Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,501.65 0.00 0.00%
S&P 500 1,878.61 3.22 0.17%
NASDAQ 4,148.34 21.37 0.52%
Ticker Volume Price Price Delta
STOXX 50 3,168.64 -21.17 -0.66%
FTSE 100 6,688.34 -14.66 -0.22%
DAX 9,467.19 -81.49 -0.85%
Ticker Volume Price Price Delta
NIKKEI 14,429.26 24.27 0.17%
TOPIX 1,169.99 5.09 0.44%
HANG SENG 22,223.53 -339.27 -1.50%

Cadillac Ventures Significantly Increases Burnt Hill Tungsten Resources, Commences Summer Exploration Program


Cadillac Ventures Significantly Increases Burnt Hill Tungsten Resources, Commences Summer Exploration Program

TORONTO, ONTARIO -- (Marketwired) -- 07/15/13 -- Cadillac Ventures Inc. (TSX VENTURE:CDC) (OTCBB:CADIF)("Cadillac" or the "Company") announces that it has received an updated, independently produced, Resource Statement for its Burnt Hill Tungsten, Molybdenum, and Tin project located in central New Brunswick. The Burnt Hill project contains a total of 1,761,000 indicated tonnes of 0.292% WO3, 0.007% MoS2, and 0.008% SnO2, as well as 1,520,000 inferred tonnes of 0.263% WO3, 0.008% MoS2 and 0.005% SnO2 using a cut-off grade of 0.07% WO3 in open pit and 0.16% WO3 in underground mining. This represents an increase of 282% in the Indicated category and 158% in the Inferred category over the last calculated resource as announced by the Company on August 18, 2009, incorporating several successful field campaigns between 2009 and the completion of the 2012 drilling program. In addition tungsten prices are significantly higher today than in 2009 (approximately $470 mtu today opposed to approximately $230 mtu in 2009).


 
----------------------------------------------------------------------------
     PARAMETERS              INDICATED                    INFERRED          
----------------------------------------------------------------------------
Mining      Cut-Off                                                         
            -------                                                         
Method      % WO3      TONNES  %WO3 %MoS2 %SnO2     TONNES  %WO3 %MoS2 %SnO2
----------------------------------------------------------------------------
Open Pit    0.07      527,000 0.303 0.005 0.005     82,000 0.147 0.003 0.003
----------------------------------------------------------------------------
Underground 0.16    1,234,000 0.287 0.008 0.009  1,438,000  0.27 0.008 0.005
----------------------------------------------------------------------------
Total               1,761,000 0.292 0.007 0.008  1,520,000 0.263 0.008 0.005
----------------------------------------------------------------------------
                                                                            
Southampton Associates Inc. Resource Statement                              
 
1.  Potentially mineable 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, sociopolitical, marketing, or other relevant issues. 
2.  The quantity and grade of reported potentially mineable Inferred
    resources in this estimation are uncertain in nature and there has been
    insufficient exploration to define them as an Indicated or Measured
    potentially mineable mineral resource and it is uncertain if further
    exploration will result in upgrading them to an Indicated or Measured
    potentially mineable mineral resource category. 
3.  The potentially mineable 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. 
 
The contained metal represented by this resource statement, after converting
the compounds to metals, is as follows, expressed in pounds of metal;       
                                                                            
----------------------------------------------------------------------------
                                 INDICATED                                  
                                           W              Mo             Sn 
                                  (million lb)  (thousand lb)  (thousand lb)
----------------------------------------------------------------------------
Open Pit                                 2.79          34.82          45.76 
Underground                              6.19         130.46         192.86 
-------------------------------                                             
Total                                    8.99         162.91         244.64 
----------------------------------------------------------------------------
                                  INFERRED                                  
                                            W             Mo             Sn 
                                  (million lb)  (thousand lb)  (thousand lb)
----------------------------------------------------------------------------
Open Pit                                 0.21           3.25           4.27 
Underground                              6.79         152.03         124.86 
-------------------------------                                             
Total                                    6.99         160.70         131.98 
----------------------------------------------------------------------------

Mr. Norman Brewster, President and CEO of Cadillac Ventures stated "I am very pleased with the updated resource calculation for Burnt Hill which demonstrates the success of our exploration programs at Burnt Hill to date. We look forward to continuing to expand the Burnt Hill story as we move towards underground exploration and development at the Burnt Hill mine site and continue to push the exploration envelope around the mine site outward, building upon our successes."

Cadillac used the model of the property underlying the resource statement, along with airborne and surface data generated through several mapping and prospecting campaigns previously undertaken on the Burnt Hill Property to interpret the geological setting on a property wide basis, expanding the area of interest outward from the Burnt Hill Mine. This has resulted in the recognition of the geological setting for the Burnt Hill Mine as a major structural deformation zone that is up to 1.2 km wide, traced along strike by geophysics for approximately 5 km.

Summer 2013 Exploration

This deformation zone is the area which Cadillac is focused on during an initial ground proofing prospecting campaign at Burnt Hill planned for summer 2013, this campaign has commenced with initial investigation in the "Target A" area by crews on foot prospecting, stripping and trenching to obtain hand and channel samples. Cadillac is of the view that this basic exploration approach, successful at Burnt Hill to date, is a cost effective way of verifying the structural interpretation management has adopted and to identify targets for drilling during a future work program.

