Cadillac Ventures (CVE:CDC) said Thursday that it has extended mineralization at its Thierry mine copper project in Ontario to the west of the known deposit along strike.
Results from three drill holes at the property, part of a 2011 shallow drill program, showed mineralization outside of the current resource, with mineralization remaining open.
"This extension should demonstrate to our shareholders the exploration potential for this deposit both at depth, in the tooth which we are successfully drilling, and along strike to the west as demonstrated," said president and CEO Norman Brewster.
Highlights of the results include hole CV 11-10, which stepped out of the existing model, and intersected mineralization of 0.64% copper over 5.4 feet. Meanwhile, hole CV-11-09, located at the western extent of the deposit, returned 1.25% copper over 15.6 feet.
The company said that drilling at Thierry is ongoing, with a fourth hole targeting the tooth of the deposit at a depth of roughly 2,400 feet.
Since acquiring the Thierry mine project, Cadillac has been focusing on adding to the resource in the immediate area of the mine by drilling a gap in the NI 43-101 deposit model referred to as the tooth, which Cadillac has estimated contains six million tonnes of material.
Cadillac's Thierry mine project has a current measured and indicated mineral resource of 6.2 million tonnes at a grade of 1.92% Cu, and an additional inferred mineral resource of 8.2 million tonnes at a grade of 1.79% Cu.
The company's shares rose more than 6% on Thursday to $0.17 as of 2:31pm EST.