Cadillac Drilling Points to Larger Ontario Gold Resource

Cadillac Mines’ new drilling at its Kerr-Addison property in Ontario suggests a potentially larger open-pit gold resource. The Canadian developer announced new assay results from its past-producing site late Wednesday.

One standout hole, KAD26-428T, cut 23 meters grading 3.08 grams gold per tonne from 259 meters depth. This included 6.4 meters of 5.26 grams gold. Another hole, KAD26-397, returned 2.13 grams gold over 38 meters. Cadillac shares rose 2.3% to C$8 in Toronto trading Thursday, valuing the company at C$2.2 billion ($1.5 billion).

Desjardins Securities mining analyst Bryce Adams viewed the results positively, noting they show continuity and mineralization beyond current limits. Cadillac is almost two-thirds through a planned 17,850-meter infill drilling program at Kerr-Addison. Franco-Nevada co-founder Pierre Lassonde is Cadillac’s chairman and owns 14% of the company, with Franco-Nevada holding 2% and Pan American Silver 6%.

The Kerr-Addison project sits on the Cadillac-Larder Lake fault in the Abitibi Greenstone belt, which has historically produced over 200 million ounces of gold. CEO Rick Howes stated the initial results highlight a significant opportunity to add high-quality mineral resources. Cadillac has budgeted $65 million for exploration this year and plans to complete the current infill program by mid-September.

Kerr-Addison’s February 2026 resource update showed 78.5 million indicated tonnes grading 1.34 grams gold, containing 3.38 million ounces. It also reported 25.9 million inferred tonnes grading 2.66 grams gold, for 2.21 million ounces.