TORONTO, ONTARIO--(Marketwire - Feb. 8, 2012) - Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce that an update of the mineral resource estimate of the K1-1 deposit has commenced. This update will be based upon the data obtained through the drilling and assaying of 26 drillholes recently completed by Cadillac.
Existing K1-1 Mineral Resource Estimate
In late 2011, the Company released the first NI 43-101 compliant Inferred mineral resource estimate for K1-1, no other Company completed sufficient modern exploration to undertake a mineral resource estimate incorporating the historic data. Cadillac had drilled 16 holes prior to the initial resource statement, which validated a portion of the historic data, and allowed the initial, limited estimates to be conducted. This Inferred resource has been estimated within an economically optimized Whittle pit shell and consists of: 19,897,000 tonnes grading 0.42% Cu, 0.10% Ni, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, and 0.15 g/t Pd. In addition to this estimate, there is an Exploration Target for K1-1, mineralization that, while known, does not have sufficient modern data necessary for complete resource modeling available, and is located outside and below the Whittle optimized pit shell and consists of 45-55 million tonnes grading between 0.32 to 0.36% Cu, and 0.08 to 0.12% Ni. The 26 hole drill program was designed to intersect this mineralization and provide sufficient detail and information in order to be able to integrate this mineralization into a resource estimate.
To view the figure associated with this press release, "K1-1 26 Hole Program with Modelled Deposit Domains," please visit the following link: http://media3.marketwire.com/docs/CDC0802fig1.pdf.
Depicted above is the modeled resource, with the mineralization domains as currently modeled. The drillholes are the black lines intersecting the mineralization domains below the pit shell which, along with the surface topography, is green in the picture above. During this program there was a total of 20,868 feet drilled over the 26 holes, and a total of 2,590 samples taken (excluding quality assurance and quality control sample protocols). This information will be imported into Gemcom and the resource model updated as a result, which the Company is hopeful will provide an increase in the size of the pit shell and the potentially economic mineralization contained therein, as well as add to the deposit size from the additional mineralization available within the Exploration Target.
To view the figure associated with this press release, "Thierry Project Deposit Locations," please visit the following link: http://media3.marketwire.com/docs/CDC0802fig2.pdf.
The K1-1 project is located approximately 3 kms to the east of the Thierry Mine project, both being within the boundaries of the 11,538 acre Thierry property, occupying only a small portion of the property. The update of the K1-1 resource estimate will affect a future production decision at Thierry, as the close proximity of the deposits to each other will allow cost efficiencies based upon the sharing of the infrastructure and processing plant capacity. Sharing of facilities between the deposits should enable Cadillac to realize lower production costs, and therefore process material of a lower grade than would be envisioned based upon either deposit operating independently of the other.
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 copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
Thierry Mine Deposit
The Thierry Mine is a past producing mine with a current resource estimate consisting of 8.3 million tonnes Measured and Indicated grading 1.73% Cu, 0.20% Ni, 4.3 g/t Ag, 0.05 g/t Au, 0.04 g/t Pt and 0.13 g/t Pd and 14.6 million tonnes Inferred grading 1.70% Cu, 0.16% Ni, 6.5 g/t Ag, 0.10 g/t Au, 0.07 g/t Pt, 0.21 g/t Pd using a cut-off NSR of C$46.30/tonne. The deposit remains open at depth and to the west.
K1-1 Deposit
The K1-1 is a potentially open-pit, large tonnage, low grade deposit located approximately 3 km from the past producing Thierry Mine. The Inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following: 20 million tonnes grading 0.42% Cu, 0.10% Ni, 2.0 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, 0.15 g/t Pd at an NSR cut-off of C$15/tonne. The K1-1 Deposit is open along strike and at depth.
For more information regarding Cadillac, please visit the Company's website at www.cadillacventures.com.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws, including with respect to recalculation of the resource at K1-1 and the potential impact of drill results on the Thierry Mine Project. 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. Such statements and information 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. Forward-looking information speaks only as of the date on which it is provided and Cadillac assumes no obligation to revise or update these forward-looking statements except as required by applicable 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.
Contact Information:
Norman Brewster
President and Chief Executive Officer
416 203-7722
www.cadillacventures.com