Business & Finance
Business and Finance
Business and Finance
Tue, July 20, 2010 Cadillac Files Thierry Mine Updated Resource Estimate and Technical Report
TORONTO, ONTARIO--(Marketwire - July 20, 2010) - Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce it has filed an updated resource estimate and technical report in respect of the updated resource estimate for the former Thierry mine disclosed in its June 9, 2010 press release. The report, prepared by P & E Mining Consultants Inc. ("P&E) titled "Technical Report and Updated Resource Estimate on the Thierry Cu-Ni-PGE Mine Property, Pickle Lake Are, Patricia Mining District, North-Western Ontario, Canada", is available under the Company's profile on SEDAR at [ www.sedar.com ].
Resources
The report states that the former Thierry mine consists of a Measured and Indicated Resource of 6,228,000 tonnes containing 1.92% Cu and 0.20% Ni and an Inferred resource of 8,379,000 tonnes containing 1.79% Cu and 0.16% Ni using an NSR cut-off of C$46/tonne.
| Table 1 – June 2010 Updated Resource Estimate at a C$46/tonne NSR cut-off | |||||||
| Class | Tonnes | Cu % | Ni % | Ag g/t | Au g/t | Pt g/t | Pd g/t |
| Measured | 2,221,000 | 1.90 | 0.21 | 7.7 | 0.13 | 0.13 | 0.41 |
| Indicated | 4,007,000 | 1.93 | 0.20 | 7.1 | 0.14 | 0.14 | 0.41 |
| Meas&Ind | 6,228,000 | 1.92 | 0.20 | 7.3 | 0.14 | 0.14 | 0.41 |
| Inferred | 8,379,000 | 1.79 | 0.16 | 9.6 | 0.18 | 0.12 | 0.35 |
| (1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. | |||||||
| (2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. | |||||||
| (3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005. | |||||||
| (4) The 2 year trailing average US metal prices used in this estimate were $2.75/lb Cu, $7.62/lb Ni, $14.75/oz Ag, $945/oz Au, $1,350/oz Pt and $308/oz Pd. The C$US$ Exchange rate was 0.95. | |||||||
| (5) Overall payable metal in the NSR calculation were 84% Cu, 13% Ni and 37% for Ag, Au, Pt & Pd. | |||||||
| (6) Costs used to determine the C$46/tonne NSR cut-off value are as follows: mining C$28/tonne, processing C$13/tonne and G&A C$5/tonne. | |||||||
Report Recommendations
Thierry "Main Zone"
The technical report recommends that Cadillac carry out a 7,000 metre drill program in the "main zone" and states that the purpose of this drilling is to fill in the gap created in previous drilling programs and thus add to the overall tonnage in the resource. It is also recommended that 1,500 metres of drilling be carried out on the east side of the main zone to determine the possibility of a mineralization extension to the east. Additionally an exploration drill program of 1,000 metres diamond drilling is recommended to test a large high priority EM anomaly with a strong coincident magnetic signature situated to the south east of Ponsford Lake.
K1-1, G and J
The technical report recommends that the "high tonnage, low grade resources contained within the K1-1, G and J deposits were not considered economic by UMEX using the then prevailing metal prices, the current era of high base and precious metal prices affords an excellent opportunity to re-assess these resources. The economic significance of these deposits as potential sources of feed for a processing plant at a re-commissioned Thierry Mine needs to be evaluated using current 2 year trailing average metal prices. These deposits, like Thierry, should also be investigated regarding the presence and distribution of PGE's and their possible economic impact on any contemplated mining operation assessed." (excerpt from the executive summary of the "Technical Report and Updated Resource Estimate on the Thierry Cu-Ni-PGE Mine Property, Pickle Lake Are, Patricia Mining District, North-Western Ontario, Canada" by P & E Mining Consultants Inc., July 2010)
Mr. Brian H. Newton P.Geo, on behalf of the Company and Eugene Puritch, P.Eng. of P&E are "Qualified Persons" pursuant to NI 43-101 and both have reviewed and approved the contents of this press release.
About Cadillac
Cadillac is a development-focused exploration company which has the past-producing Thierry Property near Pickle Lake in Northern Ontario, several exploration projects in Spain in joint venture with MATSA and three Canadian exploration projects, located in regions that have been historically active.
The Thierry Property encompasses the past producing Thierry Mine which ceased production in 1982 leaving potentially economic mineralization in situ. In addition to the Thierry mine project, Cadillac wholly owns the New Alger project, a previously productive gold mine, located outside of Cadillac, Quebec, where the Company has entered into a joint venture agreement with Renforth Resources Inc. for a three year $2.5 million exploration program. In Spain, the Company is joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding the exploration of 12 different investigation licenses surrounding the Aguas Tenidas Mine in the Iberian Pyrite Belt of southern Spain. The Pickle Lake Gold project held by Cadillac is a land package contiguous to three formerly productive historic gold mines, this project has been joint ventured to Newcastle Minerals Ltd. The Burnt Hill Project is a 51% owned tungsten tin project located outside of Fredericton, New Brunswick.
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.
