Cadillac Ventures ups resource estimate for Thierry Mine in Ontario

Development-focused exploration company Cadillac Ventures (CVE:CDC) Thursday reported an increased resource estimate for its wholly-owned Thierry Mine project in northwestern Ontario by 33% in the measured and indicated category and 75% in the Inferred category over its estimate from May of last year.

The Toronto-headquartered miner said the updated NI 43-101 compliant mineral resource estimate consists of 8.281 million measured and indicated tonnes grading 1.73% Cu and 0.20% Ni, and 14.639 million Inferred tonnes grading 1.70% Cu and 0.16% Ni, using a cut-off NSR of $46.30/tonne. 

In May of 2010, Cadillac said the project had a resource of 6.227 million tonnes measured and indicated grading 1.92% Cu and 0.20 Ni and 8.379 million inferred tonnes grading 1.79% Cu and 0.16% Ni.

Cadillac's President and CEO Norman Brewster said: "Cadillac is pleased that the success we obtained in our drill campaigns at Thierry has positively impacted the resource size. 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." 

Speaking to proactive investors, Brewster said he will receive results from the K1-1 drill hole at Thierry "in the next 10 days" with a further update in the coming weeks from the Burnt Hill project in New Brunswick.

Cadillac said that the resource also includes Nickel, Silver, Gold, Platinum and Palladium. The Thierry Mine was last in operation under UMEX in the early 1980s, leaving significant underground development in place.

The company's shares closed up 2.56% at $0.20 on Wednesday.

Earlier this month, the drill hole K-11-10 intersected a weighted average of 0.33% copper over 516.4 feet, between 18.6 and 535 feet down the hole and drill hole K-11-11 intersected a weighted average of 0.26% copper over 83.9 feet, between 590 and 673 feet down the hole. The company also said that drill hole K-11-8 had intersected a weighted average of 0.27% copper at 610 feet, between 110 and 720 feet down the hole.

Since March of 2011, Cadillac has drilled 16 holes into the K1-1 deposit.