Cadillac Ventures issues maiden resource for K1-1 at Thierry, shares spike 17%

Canadian explorer Cadillac Ventures (CVE:CDC) Tuesday issued a mineral resource estimate and exploration target for the company's wholly-owned K1-1 open pit project at its Thierry property near Pickle Lake, Ontario.
Investors greeted the news positively, with Cadillac stock up 17 percent to 24 cents Tuesday afternoon. For the year to date, the stock is up 9 percent.
The company said that the inferred NI 43-101 compliant mineral resource estimate for K1-1 within a Whittle pit shell was 19,897,000 tonnes grading 0.10 percent nickel, 0.42 percent copper, 2.0 grams per tonne (g/t) silver, 0.03 g/t gold, 0.05 g/t platinum and 0.15 g/t palladium.
Meanwhile, the exploration target for K1-1, located outside and below the resource pit shell, was 45-55 million tonnes grading between 0.08 percent to 0.12 percent nickel and 0.32 percent to 0.36 percent copper.
Cadillac's President and CEO Norman Brewster said: "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."
The estimate, provided by P&E Mining Consultants, has been based on a combination of historic drilling by previous project operators and more recent drilling by Cadillac. Beginning in March, the company drilled a total of 16 holes at the K1-1 deposit to confirm historical holes, and to facilitate the calculation of an NI 43-101 compliant resource.
Cadillac said it will start an exploration program on the K1-1 deposit this week, including 10,000 metres of drilling over the next several months, utilizing two diamond drills rigs.
The purpose of the drill program will be 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 the area under the pits and along strike in an exploration program.
The Thierry property lease area covers 4,692 hectares and is located 15 kilometres west of the town of Pickle Lake. It comprises four 'high-priority' areas: K1-1, K1-2, G, and J zones. The K1-2 zone was the most extensively explored and became the Thierry Mine.
In early September, Cadillac Ventures updated its NI 43-101 compliant mineral resource estimate for the Thierry mine - excluding the K1-1 deposit - which consists of 8.281 million measured and indicated tonnes grading 1.73% copper and 0.20% nickel, and 14.639 million inferred tonnes grading 1.70% copper and 0.16% nickel.