Cadillac Mining to drill 5,000 m at Goldstrike
2012-03-01 15:56 ET - News Release
Mr. Victor Erickson reports
CADILLAC MINING PLANS 5000 METERS OF CORE DRILLING AT GOLDSTRIKE
Cadillac Mining Corp.'s next phase of exploration at its Goldstrike project will comprise a 5,000-metre core drilling program to follow up results from the Hamburg extension announced in the company's news release of Feb. 21, 2012.
Thirty to forty angled diamond drill core holes are planned for five targets on the property, which is located in southwestern Utah, about 8 miles from the Nevada border. The initial focus will be the Hamburg Extension where the December drilling intersected 1.08 g Au/tonne over 73.1 meters, and 1.25 g Au/tonne over 82.3 meters, in RC holes GS11-02 and 03, respectively. Core drilling will be utilized to obtain essential information about the distribution, geometry and controls to mineralization, because such detail cannot readily be determined with RC methods in a complex geological environment.
Cadillac's 100%-owned Goldstrike property covers twelve abandoned open pits that produced about 210,000 oz of gold from heap-leach operations between 1988 and 1996. The Hamburg Extension lies on the south margin of a structural system that extends east-west over a distance of about 8 kilometers. These, and adjacent structures showing similar characteristics, are largely untested except for localized shallow drilling. The immediate target area measures about 2000 meters in length by more than 300 meters in width on average, and targets Carlin-style mineralization confined to a silty-sandstone. This part of the property lies principally within patented claims leased 100% by the Company.
Cadillac's President & CEO, Victor Erickson, stated, "Given the extent of the Carlin-style mineralization intersected in our December program, the broad area of prior mining on the property, and the generally permissive Great Basin geological environment, management believes that the Goldstrike project offers multi-million-ounce potential. However, Cadillac's efforts are still at an early stage".
Cadillac's existing permit allows for the drilling of nineteen additional holes in the area of the Hamburg Extension. Several drill-ready pads prepared in December are situated inside the permitted area, while a permit application for an additional thirteen drill holes has been partially processed by Utah DOGM. Contractors have stated that core rigs are available for commencement of drilling in April.
Management is actively pursuing funding to conduct the proposed program.
Qualified Person
Andre J. Audet, P.Eng., Vice-President - Exploration, Cadillac Mining Corporation, fulfills the position of Qualified Person for Cadillac Mining Corporation, as per National Instrument 43-101.
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