Cadillac Ventures (CVE:CDC) announced strong copper and nickel findings in a single drill hole on the K1-1 deposit, located just east of the main Thierry Mine deposit on the Thierry property outside of Pickle Lake in northwestern Ontario.
The K1-1 deposit is a separate occurrence from the Thierry Mine site, where Cadillac successfully drilled and expanded mineralization along strike to the east and the west, but is also on the same property.
At K1-1, the junior exploration company found an average of 0.611% copper and 0.373% nickel over 52 feet in drill hole K-11-07, including 1.12% copper and 0.405% nickel over 3.5 feet, and 0.427% copper and 0.636% nickel over five feet.
The presence of "massive" iron-nickel sulphide crystals was noted in the core, the company said, representing the first hole at K1-1 in which the massive crystals have been identified, hosted in a breccia zone.
The Thierry mine, which is mainly a copper resource, but also includes nickel, silver, gold, platinum and palladium deposits, was last in operation under UMEX in the early 1980s.
Cadillac said it has been re-evaluating the historical drilling records from UMEX for further occurrences of a breccia zone at K1-1, which had already been identified in the field.
"Initial observation suggests that there is a breccia zone present along several sections and echoed in the UMEX drilling several hundred feet to the west. However, at this time it isn't possible to comment on the extent or the significance of this zone as a whole," said the company in a statement.
The company's shares on the TSX Venture Exchange spiked 6.67% to trade at $0.16 per share as of 2:45 pm EDT on Thursday.
Since re-acquiring the Thierry Mine project, Cadillac has been focused on adding to the resource in the immediate area of the mine by drilling a gap in the current deposit model, referred to as the tooth target area. In early June, the Toronto, Ontario-based company successfully finished drilling the final hole of the tooth program.
Cadillac also managed to conduct other successful drill programs at Thierry this year, expanding the strike length of mineralization at the main deposit both to the east and the west.
Currently, Thierry has a measured and indicated mineral resource of 6.2 million tonnes at a grade of 1.92% Cu, and an additional inferred resource of 8.4 million tonnes at a grade of 1.79% Cu.
In addition to the Thierry project, Cadillac said it has the opportunity for international exploration via a joint venture in the Iberian Pyrite belt in southern Spain with Minas de Aguas Tenidas. The company has the option to acquire up to a 90% interest in the property, and in order to do so, has begun a survey drill program over several of the 12 different investigation licenses, covering 230 square kilometres.