. The Thierry Mine has proven to be a notable copper resource in Ontario, with the K1-1 portion of the Thierry property still to be quantified we are optimistic that more good news will come from this property."
Updated Resource
August 2011 Updated Resource Estimate at a C$46.30/tonne NSR cut-off ---------------------------------------------------------------------------- Class Tonnes Cu % Ni % Ag g/t Au g/t Pt g/t Pd g/t ---------------------------------------------------------------------------- Measured 3,033,000 1.70 0.20 4.8 0.03 0.03 0.10 ---------------------------------------------------------------------------- Indicated 5,248,000 1.75 0.20 4.0 0.06 0.05 0.15 ---------------------------------------------------------------------------- Meas&Ind 8,281,000 1.73 0.20 4.3 0.05 0.04 0.13 ---------------------------------------------------------------------------- Inferred 14,639,000 1.70 0.16 6.5 0.10 0.07 0.21 ---------------------------------------------------------------------------- 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 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$5.30/tone.
Messrs. Brian H. Newton P.Geo, on behalf of the Company, and Eugene Puritch, P.Eng. of P&E, are "Qualified Persons" pursuant to NI 43-101 and both have reviewed and approved the contents of this press release.
About Cadillac
Cadillac's Thierry Mine project has a measured and indicated mineral resource of 8.2 million tonnes at a grade of 1.73% Cu, and an additional inferred mineral resource of 14.6 million tonnes at a grade of 1.70% Cu. In addition the resource includes Nickel, Silver, Gold, Platinum and Palladium. The Thierry Mine is located in Northwestern Ontario, is wholly owned by Cadillac, and was last in operation under UMEX in the early 1980s, leaving significant underground development in place. Since re-acquiring the Thierry Mine project, Cadillac has been focusing on adding to the resource in the immediate area of the mine by drilling a gap in the NI 43-101 deposit model referred to as the tooth, which management has internally calculated contains six million tonnes of material, this program has just been completed, with final results still pending. All of the holes successfully intersected mineralization of a grade and width that supported management's assumption regarding the continuation of the model at depth through the tooth. In addition, drilling along strike to both the east and the west has intersected mineralization outside of the NI 43-101 model. Cadillac's property position at Thierry is large and hosts other exploration targets, including the K1-1 deposit, known from historical drill records which are not NI 43-101 compliant, to be a large, low grade and shallow occurrence approximately three km to the east of the old Thierry Mine shaft, which also had within it higher grade intersections. Cadillac is currently investigating this deposit with several initial drill holes.
International exploration potential is also held by Cadillac, a joint venture partner with Minas de Aguas Tenidas, S.A.U. ("MATSA") regarding the exploration of 12 different investigation licenses encompassing over 230 square kilometers surrounding the Aguas Tenidas Mine held by MATSA (a wholly owned subsidiary of Iberian Minerals Corp.) in the Iberian Pyrite Belt of southern Spain. Each of these licenses hosts visible mineralization and/or evidence of historical mining activities. In order to earn a 90% interest in the entire license package Cadillac has embarked on a survey drill program over several of these licenses which is nearing completion augmented by geophysics. The information produced by this program has been assembled and is guiding management in prioritizing these properties for individual definition campaigns.
The three other projects held by Cadillac consist of: (i) the Burnt Hill Project, a 51% owned tungsten tin project located outside of Fredericton, New Brunswick and where Cadillac obtained positive drill results and new evidence of mineralization at the extents of this large property last summer and which is slated for follow up work in the Summer/Fall 2011 season; (ii) the Pickle Lake Gold project, a land package contiguous to three formerly productive historic gold mines which has been joint ventured to Newcastle Minerals Ltd.; and (iii) the New Alger project located in the Cadillac Break mining camp in Quebec which is a gold project joint ventured to Renforth Resources Inc.
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.
& &© Marketwire 2011
& & &