Cadillac Ventures takes control of Pickle Gold Project, planning underway for summer drilling progra

Cadillac Ventures Inc (TSX-V: CDC) has obtained a 100% interest in the Pickle Gold property, in connection with its acquisition of Richview Resources. The merger was completed in January, and through the the deal, Cadillac has added past producing gold properties to its portfolio.

Cadillac said it is encouraged by the favourable location of the Pickle Gold property, in a very prospective and active gold camp in Ontario.  The Pickle Gold property is situated approximately 10km east of the Thierry property. The property is south of the adjoining Pickle Crow property, where PC Gold Inc (TSX: PKL) recently discovered Vein 20 – which was intersected with 20.96 grams per tonne (gpt) gold over 0.5m at a depth of 125.6 m.

Cadillac's Pickle Gold property encompasses 31 square kilometres  over 21 claims, five of which are joined to PC Gold's property. The property adjoins the past producing Pickle Crow, Central Patricia and Dona Lake mine properties.

The Pickle Lake mining camp has an extensive geological, exploration and mining history, between 1934 and 1996 approximately 2.2 million ounces of gold were produced from three mines at an average grade of 12.85gpt gold. Exploration in the area has been ongoing since.

Cadillac has dispatched contractors to the area to verify the Pickle Gold project boundaries in relation to the exploration of PC Gold and to initiate planning for a summer gold exploration drilling program this year.

The Thierry Mine is situated on the outskirts of the town of Pickle Lake in the Patricia Mining District, produced 5.8 million tonnes of copper-nickel ore between 1976 and 1982. The average recovered grade was 1.13% copper and 0.14% nickel.

Richview Resources updated the resource at the project in 2006, reporting a NI 43-101 compliant measured and indicated resource of 5.57 million tonnes grading 1.8% copper, 0.19% nickel, 5.67 g/t silver, 0.08 g/t gold, 0.13 g/t platinum and 0.28 grams per tonne palladium with a further 3.4 million tonnes in the inferred category grading 1.6% copper, 0.18% nickel, 6.1 g/t silver, 0.12 g/t gold, 0.14 g/t platinum and 0.39 g/t palladium.

Cadillac is currently preparing an exploration program at Thierry, which will include a revised resource estimate, updating the resource model to identify new drill targets, and the creation of a working group to identify the ‘critical path steps’ to commence dewatering of the mine in June.

The company also intends to negotiate the acquisition of results from an airborne geophysics survey, previously completed over the area in 2008, and a review of the properties permits.

http://www.proactiveinvestors.com.au/companies/news/6239/cadillac-ventures-takes-control-of-pickle-gold-project-planning-underway-for-summer-drilling-progra-6239.html