Cadillac Announces Drilling Results at K1-1 Project at Thierry Property
TORONTO, ONTARIO--(Marketwire - Jan. 18, 2012) - Cadillac Ventures Inc. (TSX VENTURE:CDC.V - News) ("Cadillac" or the "Company") is pleased to announce results for the first eight of 26 holes drilled on the K1-1 open pit project at its Thierry Mine property, located in Northwestern Ontario. Highlights include 110 feet of 0.626% Cu obtained from hole KH-11-21, and 87.5 feet of 0.546% Cu in hole KH-11-19.
The K1-1 project is located approximately 3 kms to the east of the Thierry Mine project, both being within the boundaries of the 11,538 acre Thierry property, occupying only a small portion of the property. In late 2011, the Company released an initial inferred mineral resource estimate for K1-1 within a Whittle pit shell consisting of: 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 and an Exploration Target for K1-1 located outside and below the resource pit shell of: 45-55 million tonnes grading between 0.08 and 0.12% Ni, 0.32 to 0.36% Cu. The 26 hole drill program was designed to address gaps within the pit shell area, as well as test for extensions along strike and at depth. Depicted below are the eight drillholes reported on in the press release, relative to the pit shell and the resources identified within the pit shell, and outside of the pit shell, the latter f orms the exploration target. This drilling is also designed to facilitate the upgrading of known mineralization from the exploration target category into the resource statement using infill drilling. This can be seen below where the drillhole traces in yellow, some of which were collared in the pit, extend below the pit and the currently modeled mineralized envelopes. Recalculation of the resource, incorporating these drill results is expected to result in an increase to the resource by the extension of the modeled mineralization.
To view K1-1 3D model of pits and mineralization with holes K-11-17 thru K-11-24, please visit the following link: http://media3.marketwire.com/docs/cdc0118fig1.pdf.
"We are pleased with the success of the K1-1 drilling program as seen in the consistent assay results over significant widths obtained so far, both within and outside of the currently designed pits. These results will have a positive impact on the existing resource at K1-1, which in turn will have a positive impact on the Thierry Mine Project as both the open pit and the underground resources would share the same infrastructure and capital costs, if a mining decision is made," stated Norman Brewster, President and CEO of Cadillac.
The highlights of the assays results received to date are included in the following table;
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Length
Hole Grid E Grid N From To ft Cu% Ni%
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K-11-17 10300 450 335 345 10 0.408 0.1
K-11-17 418.6 440 21.4 0.306 0.103
K-11-17 480 605 125 0.349 0.104
including 480 510 30 0.34 0.098
including 545 570 25 0.418 0.113
K-11-17 645 660 15 0.42 0.074
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K-11-18 10300 250 60 205 145 0.321 0.083
including 125 205 80 0.421 0.102
including 125 140 15 0.564 0.124
including 155 205 50 0.438 0.101
including 155 185 30 0.502 0.097
K-11-18 230 240 10 0.368 0.086
K-11-18 380 415 35 0.352 0.109
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K-11-19 10900 500 341.8 429.3 87.5 0.546 0.089
including 341.8 410 68.2 0.605 0.1
including 341.8 374.5 32.7 0.725 0.116
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K-11-20 10400 350 290 320 30 0.315 0.061
K-11-20 340 345 5 0.719 0.097
K-11-20 530 585 55 0.323 0.066
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K-11-21 10900 300 190 300 110 0.626 0.088
including 190 275 85 0.712 0.096
including 190 225 35 0.898 0.138
including 200 225 25 0.974 0.152
K-11-21 377.5 485 107.5 0.329 0.074
including 377.5 465 87.5 0.361 0.079
including 410 465 55 0.37 0.09
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K-11-22 10700 500 330 400 70 0.479 0.079
including 330 375 45 0.537 0.087
K-11-22 420 430 10 0.425 0.096
K-11-22 450 465 15 0.533 0.118
K-11-22 490 560 70 0.339 0.085
including 540 560 20 0.461 0.107
K-11-22 580 600 20 0.337 0.076
K-11-22 640 650 10 0.5 0.072
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K-11-23 10900 750 475 535 60 0.508 0.061
including 475 495 20 0.736 0.07
including 515 535 20 0.604 0.07
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K-11-24 10700 750 550 790 240 0.306 0.079
including 550 570 20 0.464 0.105
including 590 610 20 0.488 0.108
including 640 660 20 0.424 0.104
including 700 720 20 0.451 0.09
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In this program there was a total of 20,868 feet drilled over the twenty-six holes, and a total of 2,590 samples taken (excluding quality assurance and quality control sample protocols). Results have been received for 663 samples over the holes K-11-17 thru K-11-24 as highlighted above. Of these samples 136 gave Cu values between 0.3 and 0.5%, 57 gave values between 0.5 and 1%, and 6 gave values over 1%. The remainder of the assays will be released as received and tabulated. Once all of the assays are received the Company will be updating the initial K1-1 resource statement.
The samples were selected in the field, cut and bagged, sealed with a security seal and transferred by personnel from Billiken Management Services Inc. and bonded courier to the facilities of Agat Laboratories Ltd. in Sudbury, Ontario where they were processed using Total Digestion ICP(Total), with the over limit results further tested by Fire Assay ICPOES, and the gold, platinum and palladium tested by Fire Assay ICP.
Mr. Brian H. Newton, P.Geo, of Billiken Management Services Inc. and a "qualified person" pursuant to NI 43-101 has reviewed and approved the technical information in this press release on behalf of the Company.
About Cadillac
Cadillac is a development-focused copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
Thierry Mine Deposit
The Thierry Mine is a past producing mine with a current resource estimate consisting of 8.3 million tonnes measured and indicated grading 1.73% Cu and 0.20% Ni, and 14.6 million tonnes inferred grading 1.70% Cu and 0.16% Ni, using a cut-off NSR of C$46.30/tonne. The deposit remains open at depth and to the west.
K1-1 Deposit
The K1-1 is a potentially open-pit, large tonnage, low grade deposit located approximately 3 km from the past producing Thierry Mine. The inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following 20 million tonnes grading 0.42% Cu, 0.10% Ni, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, 0.15 g/t Pd. The K1-1 Deposit is open along strike and at depth.
For more information regarding Cadillac, please visit the Company's website atwww.cadillacventures.com.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws, including with respect to recalculation of the resource at K1-1 and the potential impact of drill results on the Thierry Mine Project. 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 fina ncing, 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.
Contact:
Norman Brewster
Cadillac Ventures Inc.
President and Chief Executive Officer
416 203-7722
www.cadillacventures.com
OR
Nathalie Dion
MI3 Communications Financi�res Inc.
(514) 904-1333
nathalie@mi3.ca
