2012-02-14 15:08:12 -
TORONTO, ONTARIO -- (Marketwire) -- 02/14/12 -- Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce that an update of the mineral resource estimate of the K1-1 deposit has been completed. The updated Inferred mineral resource at K1-1 has been estimated within an economically optimized Whittle pit shell and consists of: 53,614,000 tonnes grading 0.38% Cu, 0.10% Ni, 1.83 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, and 0.14 g/t Pd.
K1-1 Updated Inferred Mineral Resource Table
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NSR Cut-off Tonnes (000's) Cu % Ni % Ag g/t Au g/t Pt g/t Pd g/t
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C$11/tonne 53,614 0.38 0.10 1.83 0.03 0.05 0.14
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(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 press release 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) Metal prices for the estimate are: US$3.72/lb Cu, US$10.15/lb Ni,
US$1,663/oz Pt, US$639/oz Pd, US$1,419/oz Au, US$28.18/oz Ag, based on a
Jan 31, 2012 two-year trailing average.
(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) Mineral resources were determined within a Whittle pit shell with 50
degree slopes utilizing mining costs of C$1.85/tonne for mineralized
material, $1.65/tonne for waste rock, and C$1.250/tonne for overburden.
(7) Costs used to determine the C$11/tonne NSR resource cut-off value were
processing at C$9.50/tonne and G&A C$1.500/tonne.
(8) The K1-1 Mineral Resource Estimate were undertaken by Rick Routledge,
P.Geo and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc.
"Cadillac is extremely pleased with the results of the Winter 2011 drill program and the update to the Inferred mineral resource at K1-1. The Company will now evaluate overall development options for the Thierry Property." States Norman Brewster P.Geo, President and CEO of Cadillac.
Updated K1-1 Inferred Mineral Resource
The updated Inferred resource represents an increase of greater than 150% over the initial September 2011 Inferred resource and has been provided by P&E Mining Consultants Inc. of Brampton, Ontario. This increase in the inferred resource at K1-1 is due to several factors, including results from the 26 holes drilled by Cadillac in the Winter 2011 program, an increase in the trailing average metals prices since the last resource statement in September 2011, lowered operating costs at K1-1 which were derived from a conceptual combination of operations at the K1-1 open pit deposit and the Thierry underground deposit, and the inclusion of additional UMEX data not considered in Sept 2011.
An updated technical report will be filed on SEDAR within 45 days of this press release.
Global Mineralization Inventory
The K1-1 property consists of a global mineralized inventory of 75,857,000 tonnes grading 0.38% Cu, 0.10% Ni, 1.81g/t Ag, 0.02g/t Au, 0.05g/t Pt and 0.14g/t Pd.
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NSR Cut-off Tonnes (000's) Cu % Ni % Ag g/t Au g/t Pt g/t Pd g/t
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C$11/tonne 75,857 0.38 0.10 1.81 0.02 0.05 0.14
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Notes:
1. The block model mineral inventory was estimated by conventional 3D
block modelling based on wireframing at a $11/tonne NSR cut-off and
ID3 grade interpolation.
2. The Qualified Persons for this Mineral Resource estimate are: Richard
Routledge, M.Sc. (Applied), P.Geo., and Eugene Puritch, P.Eng.
3. Metal prices for the estimate are: US$3.72/lb Cu, US$10.15/lb Ni,
US$1,663/oz Pt, US$639/oz Pd, US$1,419/oz Au, US$28.18/oz Ag, based on
a Jan 31, 2012 two-year trailing average.
4. A uniform bulk density of 3.12 tonnes/m3 has been applied for volume
to tonnes conversion.
5. Mineral inventory in the block model is estimated from the 0 m RL to
the -445 m elevation.
6. Block model mineral inventory does not constitute Mineral Resources or
Mineral Reserves under CIM definitions and does not have demonstrated
economic viability. The mineral inventory contains the Inferred
Mineral Resources that have been outlined by Whittle pit shell.
The Global Mineralized Inventory is comprised of all of the presently known mineralization on the K1-1 Property, and includes the Inferred mineral resource within the Whittle pit shell disclosed above. The difference between the Global Mineralization Inventory and the Inferred Mineral Resource represents the mineralized material outside of the pit, which is not currently able to be included in the updated resource estimate.
Thierry Project Deposit Locations
To view a map of Figure 1 (Thierry Project Deposit Locations), please visit the following link:
media3.marketwire.com/docs/cadillac_ventures_feb14.pdf :
media3.marketwire.com/docs/cadillac_ventures_feb14.pdf
The K1-1 project is located approximately 3 kms to the east of the Thierry Mine project, both being within the boundaries of the 11,538 acre Thierry property, occupying only a small portion of the property. This update of the K1-1 resource estimate will affect a future production decision at Thierry, as the close proximity of the deposits to each other allow cost efficiencies based upon the sharing of the infrastructure and processing plant capacity. Sharing of facilities between the deposits should enable Cadillac to realize lower production costs, and therefore process material of a lower grade than would be envisioned based upon either deposit operating independently of the other.
Mr. Brian H. Newton, P.Geo, of Billiken Management Services Inc., on behalf of the Company, and Mr. Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. are "Qualified Persons" pursuant to NI 43-101 and have both 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 compliant resources: Thierry Mine and K1-1.
Thierry Mine Deposit
The Thierry Mine is a past producing mine with a current resource estimate consisting of 8.3 million tonnes Measured and Indicated grading 1.73% Cu, 0.20% Ni, 4.3 g/t Ag, 0.05 g/t Au, 0.04 g/t Pt and 0.13 g/t Pd and 14.6 million tonnes Inferred grading 1.70% Cu, 0.16% Ni, 6.5 g/t Ag, 0.10 g/t Au, 0.07 g/t Pt, 0.21 g/t Pd using a cut-off NSR of C$46.30/tonne. The deposit remains open at depth and to the west.
K1-1 Deposit
The K1-1 is an open-pit, large tonnage, low grade deposit located approximately 3 km from the past producing Thierry Mine. The Inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following: 53,614,000 tonnes grading 0.38% Cu, 0.10% Ni, 1.83 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, and 0.14 g/t Pd at an NSR cut-off of $11/tonne.
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 recalculation of the resource at K1-1 and the potential impact of drill results on the Thierry Mine Project. 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 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. All dollar amounts are in Canadian dollars unless otherwise noted.
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.
Contacts:
Cadillac Ventures Inc.
Norman Brewster
President and Chief Executive Officer
416 203-7722
www.cadillacventures.com
