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Monday, 17 September 2012
Cadillac Ventures finds mineralization outside of the current K1-1 pit at Thierry, with better grades
Cadillac Ventures (CVE:CDC) released Thursday results from its summer drilling program on the K1-1 open pit deposit at its Thierry project in northwestern Ontario, which management called "a success".
The program consisted of 7,218 feet, designed to deepen and widen the K1-1 pit.
The company said Thursday the campaign was deemed a success as each hole encountered mineralization outside of the current NI 43-101 compliant Whittle Pit model.
The holes returned grades comparable to, or better than, those within the current Whittle Pit defined resource, said Cadillac.
Recent results included 225 feet at 0.48% copper and 0.11% nickel, as well as 160.2 feet at 0.51% copper and 0.1% nickel.
"The 2012 drilling to date has been a success in proving additional mineralization outside the current open pit exists," said president and CEO of Cadillac, Norm Brewster.
"This is the latest in our ongoing success at the Thierry Project, we have added tonnes and shown resources at both the underground Thierry Mine and the K1-1 open pit since Cadillac acquired the 11,538 acre property."
As announced earlier this year, the inferred mineral resource at K1-1 was estimated within "an economically optimized Whittle pit shell", consisting of 53.6 million tonnes grading 0.38% copper, 0.10% nickel, 1.83 g/t silver, 0.03 g/t gold, 0.05 g/t platinum and 0.14 g/t palladium.
In addition to this, the K1-1 property contains a global mineralized inventory of 75.86 million tonnes grading 0.38% copper, 0.10% nickel, 1.81 g/t silver, 0.0 2g/t gold, 0.05g/t platinum and 0.14 g/t palladium.
This inventory includes the resource within the Whittle Pit. The difference between the two, the company said, is mineralization which was identified as occurring on the property, but outside of the economically optimized Whittle Pit.
Cadillac's Thierry property, near Pickle Lake, Ontario, consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources at the Thierry Mine and the K1-1 deposit.
The company said it anticipates it will be updating the resource at K1-1, and is currently focused on the drill program targeting "further positive results" outside the current pit.
Aside from the Thierry project, Cadillac also holds a 51 per cent interest in the Burnt Hill project, a historic tungsten/tin mine taken to test production by Brewster for Canadian International Paper during the early 1980s.
The company is aiming to restart development at the project.