Cadillac Issues Update on Spanish Joint Venture and Announces Director Change
07 July 2009 - 11:00PM
Marketwired
Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac" or the
"Company") is pleased to announce that a review of the prospects
comprising the Joint Venture with Minas de Aguas Tenidas, S.A.U.
("MATSA"), a 100% subsidiary of Iberian Minerals Corp. (TSX
VENTURE: IZN) which owns the Aguas Tenidas site located in Huelva
province in Southern Spain, has been completed. The Joint Venture
was originally announced on December 17, 2008.
The Joint Venture property includes a number of properties that
have had some level of past exploration carried out, ranging from
small shafts within outcropping gossan zones to open pit operations
of various sizes. In addition to reviewing historical information
available from private and government sources regarding these
properties, Cadillac has acquired a large data package of
geophysical surveys over an area having a strike length of 55
kilometers and covering the area of the Joint Venture property.
This material is presently being reprocessed by the Company. It is
anticipated that the resultant information will provide guidance
for ground geophysical surveys to be carried out during July
through August.
Based upon the review of historical information to date,
Cadillac has identified three properties (La Majada, Angelita and
Chaparita) as immediate diamond drilling targets. The Company
intends to commence exploration on these properties as soon as
permitting and application protocols allow, which is expected to be
in September. Both the La Majada and Angelita properties have been
previously drilled, and while historical tonnages of mineralization
are present, the estimates are not National Instrument 43-101
compliant for either property. As such, as a qualified person has
not done sufficient work to classify the historical estimate as
current mineral resources, Cadillac is not treating the historical
estimate as current mineral resources and the historical estimate
should not be relied upon.
No historical drilling activity has occurred on the Chaparita
property although a small open pit was previously operated.
Historical diamond drilling on the La Majada property carried
out by Riomin Iberica between 1998 and 2001 has shown the presence
of widespread VMS mineralization over a length of 750 meters with
one historical hole, MAD-9, returning values of 0.33% Cu., 1.43%
Pb., 7.8% Zn., 35.8 gpt Ag., and 0.84 gpt Au over a drill length
21.3 meters and occurring at a depth of 650 meters. Untested
outcropping gossan zones occurring west of this historically
drilled mineralization may indicate the occurrence of additional
mineralization. Cadillac proposes to drill 3 holes on this
property, in the area of the historical mineralization. Cadillac
has not confirmed these drilling results but based on the technical
competence of the operator and the quality of the data that has
been reviewed, believes that they are of merit.
The Angelita property is part of the Cueva Del Mora group, and
was mined between 1906 and 1925 by Huelva Copper where there is
reported historical production of 0.6 million tons grading 6% Cu.
Angelita has a historical, non-compliant, partially delineated
resource evaluation done by Phelps Dodge in 1983 of 0.4 million
tons grading 2.98 % Cu and a further 0.3 million tons grading 0.5%
Cu. and 15.2% Pb, as well as the presence of Zn. A gravity anomaly
is associated with the prospect, which management feels may be
indicative of additional mineralization along strike. These
historical resources were reported by entities that Cadillac
believes were technically competent, however these resources were
evaluated prior to the implementation of NI 43-101 and are not
compliant. As a qualified person has not done sufficient work to
classify the historical estimate as current mineral resources,
Cadillac is not treating the historical estimate as current mineral
resources and the historical estimate should not be relied upon.
Cadillac expects to be conducting detailed work to prepare a NI
43-101 compliant resource estimate.
Chaparita is a property upon which a small open pit was operated
by Minas De Cobre de Nerva in the early 1900s. Historical operating
records indicate a total of 70,000 tonnes were mined of which
10,000 tonnes had a reported grade of 12% Cu during that period.
Visible polymetallic massive sulfide mineralization is present in
the floor and walls of the pit and a geophysical induced
polarization anomaly is associated with the mineralization.
Management feels that this property warrants drill testing in order
to investigate the scope and extent of the visible surface
mineralization.
"Cadillac is pleased to be commencing operations on our joint
venture property located in the Iberian Pyrite Belt of southwestern
Spain. This area is one of the most intensely mineralized on the
planet, and has been a productive mining region for thousands of
years. It is once again an active mining district." stated Norman
Brewster P.Geo, President and CEO of Cadillac. Mr. Brewster has
been active in the Iberian Pyrite Belt for approximately 5 years,
having developed the re-opening, of the Aguas Tenidas Mine,
wholly-owned by Iberian Minerals Corp., of which Mr. Brewster is
also non-executive Chairman.
In addition, Cadillac would like to announce that Mr. Jim Voisin
has resigned from the Board of Cadillac due to time constraints
from his other professional activities. Cadillac would like to
thank Mr. Voisin for his contribution and recognize his role as the
first President of Cadillac. Going forward, Mr. Voisin will be
available to consult with Cadillac as required.
About Cadillac
Cadillac is a development focused exploration Company which has
two Canadian exploration projects, located in regions that have
been historically active, and exploration projects in Spain and
Argentina.
The New Alger project located outside of Cadillac, Quebec is
wholly-owned, previously producing gold mine, where the Company has
commenced a long term drill program designed to identify the scope
of mineralization present on the Company's property. The Burnt Hill
Project is 51% owned tungsten tin project located outside of
Fredericton, New Brunswick. In Spain, the Company is joint venture
partner with Minas de Aguas Tenidas, S.A.U. regarding the
exploration of a number of high potential properties surrounding
the Aguas Tenidas Mine. In Argentina, the Company is currently
party to a heads of agreement with Latin American Minerals Inc for
a joint venture regarding the Tendal VMS project, La Rioja
Province.
Mike Newbury P.Eng is the Qualified Person who has reviewed the
technical information in this news release on behalf of the
Company.
Forward Looking Statements
This news release may contain certain forward-looking statements
under applicable securities laws. 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.
Forward-looking statements 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. Cadillac assumes no obligation to
revise or update these forward-looking statements except as
required by 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
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