Cadillac Ventures Inc.
TSX VENTURE : CDC

Cadillac Ventures Inc.

November 10, 2010 08:30 ET

Assay Results Confirm Thierry Mineralized Zone Extends at Depth

TORONTO, ONTARIO--(Marketwire - Nov. 10, 2010) - Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce that the assay results received for the second hole CV-10-01 drilled at the Thierry Mine project have confirmed that the mineralized zone was crossed in the drilling. Highlights of the assay results received for the second hole appear below (note that the holes are not being drilled in numerical sequence).

Hole # From To Feet Cu Ni
CV-10-01 3290.40 3309.17 18.77 1.064 % 0.184 %
Incl 3290.40 3305.40 15.00 1.191 % 0.196 %
CV-10-01 3338.17 3368.64 30.47 0.336 % 0.081 %
Incl 3338.17 3343.17 5.00 0.558 % 0.128 %
Incl 3366.14 3368.64 2.50 1.310 % 0.079 %
CV-10-01 3378.64 3388.13 9.49 0.574 % 0.285 %
Incl 3384.66 3388.13 3.47 0.617 % 0.592 %
   
* True widths not known.  

Thierry Resource Restated

The following is the restated resource estimate for the former Thierry Mine as initially disclosed in the Company's press release dated June 9, 2010. 

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.

The illustration below depicts in red the existing modeled deposit from which the resource calculation stated above has been derived. The traces of holes CV-10-06B and CV-10-01 are illustrated on the modeled body and show continuity of mineralization in this area.

To view the figure associated with this Press Release, please visit the following link: http://media3.marketwire.com/docs/Cadillac_figure.pdf.

Complete assay information for hole CV-10-01 is outlined below.

Hole # Sample # From To Width (ft) Cu % Ni %
CV-10-01 655501 2058.51 2061.01 2.50 0.0045 0.0013
CV-10-01 655502 2061.01 2065.52 4.51 0.0386 0.0057
CV-10-01 655503 2065.52 2070.52 5.00 0.0079 0.0051
CV-10-01 655504 2070.52 2075.52 5.00 0.008 0.0094
CV-10-01 655505 2075.52 2081.52 5.00 0.0099 0.0123
CV-10-01 655506 3287.40 3290.40 3.00 0.106 0.0198
CV-10-01 655507 3290.40 3295.40 5.00 0.967 0.129
CV-10-01 655508 3295.40 3300.40 5.00 1.27 0.226
CV-10-01 655509 3300.40 3305.40 5.00 1.34 0.234
CV-10-01 655510 3305.40 3309.17 3.77 0.634 0.136
CV-10-01 655511 3309.17 3313.17 4.00 0.0308 0.063
CV-10-01 655512 3313.17 3318.17 5.00 0.0724 0.078
CV-10-01 655513 3318.17 3323.17 5.00 0.0681 0.0749
CV-10-01 655514 3323.17 3328.17 5.00 0.0234 0.065
CV-10-01 655515 3328.17 3333.17 5.00 0.0217 0.0573
CV-10-01 655516 3333.17 3338.17 5.00 0.0864 0.0527
CV-10-01 655517 3338.17 3343.17 5.00 0.607 0.128
CV-10-01 655518 3343.17 3348.17 5.00 0.0594 0.0574
CV-10-01 655519 3348.17 3352.17 5.00 0.396 0.0642
CV-10-01 655520 3352.17 3357.17 5.00 0.305 0.0789
CV-10-01 655521 3357.17 3362.17 5.00 0.154 0.0784
CV-10-01 655522 3362.17 3366.14 3.97 0.0429 0.0629
CV-10-01 655523 3366.14 3368.64 2.50 1.31 0.079
CV-10-01 655524 3368.64 3373.64 5.00 0.0385 0.0723
CV-10-01 655525 3373.64 3378.64 5.00 0.046 0.0694
CV-10-01 655526 3378.64 3381.64 3.00 0.62 0.104
CV-10-01 655527 3381.64 3384.66 3.02 0.587 0.111
CV-10-01 655528 3384.66 3388.13 3.47 0.657 0.553
CV-10-01 655530 3388.13 3390.63 2.50 0.135 0.027
CV-10-01 655531 3390.63 3395.25 4.62 0.0278 0.0106
CV-10-01 655532 3395.25 3400.25 5.00 0.187 0.0292
CV-10-01 655533 3400.25 3403.25 3.00 0.0154 0.0146
 
* True widths not known.

There are 9 samples from the bottom of this hole that remain to be reported from the lab.

It is intended that, on completion of the current drilling program, a resource restatement of the Thierry project will be prepared.

The samples, which were obtained in the field under the supervision of Mr. Neil Willoughby P.Geo, a qualified person as defined by National Instrument 43-101, were bagged and tagged onsite and transported by a bonded courier company to Agat Laboratories in Mississauga for processing using Aqua-Regia Digest – Metals Package, ICP-OES finish.

Mr. Brian H. Newton P.Geo, of Billiken Management Services Inc. and a "qualified person" pursuant to NI 43-101 has reviewed and approved the technical information in this press release on behalf of the Company.

About Cadillac

Cadillac is a development-focused exploration company which owns 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.

For more information regarding Cadillac, please visit our website at www.cadillacventures.com.

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.

Contact Information

  • Cadillac Ventures Inc.
    Norman Brewster
    President and Chief Executive Officer
    416 203-7722