Business & Finance
Business and Finance
Business and Finance 
Mon, November 9, 2009
TORONTO, ONTARIO--(Marketwire - Nov. 9, 2009) - Cadillac Ventures Inc. (TSX VENTURE:CDC) ('Cadillac' or the 'Company') announces the mobilization of a drilling crew to commence the previously announced surface diamond drilling campaign, as part of Cadillac's exploration program on the Cadillac-MATSA joint venture properties in the Iberian Pyrite Belt in southern Spain.
The drilling campaign to be undertaken by Cabo Drilling of Vancouver, British Columbia, is designed for a minimum of 3,500 metres on three targets, using one diamond drill rig. The targets have been defined, all permits are in place and it is expected the drilling will commence on November 10, 2009.
The focus of the campaign will be on three properties - La Majada, Angelita and Chaparrita. Background information on these properties was previously reported (see press releases of July 7 and September 2, 2009).
A site visit was made to Chaparrita, between June 5 to 11, 2009, by Brian Newton, P.Geo a Qualified Person pursuant to the guidelines of NI 43-101. Mr. Newton hand selected a grab sample of 1 Kg from a 3.5 metre wide exposed zone of massive sulphide outcropping that contained chalcopyrite, sphalerite and pyrite mineralization. This sample was selected, bagged and tagged onsite, and hand carried by Mr. Newton to Canada, where it was submitted to SGS Mineral Services via bonded courier and analysed at their Toronto facility. Results from this sample using ICP OES multi-element and Fire Assay ICP AES on overlimits were 5.21% Zinc, 2.71% Copper, 0.15% Lead and 198 ppb Gold.
During the same site visit, a grab sample at La Majada of oxidized and rusty material in the waste dump of 0.5 Kg was selected by Mr. Brian Newton; this sample was handled in the same way as noted above. The assay results for this sample were 0.03% Nickel, 0.03% Zinc and 2 ppb Gold.
Angelita, a property located approximately 5 km to the east of the Aguas Tenidas Mine that has a decommissioned shaft onsite from the old Angelita Mine. There is reported historical production of 600,000 tons grading 6% Copper, and a further historical resource of 400,000 tons of material drill identified by Phelps Dodge grading 2.98% Copper and 300,000 tons grading 0.5% Copper and 15.2% Lead and Zinc combined which management feels may be indicative of additional mineralization along strike. These are historical resources that were reported by entities that Cadillac believes were technically competent; however these historical resources were evaluated prior to the implementation of NI 43-101. They are not compliant as a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, Cadillac is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Cadillac expects to be conducting detailed work to prepare a NI 43-101 compliant resource estimate.
The Company has been carrying out an extensive ongoing program of ground geophysics consisting of TEM electromagnetic surveys over selected known ground gravity targets in addition to areas of historically reported mineralization, as well as over additional new prospective targets. As the data from this program is received and evaluated it is expected that Cadillac will have additional or refined targets for drill testing.
About Cadillac
Cadillac is a development-focused exploration Company which has two Canadian exploration projects, located in regions that have been historically active, and exploration projects in Spain.
The New Alger project located outside of Cadillac, Quebec is a wholly-owned, previously producing gold mine, where the Company has entered into a joint venture agreement with Renforth Resources Inc. for a three year $2.5 million exploration program. The Burnt Hill Project is 51% owned tungsten tin project located outside of Fredericton, New Brunswick. In Spain, the Company is joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding the exploration of a number of high potential properties surrounding the Aguas Tenidas Mine.
Mike Newbury, P.Eng is the Qualified Person who has reviewed the technical information in this news release on behalf of the Company.
Forward Looking Statements
This news release may contain certain forward-looking statements under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary licences and permits and the availability of financing, as described in more detail in the Company's securities filings available at [ www.sedar.com ]. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Cadillac assumes no obligation to revise or update these forward-looking statements except as required by law. All dollar amounts are in Canadian dollars unless otherwise noted.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.