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Exploration activities in Cadillac's property portfolio range from the grass roots stage to resource development projects and are not limited by geographical boundaries. The company holds the right to earn up to 90% interest on 14 separate properties within the prolific Iberian Pyrite Belt of southern Spain and two advanced Canadian projects; the New Alger property which is a gold project in Quebec and Burnt Hill, a tungsten project in New Brunswick.
Cadillac intersects further widespread shallow, copper at K-1 deposit
Mineral explorer Cadillac Ventures (CVE:CDC) announced Tuesday results from a further two holes drilled on its K-1 deposit, situated just east of its Thierry Mine property in northeastern Ontario, intersecting widespread shallow mineralization.
The Toronto-based company’s shares jumped 15 cents to $0.235 in late Tuesday trading on the Toronto Stock Exchange.
Drill hole K-11-10 intersected a weighted average of 0.33% copper over 516.4 feet, between 18.6 and 535 feet down the hole.
Further, drill hole K-11-11 intersected a weighted average of 0.26% copper over 83.9 feet, between 590 and 673 feet down the hole.
Last week, Cadillac reported drill hole K-11-8 had intersected a weighted average of 0.27% copper at 610 feet, between 110 and 720 feet down the hole.
Since March, Cadillac has drilled 16 holes into the K1-1 deposit, which was first identified by previous operator UMEX.
The Thierry mine was last in operation under UMEX in the early 1980s, leaving significant underground development in place. Initially, Cadillac drilled three holes into K1-1 to test the UMEX data, and found that drilling supported historical records.
As a result, the company embarked on another 13 hole program in May and June, designed to confirm historic data and facilitate an NI 43-101 compliant resource estimate at K1-1.
Based on the results thus far, Cadillac said it plans to carry-out a more definitive drilling campaign at the deposit.
The company said assays for the balance of the holes drilled will be released as soon as they are available.
The drilling carried out so far has not defined the extent or the depth of this body, it said.
In addition, high grade nickel values were also found, coincident with interpreted north-south trending shear structures, but insufficient drilling has been completed to fully define this mineralization.
Currently, Thierry has a measured and indicated mineral resource of 6.2 million tonnes at a grade of 1.92% copper, and an additional inferred resource of 8.4 million tonnes at a grade of 1.79% copper.
