Cadillac Mining Reports 21.75 g/t Gold over 4.1 Meters over 1.3 Meter from Break Project Drilling in Quebec
Vancouver, British Columbia CANADA, March 15, 2012 /FSC/ - Cadillac Mining Corporation (CQX - TSX Venture), announces that initial results have been received from Visible Gold Mines' Phase 2 "Wasa Creek" drilling program on the Company's Break project, west of Rouyn-Noranda, Quebec.
Optionee Visible Gold Mines Inc. has reported that "rush" assays from DDH WC12-01 located approximately 3 kilometers southwest of Richmont Mines' Wasamac project and Cadillac's adjoining Wasa claims intersected two mineralized intervals carrying visible gold. Five samples from each of these intervals were submitted as "rush" assays and returned the results described below.
DDH WC12-01, which was drilled to a depth of 684 meters in a southerly direction at approximately 55 degrees, intersected two zones of gold mineralization. The first zone is an 11.85-meter interval consisting of massive alternating white and smoky quartz starting at 254 meters. A high value of 4.54 g Au per tonne gold over 1.00 meter corresponds to observed free gold in quartz. This intercept is bracketed by four samples returning only anomalous gold values, but together represent less than half the quartz vein.
The second zone, intersected at a core depth of 414.5 meters, displays cross-cutting quartz stingers in silicified basalt and localized bleaching over a core interval of 4.1 meters. The entire interval returned a weighted average of 21.75 g Au per tonne, including 60.67 g Au per tonne over 1.3 meter. True width has been estimated at better than 80% of core interval.
All remaining core from this drill hole has been split, sampled and submitted for assay. Portions of the intervals discussed above will be re-assayed using the metallic screen methodology.
DDH WC12-01 was collared approximately 700 meters east of DDH WC11-03 which intersected 1.3 g Au per tonne over 6.65 meters in 2011. Drill hole WC12-02 collared 250 meters east of WC12-01 is in progress. An interpretation of the data and significance of the mineralized intersections will be provided after completion of the current drilling program, and compilation of the full assay, lithologic and geophysical data has been completed.
Under the terms of a December 2010 option agreement Visible Gold can earn a 60% interest in 217 of Cadillac's 228 Break Project claims by spending $4.2 million on exploration, and making a series of payments aggregating $100,000 and 500,000 shares. To date Visible Gold has expended approximately $3.0 million and paid Cadillac $50,000 and 200,000 shares.
Qualified Person
Andre J. Audet, P.Eng., Vice-President - Exploration, Cadillac Mining Corporation, fulfills the position of Qualified Person for Cadillac Mining Corporation, as per National Instrument 43-101.
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 very conservatively capitalized company. The Company has approximately 29 million shares outstanding.
On Behalf of the Board of Directors
Victor Erickson, P.Eng.
President & CEO
For further information:
Website www.cadillacmining.com
Company Victor Erickson 604-684-7300
President & CEO
v.erickson@cadillacmining.com
Cautionary Note Regarding Forward-Looking Information
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. 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.
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Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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