NEW BRUNSWICK – The latest updated resource estimate “significantly increases” resources at the Burnt Hill tungsten-molybdenum-tin project owned 51% by Cadillac Ventures of Toronto and 49% by Noront Resources. The property is located 60 km north of Fredericton, in York County.
The Burnt Hill deposit contains 1.76 million indicated tonnes of 0.292% WO3, 0.007% MoS2, and 0.008% SnO2, as well as 1.52 million inferred tonnes of 0.263% WO3, 0.008% MoS2 and 0.005% SnO2. A cut-off grade of 0.07% WO3 in the open pit portion and 0.16% WO3 in the underground portion was used.
“This represents an increase of 282% in the Indicated category and 158% in the Inferred category over the last calculated resource as announced by the Company on Aug. 18, 2009,” said Cadillac in a news release. ” In addition tungsten prices are significantly higher today than in 2009 (approximately $470 per tonne today opposed to approximately $230 per tonne in 2009).”
Approximately two-thirds of the indicated resource is recoverable by underground means. Virtually all the indicated tonnage is also minable by underground methods.
Cadillac plans to drill three new target areas on the Burnt Hill property this summer. More information will be posted as it becomes available at CadillacVentures.com.