Our purpose is to smartly find, build, and operate world-class mines for the benefit of our shareholders. By fully exploiting the resource at the Thierry copper deposit, we can create significant returns for our investors.

Currently in the Bank Feasibility Stage, Thierry is poised to be a premier copper mine in Canada. In our Bankable Feasibility Study we examine the economic potential of an underground mining operation at the Thierry deposit, coupled with an open-pit mining operation at the adjacent K1-1 deposit, both of which would feed a processing facility that would produce two concentrates containing copper, nickel, silver, gold, platinum and palladium.


30% Cadillac Ventures Inc.
19% Northern Fox Resources Inc.
51% Peblik Limited

Resource Minerals

Copper, nickel, silver, gold, platinum and palladium.


The property size is approx. 47 square kilometers and is located 12 kilometers west of Pickle Lake, Ontario, and 450 kilometers northwest of Thunder Bay, Ontario.

Mine Type

Combination underground and open-pit.

End Products

Two (2) copper-nickel (with PGM) concentrates

Underground Resource Estimate

Measured & Indicate: 8,815,000 tonnes

Inferred: 14,922,000 tonnes

Open-Pit Resource Estimate

Inferred: 53,614,000 tonnes

History and Status

1976 Preliminary Feasibility Study

1976 – 1982 Past producer, 5.8 million tons of ore, average grade 1.13% copper and 0.14% nickel. In addition, 17,500 troy ounces platinum; 47,000 troy ounces palladium; 17,000 troy ounces gold, and 900,000 troy ounces silver. Closed due to decline in copper prices.

2006 Technical Report NI 43-101 compliant Resource Estimate

2017 Independent NI 43-101 compliant Technical Report and Preliminary Economic Assessment completed, and increase land position by 40%. 

2018  Commencing Bank Feasibility Study.


$104 million investment by UMEX  to develop a 4,000 tonnes per day operation, including 3 compartment shaft and production decline to 1,700 feet, 3 levels developed at 800, 1,200 and 1,600 feet for a total of 28 miles of underground shafts, stations, and levels.

Additional $31.5 million invested from 2002 to present, in drilling, metallurgy, and geologic modeling.

Total of  235,759 feet underground diamond drilling completed to date delineating mineralization for underground operations; and 43,601 feet to delineate open pit operations; with 182,360 feet of core stored on site.

Accessible by an all weather road, municipal airport and nearby rail system, and within 8 kilometers of provincial power grid with power sharing agreement in place with Gold Corp’s Musslewhite Mine.

Operations Schedule

2018 Commencing Bank Feasibility Study.

2020 Potential pre-production initiatives begin including surface buildings, open pit pre-stripping, mine and stope development, commissioning, underground mining and open-pit equipment, electrical power supply, etc.

2021 Potential Stage 1 Production: 1,400,000 tonne per year.

2022 Potential Stage 2 Production: increasing to 5,400,000 tonne per year.

Finance Schedule

2018 Potential C$4 million Private Placement equity investment. 

2019 Potential USD$14 million Peblik Private Placement equity investment. 

2019 Potential C$30 million equity and flow-through investment.  

2020 Potential C$63 million funded through initial off take agreements, and/or credit, debt, project, and bank finance, and/or JV agreements for Stage 1 Production. 

2021 Potential C$397 million funded through initial off take agreements, and/or credit, debt, project, and bank finance, and/or JV agreements for Stage 2 Production. 

2024 Potentially continue to develop off take agreements.

Total Estimated Production

635,000 tonnes payable copper, (not including Nickel, Silver, Gold, Platinum, and Palladium assets). 

Mining Rate

5,250,000 tonnes annually at full production

Estimated Mine Life

17 Years +

Capital Cost forecast

C$503.34 million

Project Payback Period

Less than 4.0 years (from commencement of Stage 2 production)

NSR Forecast

C$52.12 / tonne (post shipping + smelter fees)

Cash Flow P/A

C$85 million

Discounted Cash Flow

C$881 million

NVP - (@6%)

$380 million (pre-tax with 6% Discount Rate, 10% contingency on Operating Costs, and 15% contingency on Capital Costs)


19.0% (pre-tax)

Additional Resource Base

Both underground and open pit deposits are open on strike and depth.

There are eight (8) additional high priority targets on the Thierry property.

Goal to double size of deposit.


Estimates for all projects are prepared by or under the supervision of a Qualified Person as defined in NI 43-101. Mineral Reserve and Mineral Resource estimates for all projects have been calculated using metal prices, foreign exchange, recoveries, and costs stated in their respective technical reports. For further Technical Information on the properties, see our Technical Report here.(“Technical Report and Preliminary Economic Assessment of the Thierry and K1-1 Cu Ni PGE Deposits Thierry Project, Pickle Lake Area, North-Western Ontario. Canada”).  Qualified Person: Brian H. Newton P.Geo of Billiken Management Services Inc., a qualified person pursuant to the requirements of Rule NI43-101 and a consultant geologist to Northern Fox Resources and Cadillac Ventures. 


This website contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, estimated of future capital, operating and exploration expenditures, the future price of copper, nickel, platinum, gold and zinc, the estimation of mineral reserves and resources, specifically the updating of the mineral resource at Thierry,, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct.

Please read our cautionary statements and legal disclaimer here.