Cadillac Acquires Interest in Mineral Property in Peru
27 September 2011 - 6:42AM
Marketwired
Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac" or the
"Company") is pleased to announce that, further to its press
release of February 17, 2011, Cadillac has acquired an initial 30%
indirect interest (the "Interest") in an approximately 51,000
hectare mineral property located 100km north of Lima, the capital
city of Peru, and sometimes referred to as the 'Lima Norte
property' (the "Property"). Cadillac acquired the interest pursuant
to an agreement (the "Agreement") with Urion Mining International
B.V. ("Urion"), an indirect wholly-owned subsidiary of Trafigura
Beheer B.V. Cadillac has been appointed as manager of the Property
with overall management responsibility for operations on the
Property.
Cadillac satisfied the CDN$310,000 purchase price for the
Interest and the reimbursement of the first annual payment of
US$127,000 due in respect of the Property by issuing 2,003,771
common shares to Urion at a price $0.218 per share. The share price
was based on the 10-day average closing price of Cadillac's common
shares on the TSX Venture Exchange two business days prior to the
closing date.
Cadillac will have the option to acquire up to an additional 50%
indirect interest in the Property by funding expenditures on the
Property of at least CDN$2,250,000 over a three-year period.
Pursuant to Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101"),
the transaction constituted a "related party transaction", as Urion
is a control person of the Company. The Company was exempt from
obtaining both a formal valuation and minority shareholder approval
in connection with the transaction because neither the fair market
value of assets acquired from Urion, nor the consideration for such
assets, exceeds 25% of the Company's market capitalization as
calculated in accordance with MI 61-101.
Lima Norte Property
The Lima Norte property is located on the Pacific coast of Peru,
geologically it is situated in the volcano-sedimentary Casma Group
along the Cretaceous Coastal Basin. The Casma Group hosts several
VHMS (Volcanic Hosted Massive Sulphide) deposits and mines in the
coastal area of Central Peru, including Perubar, Tambo Grande,
Colquisiri, Cerro Lindo and Eliana.
The Property has been flown with airborne Mag and EM by Urion,
and a ground prospecting program over copper bearing volcanic
outcrop on the Property has been completed. Several airborne
anomalies have been identified and high priority drill targets
located. These will be the subject of the first program.
About Cadillac
Cadillac's Thierry Mine project has a measured and indicated
mineral resource of 6.2 million tonnes at a grade of 1.92% Cu, and
an additional inferred mineral resource of 8.2 million tonnes at a
grade of 1.79% Cu (see the Company's 43-101 compliant report
entitled "Technical Report and Updated Resource Estimate on the
Thierry CU-NI-PGE Mine Property, Pickle Lake Area, Patricia Mining
District, North-Western Ontario, Canada" dated July 2010 and filed
on Sedar). In addition the resource includes Nickel, Silver, Gold,
Platinum and Palladium. The Thierry Mine is located in Northwestern
Ontario, is wholly owned by Cadillac, and was last in operation
under UMEX in the early 1980s, leaving significant underground
development in place. Since re-acquiring the Thierry Mine project,
Cadillac has been focusing on adding to the resource in the
immediate area of the mine by drilling a gap in the NI 43-101
deposit model referred to as the tooth, which management has
internally calculated contains six million tonnes of material, this
program has just been completed, with final results still pending.
All of the holes successfully intersected mineralization of a grade
and width that supported management's assumption regarding the
continuation of the model at depth through the tooth. In addition,
drilling along strike to both the east and the west has intersected
mineralization outside of the NI 43-101 model. Cadillac's property
position at Thierry is large and hosts other exploration targets,
including the K1-1 deposit, known from historical drill records
which are not NI 43-101 compliant, to be a large, low grade and
shallow occurrence approximately three km to the east of the old
Thierry Mine shaft, which also had within it higher grade
intersections. Cadillac is currently investigating this deposit
with several initial drill holes.
International exploration potential is also held by Cadillac, a
joint venture partner with Minas de Aguas Tenidas, S.A.U. ("MATSA")
regarding the exploration of 12 different investigation licenses
encompassing over 230 square kilometers surrounding the Aguas
Tenidas Mine held by MATSA (a wholly owned subsidiary of Iberian
Minerals Corp.) in the Iberian Pyrite Belt of southern Spain. Each
of these licenses hosts visible mineralization and/or evidence of
historical mining activities. In order to earn a 90% interest in
the entire license package Cadillac has embarked on a survey drill
program over several of these licenses which is nearing completion
augmented by geophysics. The information produced by this program
has been assembled and is guiding management in prioritizing these
properties for individual definition campaigns.
The three other projects held by Cadillac consist of: (i) the
Burnt Hill Project, a 51% owned tungsten tin project located
outside of Fredericton, New Brunswick and where Cadillac obtained
positive drill results and new evidence of mineralization at the
extents of this large property last summer and which is slated for
follow up work in the Summer/Fall 2011 season; (ii) the Pickle Lake
Gold project, a land package contiguous to three formerly
productive historic gold mines which has been joint ventured to
Newcastle Minerals Ltd.; and (iii) the New Alger project located in
the Cadillac Break mining camp in Quebec which is a gold project
joint ventured to Renforth Resources Inc.
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
Cadillac Ventures (TSXV:CDC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cadillac Ventures (TSXV:CDC)
Historical Stock Chart
From Jul 2023 to Jul 2024