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Cadillac Mining Corp. announces commencement of drilling on West Pelletier gold prospect and closing of Mineralfields placement
VANCOUVER, July 25 /CNW/ - Cadillac Mining Corporation (TSXV:CQX) announces the commencement of d...
About this update from Copper Quest Exploration Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, July 25 /CNW/ - Cadillac Mining Corporation (TSXV:CQX)\nannounces the commencement of diamond drilling on the West Pelletier gold\nprospect in eastern Beauchastel Township, approximately 6 km southwest of\nRouyn-Noranda, Quebec. The Company acquired the eight 40-hectare claims by\nstaking in 2002.\n\n\nThe drill target lies within a sequence of mafic flows and tablular\ngabbroic intrusions immediately north of the Cadillac Break, and south of the\nWasa shear. A strongly magnetic feature identified in the Company's 2004\nairborne survey corresponds with an untested gabbroic body measuring about\n270 meters in width and more than 1100 meters along strike. This iron rich,\ncoarse-grained intrusion is considered a particularly favourable host for gold\nmineralization because of coincident cross faults and fracturing.\n\n\nThe unit has been traced discontinuously across nearly half of the\ntownship, extending eastward into Rouyn Township where it hosts the Lac\nPelletier gold deposit 3 km due east and on strike with the Cadillac claims.\nAlexis Minerals Corporation has published measured, indicated and inferred\nresources of approximately 1.7 million tonnes averaging about 5.28 g Au per\ntonne, and plans for extracting a bulk underground sample during 2008 at Lac\nPelletier.\n\n\nThe target unit is mainly covered by glacial soils, but locally it is\npartially exposed in a road-cut where narrow quartz-carbonate stringers\ncontaining small amounts of scattered pyrite are seen. The initial test hole\nis being drilled northward at a 50 deg dip and is collared south of the\nanticipated upper contact. The planned depth of 200 meters may vary depending\non visual assessment of core.\n\n\nCadillac is pleased to also report that it has closed the private\nplacement (the Private Placement) as initially announced on July 22nd of\n2,000,000 Flow-Through Units of Cadillac at a price of $0.10 with\nMineralFields Group, for gross proceeds of $200,000. Each Flow-Through Unit\nconsists of one common share to be issued on a "flow-through" basis under the\nIncome Tax Act (Canada), and one common share purchase warrant of the Company\n(the Unit Warrants). Each Unit Warrant has a term of 18 months, during which\nperiod the holder is entitled to purchase one Common Share at a price of\n$0.15. All securities issued pursuant to ...