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Friday, 22 February 2013
Cadillac Ventures exploring potential of Kirkland Lake property, with "compelling" geological setting
Toronto-based Cadillac Ventures (CVE:CDC) says it has started an internal review of the company's Kirkland Lake Gold property after some encouraging data.
The asset, which Cadillac acquired as part of its purchase of Richview Resources in January 2010, is located west of the town of Kirkland Lake, Ontario, within four kilometres of the producing Macassa mine.
"Cadillac is intrigued by the potential of this property," said president and CEO Norman Brewster in a statement this morning.
"The compelling geological setting, the historic activity and location of the property all merit Cadillac's exploration attention. We look forward to developing this asset further."
Indeed, a preliminary review of Ontario assessment records, and a technical report filed under Richview's profile on SEDAR, led Cadillac to a number of conclusions, including that the Larder Lake Break is within 100 metres of the southern boundary of the property.
The Kirkland Main Break has also been mapped to within 500 metres of the eastern side of the southern part of the property, Cadillac said.
In addition, the southern portion of the asset is underlain by a certain type of metasedimentary rocks that underlies many of the mines and deposits of the Kirkland Main Break, it added.
Previous work done on this part of the property has included detailed mapping, which uncovered what is interpreted to be a fault, and may relate to the Kirkland Main Break to the east, with a similar strike, the junior mineral explorer said.
Cadillac's Kirkland Lake property also encompasses the historic Four Nations Shaft, an area that has seen several exploration campaigns carried out over the years, including the deepening of the shaft, surface trenching and drilling - all focused on several gold-bearing zones found in the early 1900s.
Though records of exploration results are not all available to Cadillac, the company says it has found reference to early trenches defining a 61 metre strike length of 8.57 grams per tonne (g/t) gold over an average width of 2.38 metres.
When the company acquired the property in 2010, Richview had carried out limited exploration on the asset. With the internal review, Cadillac also planning initial fieldwork to be carried out in the spring.
Earlier this month, Cadillac said it planned to raise up to a half a million through a private placement financing with existing shareholder Urion Mining International - a subsidiary of Trafigura, one of the world's leading international commodity traders.
The junior mineral explorer plans to use the new funds for general working capital.
Last November, the Toronto-based company resumed exploration on its Burnt Hill property in New Brunswick, which covers more than 125 square kilometres and has NI 43-101 compliant tungsten, tin and molybdenum resources.
Cadillac holds a 51 per cent interest in the Burnt Hill project, a historic tungsten/tin mine taken to test production by CEO Brewster for Canadian International Paper during the early 1980s. The company is aiming to restart development at the project.
It also stands to benefit from its nickel and copper Thierry project in northwestern Ontario, which consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources at the Thierry Mine and the K1-1 deposit.