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/715cdc_map.pdf

The Burnt Hill Mine is indicated by the crossed picks in the Target "A" area above. This map depicts Target areas A, B and C on the property and the interpreted displacement of these zones due to faulting.

Each of these target areas will be investigated during Summer 2013. To date areas within each of these zones have been cleared and mechanically trenched, washed and channel sampled, in addition to hand sampling of various outcrops located during prospecting. The results of the channel and hand sampling will be released once available.

Block Model and Resource Estimate Parameters:

The block model and resource estimate was prepared by Southampton Associates Inc. ("Southampton") under the direction of David G. Wahl, P.Eng, P.Geo, ICD.D and Phillip Burt, P.Geo., Senior Resource Associate.

Following the review of the available data on the property and given the structural controls which exist at the mine, Southampton selected a narrow vein underground model for the study.

The following parameters were used for the block model and resource estimates.

Table 14.2 Block Model Parameters


 
----------------------------------------------------------------------------
MEASUREMENT                                    X             Y             Z
----------------------------------------------------------------------------
Block Size (m)                                 5             1             5
----------------------------------------------------------------------------
Length (m)                                   825           730           635
----------------------------------------------------------------------------
# of Blocks                                  165           730           127
----------------------------------------------------------------------------
Sub-blocking                                None          None          None
----------------------------------------------------------------------------

Once the block model was set up, it was rotated to match the principal vein and search radius directions. This entailed a rotation of the x-axis to trend 302 degrees, a subsequent rotation of the y-axis to 032 degrees and a rotation of the z-axis so that it had a 60 degrees plunge to 032 degrees.

Each block was given 16 different empty attributes:


 
Inferred Categories:                                                        
                                                                            
    WO3, MoS2, SnO2, distance to nearest, average distance, number of       
    samples                                                                 
                                                                            
Indicated Categories:                                                       
                                                                            
    WO3, MoS2, SnO2, distance to nearest, average distance, number of       
    samples                                                                 
                                                                            
Other Parameters:                                                           
                                                                            
    Code (0 = background, 1 = air, 2 = within zone, 3= inferred, 4 =        
    indicated)                                                              
    Pit Location (0= underground, 1= within pit)                            
    Partial percentage (volume percent of the block within a zone)          
    Zone (1 to 25)                                                          

An inverse distance squared (1/d2) algorithm was used in the estimation and was carried out in two passes using a search ellipsoid. The first pass filled the various attributes for the "Indicated" category while the second pass filled the "Inferred" attributes. Search parameters used in the estimation is as below. Note that the axis length for the "Indicated " category is 70m rather than the 60m used in the technical report with respect to the previous resource estimate entitled "Technical Report and Resource Estimate on the Burnt Hill Deposit, York County, New Brunswick, Canada" dated September 9, 2009 prepared by P&E Mining Consultants Inc. This was deemed to be necessary since, while the nominal grid spacing is 60m, many of the drill holes were 60 to 70 m apart.

Table 14.3 Ellipsoid Search Parameters


 
----------------------------------------------------------------------------
Parameter             Direction            Dip      Indicated       Inferred
----------------------------------------------------------------------------
Major Axis          302 degrees              0     70m radius    250m radius
----------------------------------------------------------------------------
Major-Minor Axis    032 degrees    -60 degrees     70m radius    250m radius
----------------------------------------------------------------------------
Minor Axis          032 degrees    +30 degrees     10m radius     10m radius
----------------------------------------------------------------------------
Maximum # of                                                                
 samples                                                   20             20
----------------------------------------------------------------------------
Minimum # of                                                                
 samples                                                    4              1
----------------------------------------------------------------------------
Maximum #                                                                   
 samples per                                                                
 hole                                                       3             20
----------------------------------------------------------------------------

Each of the 25 zones were estimated independently by constraining the sample points and blocks to be estimated within each zone. This prevents nearby sample points in another zone from affecting blocks within the zone.

Subsequent to running the block model, sections were inspected visually to identify any possible errors or oversights. Resource Categories

Southampton has classified the resources into "Inferred" and "Indicated" resources as per the "CIM Definitions". In this case, "Indicated" refers to those blocks that were estimated by a minimum of 4 samples, one of which must be from a different drill hole, within a 70m radius. The "Inferred category" were those blocks that were estimated by at least 4 samples within 250m of the block. The final resource estimate was determined by averaging volume-weighted block grades (from the partial percentage calculation) above specific cut-off grades within the digitized zones.

The technical contents of this press release pertaining to the Southampton Associates Inc. Resource Statement for Burnt Hill have been reviewed and approved by David G. Wahl, P.Eng, P.Geo, ICD.D, an Independent "Qualified Person" pursuant to the definition of Qualified Person in National Instrument 43-101. The portion of this press release pertaining to the current exploration program at Burnt Hill has been reviewed and approved by Brian H. Newton P.Geo, a "Qualified Person" as defined in National Instrument 43-101.

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.

In addition, Cadillac also holds a 51% interest in the Burnt Hill Project, a historic tungsten/tin mine taken to test production by Mr. Norman Brewster P.Geo for Canadian International Paper during the early 1980's. Cadillac looks forward to resuming the development of this project.

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

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement