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Wednesday, 21 November 2012
Cadillac Ventures resumes exploration at Burnt Hill in New Brunswick
Toronto-based Cadillac Ventures (CVE:CDC) says it has resumed exploration on its Burnt Hill property in NewBrunswick, which covers more than 125 square kilometres and has NI 43-101 compliant tungsten, tin and molybdenum resources.
The last resource estimate on the property was calculated in 2009.
"Cadillac is expanding on previous work at Burnt Hill, specifically investigating showings outside of the former mine area which contains the defined resources, and the area in between the mine and known showings, to investigate the theory that there is a larger system of mineralization present on the property than currently known," said president and CEO, Norman Brewster.
"We have commenced a basic surface exploration program before snow prevents that work."
The phase 1 ground exploration program will target the Tin Hill, Burnt Hill Brook Area, the Burnt Hill Mine Area, and the 2 1/2 Mile Brook Area, with two prospecting crews currently in the field.
The company said the sampling program in each area has successfully located outcrop mineralization with quartz veining at each site. The mineralization found has been sampled and will be submitted to a lab for testing, with results to be released when available.
"The field success of the sampling program to date in locating outcrop veining containing visible mineralization supports the theory we are testing, that there may be a larger mineralization system present at Burnt Hill than presently known," added exploration manager for the Burnt Hill program, Brian Newton.
Cadillac 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.
Just yesterday, the junior explorer announced an up to $3.0 million private placement financing, with funds to be used for the exploration of its Canadian properties.
In September, the company released results from its summer drilling program on the K1-1 open pit deposit at its main 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 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 at the time.
The 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.
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.