Business
Cadillac Mining Corporation Goldstrike Project Update
Cadillac Mining Corporation Goldstrike Project Update Vancouver, British Columbia CANADA, Sept...
About this update from Copper Quest Exploration Inc.
[{"type":"text","content":"\nCadillac Mining Corporation Goldstrike Project Update\n\nCadillac Mining Corporation Goldstrike Project Update\nVancouver, British Columbia CANADA, September 12, 2011 /FSC/ - Cadillac Mining Corporation (CQX - TSX Venture), wishes to update shareholders as to recent progress on its 100%-owned Goldstrike Project in the Great Basin, 35 miles northwest of St. George, Utah.  The Company holds options on 40 patented claims, subject to a 2.5% NSR royalty, and has staked for its own account a further 208 claims.\nThe Company is pleased to announce that compilation and interpretation of the historical data from previous exploration and heap leach mining operation from the Goldstrike District has delineated five Phase One drilling targets.  Cadillac's exploration strategy will focus on establishing low-grade resources by extending historical pit boundaries in all directions, including confirmation of previously delineated but un-mined gold mineralization and secondly, testing at depth higher grade gold mineralization intersected by prior drilling.\nCommencing in 1978, the Goldstrike District was explored by a succession of entities culminating in commercial gold production by Tenneco Minerals in 1988.  As shown on the attached plan of the Company's property, each of the target areas lies in relatively close proximity to open pits mined by Tenneco Minerals and USMX Inc. between 1988 and 1994.  USMX terminated mining in 1994 as a result of falling gold prices, a low-grade resource, increasing strip ratios, and a problematic royalty.  Gold production from heap leach operations is reported to be approximately 210,000 ounces (\"oz\") from roughly 8.0 million tons.  The reported as-mined average grade from 12 pits was greater than 1.0 g/tonne. \nCadillac has acquired a substantial portion of the historical data from previous exploration and mining activities, including mining records, assay data from approximately 1400 of the more than 1500 exploration drill holes, and a large number of related maps. The Company has converted most of this data to modern GIS formats, leading to the selection of the current targets.\n  \nCadillac has yet to conduct its own drilling to verify prior results.  A review of the data indicates that the drilling, sampling, and assaying te...