Summary:
Cadillac Mining Corporation is a Vancouver, BC-based junior resource company focused on the acquisition, exploration and development of…
Cadillac Mining Corporation is a Vancouver, BC-based junior resource company focused on the acquisition, exploration and development of precious and base metal mineral properties in the Abitibi geological province in Quebec and Ontario, and in the Great Basin in the western USA.
Cadillac Mining Corp (CVE:CQX) said Tuesday that partner Visible Gold Mines (CVE:V) has completed almost half of the planned drill program at the Break project, located west of Rouyn-Noranda, Quebec.
Visible Gold has drilled 4,334 metres of a planned 8,900-metre drill program on a series of targets on the asset. Visible has an option to earn a 60% stake in several of the properties within the 228-claim project.
In early April, Visible started a program of four deep holes on the Kanasuta claims, approximately 800 metres south of Vantex Resources Moriss Zone discovery on the Galloway project.
To date, three holes drilled were completed and logged, and 513 samples have been submitted for testing, Cadillac said.
Visible also reported the completion of the initial two of nine planned holes at the western end of Cadillacs Kekeko claim group. The initial two holes, aggregating 1098 metres, were collared on untested gold showings, approximately five kilometers south of Richmont Mines Wasamac project.
Cadillacs Wasa property comprises of seven claims contiguous with the north boundary of Richmonts Wasamac, where Richmont recently defined 1.4 million ounce gold resource. As the Wasamac shear zone dips northerly, CaCadillacdillac expects the zone to extend past the boundary onto its own Wasa asset.
The two most westerly zones, identified as Main Zone and Zone 1, from which some 252,900 ounces of gold were mined between 1965 and 1971, are of particular interest to Cadillac.
Recent drill results released by Richmont confirm that the Main Zone extends to within 350 meters of Cadillacs south boundary, it said. However, Cadillac also said it is waiting on more drill results from Richmont before undertaking exploration on its side of the boundary.
Cadillacs Break project comprises 7,755 hectares. The claims cover more than 20 kilometres of the Cadillac Break, and lie between the Noranda camp, which has produced 18 million ounces of gold, and the 11-million ounce former Kerr Addison Mine in Virginiatown, Ontario.
The properties within the project were staked in 2002 by the founders of Cadillac. Exploration to date has included a project-wide airborne geophysical survey, extensive lithogeochemical sampling, and diamond drilling.
As announced last December, Visible Gold can earn a 60% undivided interest in 217 claims within Break over a period of four years, by completing exploration expenditures of $4.2 million, issuing an aggregate of 500,000 common shares to Cadillac, and paying a total of $100,000 in cash.
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