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Thursday, 14 March 2013
Cadillac Ventures updates on Burnt Hill property
Cadillac Ventures (CVE:CDC) provided investors Thursday with an update on its Burnt Hill property located in central NewBrunswick.
In 2011, the Toronto-based junior mounted two small drill programs at the property designed to test the lateral extent of mineralized zones found in holes from 1976, 1979, and 2007, and to fill in data gaps within the resource calculated for the asset in 2009 based upon the previous drilling.
Today, Cadillac released the 2011 results to provide information regarding the current status of the property. The fall/winter drill program of last year were successful, it added, and will be released to the market shortly.
"Cadillac has recently focused our exploration resources on Burnt Hill, and we are pleased with our success to date," said the company in a statement, citing president and CEO, Norman Brewster.
"We also feel that a great deal of potential value lies in proving a significant tungsten, tin resource in Atlantic Canada, in a jurisdiction noted for being the world's most attractive jurisdiction for mineral exploration and development in 2012."
Currently, based on the historic drilling, the resource at Burnt Hill stands at 461,000 indicated tonnes at a grade of 0.489% tungsten and 0.01% tin, with an inferred resource of 590,000 tonnes at a grade of 0.535% tungsten and 0.013% tin.
In 2011, a total of 2330.08 metres were drilled over a total of 10 drill holes. Notable intercepts included 0.76% tungsten over 1 metre.
The company said the drilling was designed to further define the deposit and move the category of the resource from inferred to indicated by drilling in areas of the deposit where consultants recommended more drilling.
Exploration drilling was also added last year.
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.
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.