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Thursday, 2 May 2013
Cadillac Ventures notes first discovery of polymetallic mineralization at Burnt Hill project
Cadillac Ventures (CVE:CDC) announced Thursday the discovery of polymetallic veining consisting of silver and copper at its Burnt Hill property in New Brunswick - the first such discovery at the property to the company's knowledge.
Last Fall, the company told investors today that the surface prospecting and exploration part of its program led to the finding of polymetallic mineralization at the new "Big Bad Wolf" and "Q60 Hill" showings.
"The discovery of a polymetallic phase of mineralization at Burnt Hill suggests a more complex mineralization, with parallels to the mineral systems found in Cornwall, which exhibit similar setting and age relationships," said the company in its release on Thursday.
At the Big Bad Wolf discovery, quartz bedrock fragments over a 20 metre section were observed to contain polymetallic mineralization, with veins seen to be up to 50 centimetres thick. Though samples in the field did not visually indicate silver or copper, examination with a handheld XRF analysis tool saw values that prompted lab testing, results of which included 33.3 grams per tonne (g/t) silver in one sample and 0.24% copper in another sample. Tungsten and tin values were also present, Cadillac said.
The company plans to restart work in the area shortly to continue investigating the polymetallic discovery, after heavy snow prevented sampling of other trenches that were dug. The work will consist of the clean out and sampling of the existing trenches, as well as excavation of any additional trenches required for drill targets.
Meanwhile, at the Q60 Hill discovery, an area that was previously prospect but unnamed until now and sits just one kilometre north of Big Bad Wolf, one bedrock sample in particular returned "high silver" vales the company said, believing that the source of the sample is likely local. During the upcoming program, thearea will be systematically prospected and trenched, it added.
The Burnt Hill property stretches 11,000 hectares and although historical prospecting activity was carried out during the 1970s, work largely focused on the Burnt Hill mine site, and did not include exploration for silver.
Last year, when Cadillac decided to refocus on its Burnt Hill project, the company investigated independent sites along the Burnt Hill intrusive. All of the sites considered showed occurrences of tin and or tungsten mineralization, the junior explorer said, and therefore warrant further investigation.
The company is working to update the resource model at the deposit, with results from 16 recent drill holes not previously included in the existing NI 43-101 report.
The historic tungsten/tin mine was actually taken to test production by Cadillac's CEO Norman Brewster for Canadian International Paper during the early 1980s.
The Canadian junior mining company is in the midst of closing a $1.2 million private placement financing with Sino-Canada Natural Resources Fund I, with the funds to be used for exploration expenses at Burnt Hill.