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Cadillac Mines drilling intersects higher-grade gold at Kerr-Addison
The company is almost two-thirds through a 17,850-metre infill program, with assay results from the first 29 diamond drill holes at the Kerr-Addison open pit.
Canadian developer Cadillac Mines said new drilling at its past-producing Kerr-Addison property in Ontario could support a larger open-pit gold resource, based on assay results from its ongoing infill program. The stock rose Thursday morning in Toronto as the latest release added new intersections within the current open-pit shell, along with mineralization beyond its limits.
Among the standout results, hole KAD26-428T returned about 3.1 grams of gold per tonne over roughly 23 metres from 259 metres downhole, including 5.26 grams over 6.4 metres from 260 metres. Cadillac also reported hole KAD26-397 returning 2.13 grams gold over 38 metres from 192 metres downhole.
Cadillac said it is nearly two-thirds of the way through a planned 17,850-metre infill diamond drilling program at Kerr-Addison, and the new release includes assay results from the first 29 infill holes. The company is working toward a preliminary economic assessment targeted for the third quarter of next year.
In a note cited by Mining.com, Desjardins Securities mining analyst Bryce Adams said the results point to continuity within the open-pit shell and intersect mineralization beyond current limits, which could enable resource conversion, expansion, and grade upside. Mining.com also reported Cadillac shares rose 2.3% to C$8 Thursday morning, valuing the company at about C$2.2 billion.
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