Cadillac Ventures Inc.
TSX VENTURE : CDC
OTC PINK : CADIF

Cadillac Ventures Inc.

March 03, 2016 09:00 ET

Cadillac Provides Thierry Project Update

TORONTO, ONTARIO--(Marketwired - March 3, 2016) - Cadillac Ventures Inc. (TSX VENTURE:CDC)(OTC:CADIF) ("Cadillac" or the "Company") is pleased to offer shareholders a Thierry Project update in advance of the PDAC, where Cadillac will exhibit in booth #2953. Shareholders are invited to attend the free Investor's Exchange and visit the booth.

Thierry Copper Project

Located in Northwestern Ontario on patented ground, the Thierry property presently has two identified deposits, the deposit associated with the former Thierry Mine and, approximately 3 kms. along strike from the Mine, on the same property, the K1-1 surface deposit. These deposits received a Positive Preliminary Economic Assessment in May 2012 (filed on SEDAR, press released May 15, 2012) based upon mining both the underground, utilizing the ramp, 1700 foot shaft and almost 22 kilometres of underground drifting to access the mineralization, and the surface deposit via an open pit. At the time the positive PEA was issued the copper price was more robust than those currently prevailing, therefore the mining approach of combining the deposits to mine a larger tonnage while diluting the overall grade was economically viable.

Thierry in 2016

Management of Cadillac is of the opinion that the Thierry Mine Project requires a more aggressive, less costly, mining approach focused upon the higher grade underground resource in the current commodity price environment, while recognizing that the long term outlook for copper is for a better price environment. A "Back to Basics" approach revisits Cadillac's initial focus at Thierry, the underground deposit. Drilling carried out by Cadillac in 2010 and 2011 resulted in the successful increase of the underground Thierry Mine Resource, as updated most recently in the "Technical Report and Preliminary Economic Assessment of the Thierry and K1-1 Cu-Ni-PGE Deposits Thierry Project, Pickle Lake Area, Patricia Mining District, Northwestern Ontario, Canada" (filed on SEDAR June 2012), as follows, as well as the extension of the mine mineralization along strike in both directions. The deposit is presently open along strike and at depth.

June 2012 Underground Thierry Mine PEA Resource Statement

Table 1.1 Thierry Mineral Resource Estimate @ $41/tonne NSR Cut-Off
Class Tonnes Cu % Ni % Au g/t Pt g/t Pd g/t Ag g/t
Measured 3,233,000 1.65 0.19 0.03 0.03 0.09 4.6
Indicated 5,582,000 1.66 0.19 0.05 0.05 0.14 3.8
Meas&Ind 8,815,000 1.66 0.19 0.05 0.04 0.13 4.0
Inferred 14,922,000 1.64 0.16 0.10 0.07 0.21 6.4

(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 report 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.

(4)The January 31, 2012 two year trailing average US metal prices used in this estimate were $3.72/lb Cu, $10.15/lb Ni, $28.18/oz Ag, $1,419/oz Au, $1,663/oz Pt and $639/oz Pd. The $US$ Exchange rate was 0.99.

(5)Overall payable metal (process recovery x smelter payable) in the NSR calculation were 84% Cu, 13% Ni and 37% for Ag, Au, Pt & Pd.

(6)Costs used to determine the $41/tonne NSR cut-off value are as follows: mining $30/tonne, processing $9.50/tonne and G&A $1.50/tonne.

Historic Basis for Thierry 2016

Management of Cadillac acquired the Thierry Project in 2010 based upon an intent to develop the underground mine, with the benefit of both an understanding of the exploration potential at the mine (which, when carried out resulted in the resource increases and extension to date), and a belief in the viability of a mine at Thierry. After successfully increasing the size and strike of the Thierry deposit, leaving it open, management focused on the nearby larger, lower grade, K1-1, and in the then prevailing copper market were able to include a K1-1 pit in the PEA study. In today's commodity environment Management would like to draw shareholder's attention back to the Thierry underground deposit, going forward the focus at Thierry will be on the underground deposit.

2016 Plans for Thierry

Cadillac is presently pursuing liquidity solutions, which will permit activity at both the Thierry and the Burnt Hill Projects. Thierry will be re-assessed as a stand-alone underground project, discussions with P&E regarding this mandate, using prevailing prices and costs, has commenced. Should a current update of the historic work result in positive economics, as management anticipates, then Cadillac will pursue development "next steps" and the funding for same.

Mr. Eugene J. Puritch P.Eng, an independent qualified person pursuant to the guidelines contained in National Instrument 43-101. Mr. Puritch has reviewed and approved the contents of this press release.

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 resources: Thierry Mine and K1-1.

In addition, Cadillac also holds a 51% interest in the Burnt Hill Project, a historic tungsten/tin mine taken to test production by Mr. Norman Brewster P.Geo for Canadian International Paper during the early 1980's. Cadillac looks forward to resuming the development of this project.

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 the viability of a mine at Thierry. 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 approvals (including from the TSX Venture Exchange), 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.

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