Lassonde-backed Cadillac drilling points to more Ontario gold
Canadian developer says new drilling at its past-producing Kerr-Addison property in Ontario could open the door to a larger open-pit gold resource.
Cadillac Mines, a Canadian gold developer backed by Franco-Nevada chairman Pierre Lassonde, has announced promising new drilling results at its Kerr-Addison open-pit property in Ontario. The company's stock rose 2.3% to C$8 per share on Thursday morning in Toronto trading, valuing the company at approximately C$2.2 billion ($1.5 billion).
Cadillac is actively pursuing expansion and grade upside at the Kerr-Addison project, located 40 km east of Kirkland Lake in the prolific Cadillac-Larder Lake fault of the Abitibi Greenstone belt. The greenstone belt has produced over 200 million ounces of gold in the past century. The new drill results highlight the potential for additional high-quality mineral resources within the open pit.
Cadillac is targeting lesser-drilled footwall zones and has completed 29 infill diamond drill holes so far, with the current infill drilling program expected to be finished by mid-September. The company has allocated about $65 million for exploration this year and plans to drill roughly 145,000 metres across its portfolio of properties.
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