Drilling results from Silver Streak & Santa Maria polymetallic prospects in west-central British Columbia
Fri Apr 18, 9:02 AM
ca.news.finance.yahoo.com
VANCOUVER, April 18 /CNW/ - Cadillac Mining Corporation (TSXV: CQX.V) is pleased to announce assay results from the late-2007 drill programs on the Silver Streak and Santa Maria silver-copper prospects located near the towns of Houston and Smithers respectively in west-central British Columbia.
The Silver Streak prospect, located approximately 25 km south of Houston, BC, was explored previously, mainly in the early 1990's. (See Cadillac news release dated November 13, 2007). It has been described as a structurally controlled discordant epithermal system displaying similarities to the Equity Silver deposit located approximately 30 km to the east.
This largely overburden covered property was discovered in 1989 during road construction. Previous exploration comprised geochemical and geophysical surveys, trenching and core drilling. Trench 2002-1 produced significant results ranging up to 0.31% Cu and 268g/t Ag over 13.3 meters. Angle core hole 91-2 drilled under this trench intercepted 8.8 meters of 0.49% Cu and 268 g/t Ag, within 21.1 meters averaging 0.27% Cu and 127 g/t Ag.
Cadillac's four-hole, 549-meter program completed in December was designed to test for continuity of the mineralization described above at depth to the north and on strike to the south. DDH SS07-1 was drilled under Trench 2002-3 that had uncovered three mineralized sections, the best of which ran 20g/t Ag over 4 meters. DDH SS07-02, located nearly on the same section sought to intersect the same targets at lesser depth. As shown in the table below, SS07-1 failed to intersect mineralization of consequence, but SS07-2 intersected 28.2 g/t Ag over 28.4 meters from 16.4 to 44.8 meters in graphitic argillites. Unfortunately the hole was abandoned at 44.8 meters in better mineralization because of bad ground conditions in a fault.
These results are difficult to reconcile with those obtained by earlier workers. Consequently, it is believed that structural complexities have offset or otherwise complicated the anticipated linear projection of the system overall. Weak results from holes SS07-3 & 4 drilled farther south indicate that an implied east-west fault probably delimits or offsets mineralization in that direction. However, further drilling is warranted to the north, while geochemical methods are being considered to investigate potential beyond the 'showing' area.
Silver Streak Selected Analytical Results
Location data in UTM; Nad83 Zone 9
-------------------------------------------------------------------------
From (m) To (m) Interval (m) Ag (g/t)
-------------------------------------------------------------------------
DDH SS07- 1 E645407 N6007202; Direction 110; Dip -50; TD 237.4m
-------------------------------------------------------------------------
46.0 50.5 4.5 9.0
-------------------------------------------------------------------------
153.1 154.3 1.2 11.0
-------------------------------------------------------------------------
DDH SS07- 2 E645442 N6007170; Direction 110; Dip -50; TD 44.8m
-------------------------------------------------------------------------
16.4 44.8 28.4 28.2
-------------------------------------------------------------------------
DDH SS07- 3 E645511 N6007029; Direction 290; Dip -50; TD 160.9m
-------------------------------------------------------------------------
Anomalous Lead, Zinc and Silver
-------------------------------------------------------------------------
DDH SS07- 4 E645511 N6007029; Direction 290; Dip -70; TD 106.1m
-------------------------------------------------------------------------
34.7 48.2 13.5 4.9
-------------------------------------------------------------------------
The option on the Silver Streak prospect by which the Company can earn a 100% interest requires payments of $105,000 and 250,000 Cadillac shares to a group of private prospectors over a four-year period. The property is subject to a 1% production royalty that can be purchased for $1,000,000. Cadillac has to date paid $5,000 and issued 25,000 shares.
The Santa Maria drill program, originally planned for five core holes, was terminated prematurely after completing only two holes because of unseasonably severe winter weather. This prospect consists of a broad, 500 meter long zone of polymetallic mineralization originally discovered in 1911. It was subsequently investigated by shallow drilling, trenching and geophysics in the 1960's and '70's with inconclusive results.
Two holes were drilled in November from a single set-up a short distance from underground workings which date to 1917. No economic mineralization was intersected in either hole, which notably were originally of secondary priorities in the drill program. However, the entire lengths of both holes intersected fine-grained acid volcaniclastics, probably an ignimbrite, carrying elevated base metals and silver throughout. (See the following table). Minfile reports that economically significant mineralization was confined to the margins of a felsic intrusive associated with the pyroclasitc unit. Cadillac's drilling encountered no evidence of intrusive rocks but did intersect uniform micro-fracturing carrying broad zones of sub-economic mineralization which suggest potential for a large disseminated copper-silver deposit. Induced polarization (IP) surveys are well suited for exploration of such a deposit type. Accordingly, Cadillac plans to expand on IP surveys conducted in the 1960's with modern technology that can provide deeper penetration and improved definition, prior to further drilling.
Santa Maria Selected Analytical Results
Location data in UTM; Nad83 Zone 9
-------------------------------------------------------------------------
From (m) To (m) Interval (m) Cu(%) Ag(g/t)
-------------------------------------------------------------------------
DDH SM07- 1 N6,036,627 E604,735; Dip -45; Direction 090; TD 152.4m
-------------------------------------------------------------------------
60.7 150.0 79.3 0.04 0.9
-------------------------------------------------------------------------
Includes
-------------------------------------------------------------------------
60.7 66.6 5.9 0.23 3.4
-------------------------------------------------------------------------
134.0 136.0 2.0 0.11 4.7
-------------------------------------------------------------------------
DDH SM07- 2 N6,036,627 E604,735; Dip -85; Direction 090; TD 157.9m
-------------------------------------------------------------------------
67.1 157.9 90.8 0.04 1.0
-------------------------------------------------------------------------
Includes
-------------------------------------------------------------------------
67.1 82.0 14.9 0.16 3.4
-------------------------------------------------------------------------
98.3 104.0 5.7 0.10 3.2
-------------------------------------------------------------------------
The option agreement on the Santa Maria property requires Cadillac Mining to expend $450,000 on exploration, and pay the optionor, Bearclaw Capital Corp. 400,000 Cadillac shares over a three-year period to earn a 60% interest in the property. Cadillac has the further option to increase its interest in the property to 75% by expending an additional $200,000 and paying a further 100,000 shares in the fourth year of the option. Subsequent to either endpoint, the Company would enter into a joint venture relationship with Bearclaw. To date, Cadillac has paid the optionor $10,000 and 100,000 shares.
Andre J. Audet, P.Eng., Vice-President Exploration, is the Qualified Person who has reviewed and verified the technical information detailed in this release.
Cadillac Mining Corporation is a junior resource company focused on the acquisition, exploration and development of precious and base metal mineral properties across Canada. Current activities include properties near Noranda, Quebec and a growing number of projects in British Columbia.
Statements contained in this release that are not historical facts may be "forward-looking statements". Such statements are subject to risks and uncertainties and other factors which may cause actual developments or results or level of activity or performance to vary materially from those projected by Management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release, which has been prepared by Management.
Contacts
First Canadian Capital Corp.
(866) 580-8891
Victor Erickson
(604) 684-7300
Email: v.erickson@cadillacmining.com
Website: www.cadillacmining.com |
