Friday, 24 February 2012

Cadillac Ventures updates Thierry mine underground resource

Cadillac Ventures (CVE:CDC)  Thursday announced that the underground resource at its Thierry Mine project has been revised.
The Thierry property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources from the Thierry Mine and the K1-1 deposit.
The revision is based on the operating costs of conceptually combining the operations of the Thierry underground and the K1-1 open pit deposits.
The conceptual combination of operations has resulted in a decrease to the NSR cut-off of $5.30 per tonne for the underground resource, the company said.
Thierry now contains 8.8 million tonnes measured and indicated resources grading 1.66% copper, 0.19% nickel, 4 grams per tonne (g/t) silver, 0.05 g/t gold, 0.04 g/t platinum and 0.13 g/t palladium.
In the inferred category, the deposit hosts 14.9 million tonnes grading 1.64% copper, 0.16% nickel, 6.4 g/t silver, 0.10 g/t gold, 0.07 g/t platinum and 0.21 g/t palladium.
Previously, the Thierry Mine deposit held a resource estimate consisting of 8.3 million tonnes measured and indicated grading 1.73% copper and 0.20% nickel, as well as 14.6 million tonnes inferred grading 1.70% copper and 0.16% nickel.
The deposit remains open at depth and to the west, Cadillac Ventures said.
Cadillac president and chief executive, Norman Brewster, said: "The impact to the existing resource statement of the lowering of the conceptual combined operating costs for both the Thierry Mine underground and the K1-1 Open Pit deposits, while not resulting in significant additional tonnage at this time, will be positive for project economics and broadens the range of underground material which, may, one day, be economically mined from Thierry underground, should a production decision be made."
Cadillac is a development-focused copper company currently advancing its 100 percent-owned Thierry Property, near Pickle Lake, Ontario.
Earlier this month, the company said it started an updated mineral resource estimate for its K1-1 deposit, following the receipt of results from 26 drill holes recently completed at the site.

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