Cadillac Ventures (CDC-V) has increased the measured and indicated resources by 33% and inferred resources by 75% at its100%-owned Thierry mine project in northwestern Ontario based on drilling completed in 2010 and 2011.
Measured and indicated resources now stand at 8.28 million tonnes grading 1.73% copper and 0.20% nickel. Inferred resources add 14.64 million tonnes grading 1.70% copper and 0.16% nickel, using a cut-off net smelter return of $46.30 per tonne.
In addition the resource includes silver, gold, platinum and palladium.
The Thierry mine was last in operation in the early 1980s. The previous owners mined and processed about 5.8 million tons of ore producing 480.1 million pounds of copper between 1976 and 1982, making it one of the major copper producers in Canada.
In its final year, production was expanded to include nickel, platinum, palladium and gold. The mine was then shut down due to the declining metals market.
Cadillac is concentrating on adding to the resource in the immediate area of the mine by drilling a gap in the National Instrument 43-101 model referred to as “the tooth” and which the company believes contains about six million tonnes of material. Results of that program have yet to be published.
In addition, drilling along strike to the east and west has intersected mineralization outside of the NI 43-101 model.
Exploration targets on the property include K1-1, a large, low grade and shallow deposit about three km to the east of the old Thierry mine shaft. Cadillac is currently exploring this deposit with initial drill holes.
Cadillac is currently trading at 25¢ per share within a 52-week range of 13.5-34¢ per share.
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