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Thursday, 21 March 2013
Cadillac Ventures expands mineralization at Burnt Hill
Cadillac Ventures (CVE:CDC) says it has expanded mineralization at its Burnt Hill mine project in central NewBrunswick, after revealing results from its recent drilling program.
The drilling, the company said, occurred outside areas of known mineralization, with each of the five holes intersecting mineralization and expanding the area of the mine site.
The campaign, which consisted of 1,450 metres drilled over five holes, confirmed the continuity of the mineralization in vein systems within the sediment, Cadillac said in its statement Thursday, and the granite host rocks.
The Canadian junior explorer noted this shows mineralization is not constrained by fractures within the granite.
Several notable silver values were also found, whereas prior drill programs at the project concentrated just on tungsten, tin and molybdenum. Cadillac said silver has not been tested since the company's first drill campaign at Burnt Hill in 2007.
Last year, the company decided to refocus on the Burnt Hill project, in which it holds a 51 per cent interest. The historic tungsten/tin mine was taken to test production by Cadillac's CEO Norman Brewster for Canadian International Paper during the early 1980s. Cadillac is now aiming to restart development at the project.
"Cadillac is pleased with the results of this program, continuing the positive development of the Burnt Hill Mine project," the company said in its statement. "The drill and surface exploration results will be used to plan the next round of exploration on this property."
Of the drill highlights, hole BH-12-04 extended the drill tested mineralization at the project by around 1,000 feet, while hole BH-12-05 carried mostly zinc in addition to notable silver values as high as 12.6 grams per tonne.
Earlier this month, the Canadian company said it closed a $500,000 financing with existing shareholder Urion Mining International - a subsidiary of Trafigura, one of the world's leading international commodity traders - just hours after it announced a $1.2 million investment by Sino Canada Natural Resources Fund.
Cadillac also recently said it started an internal review of its 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.
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.