Cadillac Mining Reports on Goldstrike Progress
* Advances in modeling of gold hosts and controls
* Advances in exploration targeting
* Extensive Tertiary sediments open for additional exploration for gold
* Potential for Carlin-type high-grade gold in Paleozoic fold structures where 1988 RC hole intercepted 54.4 g Au/tonne over 15.2 meters
* Updated website and PowerPoint
Vancouver, British Columbia CANADA, April 10, 2013 /FSC/ - Cadillac Mining Corporation (CQX - TSX Venture), is pleased to inform shareholders that its most recent drilling program and ongoing research have resulted in significant advances in the understanding of the mineralizing environments at its 4800-acre Goldstrike project.
The property is now recognized to straddle the eastern branch of a continental-scale fault system that is known to host numerous deposits over a length of thousands of kilometers. Folding, thrusting and high-angle faulting seen in older basement strata at Goldstrike all conform with deformation of the Sevier Orogeny, but since these structures are not seen in younger overlying strata hosting disseminated low-grade ores, their significance was disregarded by earlier operators.
Compilation of historical data, and results of Cadillac's 2011-12 drill programs, reveal that gold mineralization is broadly based, and not confined to any specific age of host strata. The best understood mineralization is contained in Tertiary (Claron) sandstone, but prospective zones also show affinities to trends in underlying rocks that have not been explored. This is particularly, but not uniquely evident in exploration and mining of the Hassayampa zone (see http://cadillacmining.com/NR47_CA.php), the first to be mined at Goldstrike in 1988. Drilling at the eastern limit of the Hassayampa Pit, as shown in section at http://www.cadillacmining.com/NR48.php, includes RCH #88-11, which intercepted a reported* weighted average grade of 54.4 g Au/tonne over 15.2 meters (1.56 oz/ton over 50.0'), including 3.0 meters (10.0') at 256.6 g/t (7.55 oz/ton) in folded Paleozoic Chainman shale. This high grade mineralization was diluted with overlying lower grade run-of-mine ores but some of the resource was never extracted. The exceptional intersection was not explored to depth, and the target remains untested.
Since sandy sections of the Chainman shale are the primary hosts to mineralization at the Hassayampa, and since this unit is believed to underlie all of the Goldstrike property, the Chainman horizon provides an abundance of potential for Carlin-type structural traps. Northeast-striking folds that incorporate these shales have not been fully delineated and remain virtually untested by drilling.
Cadillac's limited drilling at Goldstrike revealed an intimate relationship between gold mineralization and a pyrite alteration halo in a caprock. This fine-grained and uniformly distributed pyrite is expected to produce a strong response to Induced Polarization geophysics. The five broad areas, shown graphically at http://cadillacmining.com/NR47B.php will be surveyed in priority with the IP method prior to the next phase of drilling. This is expected to provide targets in both younger Tertiary and the older Paleozoic strata.
Cadillac's President & CEO, Victor Erickson, commented, "Cadillac management is confident that the multi-million ounce potential of the Goldstrike project will in due course be realized as a result of the systematic, patient approach the Company is taking in exploring the property. All current and historical evidence increasingly indicates that Goldstrike is grossly under-explored, and offers the potential for Carlin-type gold in multiple horizons, on a district-wide scale."
*The Company has in its possession all data relating to this drill intercept, but no current means of verifying this historical information. Taking into consideration the qualifications of the parties involved, and the reported drilling, sampling and assaying techniques employed at the time, it is regarded as reliable. Most of the reported interval has been mined, but it is regarded as significant primarily in the context of the host geology.
Andre J. Audet, P.Eng., a qualified person ("QP") under the meaning of NI 43-101, the QP and project manager at Goldstrike, has reviewed and approved the technical information in this news release.
The Goldstrike property, situated in the Great Basin in southwestern Utah, about 8 miles from Nevada, produced approximately 210,000 oz gold between 1988 and 1994, from 12 small pits, mined from near-surface mineralization over a four-mile long trend. Grades averaged about 1.2 gram per tonne gold and was readily processed by heap-leach technology.
Shareholders are directed to Cadillac's updated website at www.cadillacmining.com where the Goldstrike project is discussed in more detail.
About Cadillac Mining Corporation
Cadillac Mining Corporation is a junior exploration and development company based in Vancouver, Canada focused on large-scale precious and base metal projects in the Abitibi geological province in Canada, and the Great Basin in the western USA. The Company's long term objective is the discovery of a major deposit through carefully planned exploration strategies. Its business model provides shareholders access to a wealth of exploration experience, dedicated management, and the opportunity to experience discovery through a conservatively capitalized company. The Company has approximately 32 million shares outstanding.
On behalf of the Board of Directors
Victor Erickson, P.Eng.
President & CEO
v.erickson@cadillacmining.com
Steven Kubota
604-805-6684
Investor Relations
ir@cadillacmining.com
Website: www.cadillacmining.com
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHICH TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE) DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the recently completed reverse circulation drilling program which may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that could be encountered if additional exploration and drilling is completed.
In connection with the forward-looking information contained in this news release, Cadillac has made numerous assumptions, regarding, among other things: the geological data and information has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. While Cadillac considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies including there is no certainity that additional exploration on the Goldstrike property would located additional gold mineralization. Additionally, there are known and unknown risk factors which could cause Cadillac's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the possibility that future drilling on the Goldstrike project may not occur on a timely basis, or at all; that additional drilling may not intersect additional gold mineralization and uncertainty as to timely availability of permits and other governmental approvals.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and Cadillac disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
To view thes press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/cadillac04102013.pdf
Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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