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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 Ventures aims for resource update and dewatering at Thierry Copper-Nickel-PGM Mine in 2010
Cadillac Ventures (TSX-V-CDC) today outlined the potential of the recently acquired Thierry Mine property in north-western Ontario, which came to the company through its recent all share merger with Richview Resources Inc.
The Thierry Mine, which is situated on the outskirts of the town of Pickle Lake in the Patricia Mining District, was produced 5.8 million tonnes of copper-nickel ore between 1976 and 1982. The average recovered grade was 1.13% copper and 0.14% nickel.
Richview Resources updated the resource at the project in 2006, reporting a NI 43-101 compliant measured and indicated resource of 5.57 million tonnes grading 1.8% copper, 0.19% nickel, 5.67 g/t silver, 0.08 g/t gold, 0.13 g/t platinum and 0.28 grams per tonne palladium with a further 3.4 million tonnes in the inferred category grading 1.6% copper, 0.18% nickel, 6.1 g/t silver, 0.12 g/t gold, 0.14 g/t platinum and 0.39 g/t palladium.
Cadillac further noted that based on the resources estimated in the 2006 report, the contained metal is estimated to be approximately 222 million pounds of copper, 23 million pounds of nickel, 1 million ounces of silver, 14,000 ounces of gold, 23,400 ounces of platinum and 50,000 ounces of palladium in the measured and indicated category with a further 120 million pounds of copper, 13.5 million pounds of nickel, 670,000 ounces of silver, 13,000 ounces of gold, 15,300 ounces of platinum and 42,600 ounces of pallaidum.
The junior exploration company highlighted an excerpt from the 2006 Technical Report which stated that the 16,600 feet 2004-2005 drilling program was “was successful in confirming that the mineralized zones are continuous along strike and extend to at least 3000 feet vertical. The main mineralized zone is now traceable over a 6,000-foot strike length dipping to the SW at 55 degrees.”
By 2008, Richview had undertaken additional drilling, from surface, which intersected mineralisation as deep as 3,878 feet. Cadillac stated today that it viewed this 2007 & 2008 drill results as worthy of consideration for an updated resource estimate.
In the meantime, Cadillac is now preparing its own exploration program at Thierry, which will include a revised resource estimate, updating the resource model to identify new drill targets, negotiating the acquisition of results from a airborne geophysics survey completed over the area in 2008, a review of permits, and the creation of a working group to identify the ‘critical path steps’ to commence dewatering of the mine in June.
