Cadillac Ventures (CVE:CDC) reported the Toronto Stock Venture Exchange conditionally approved the company's proposed sale of its 90 percent interest in its Spanish joint venture in a deal pegged at $2.5 million.
The junior mineral explorer entered into an agreement with Iberian Minerals (CVE:IZN) to unload the venture, on April 23.
The company initially purchased its 90 percent stake in the joint venture under a deal with Minas de Aguas Tenidas, in December 2008.
The deal with Minas, a unit of Iberian Minerals Corp., includes 14 properties totalling about 232 square kilometres in the prolific Iberian Pyrite Belt of southern Spain.
Cadillac said the land package was targeted by two exploration campaigns, which consisted of ground geophysics, mapping, diamond drilling and an airborne survey.
Prior to Cadillac's involvement there had been no modern exploration work performed on the acreage, the company said.
In 2009, a surface geophysical program was carried out on many licenses in the area of known surface outcroppings of mineralized zones.
The results of this work were used to guide the first drilling campaign which was started in November, 2009. The Chaparrita,
Angelita and Majada properties were the focus of this campaign with a total of 3,059 metres of drilling completed.
The second drilling campaign started in August, 2010 and was completed in mid-May, 2011. A total of 3,243 meters were drilled on the El Soldado, San Platon, Esperanza and again at Chaparrita.
Meanwhile, a reverse circulation drilling program was carried out on the gossan located near the San Miguel mine and on the Esperanza property.
Over the course of three years, the company has spent $3.7 million exploring the properties, with an aim to survey and carry out initial exploration drilling to define an economic resource.
At present it is not possible to define a resource on any of the properties, Cadillac said in a release on Wednesday.
Cadillac is a development-focused copper company currently advancing its 100 percent owned Thierry property.
The Thierry property, near Pickle Lake, Ontario, hosts two NI 43-101 compliant resources: the Thierry mine and K1-1.
The past producing Thierry mine has a current resource of 8.8 million tonnes measured and indicated, with a grade of 1.66% copper, 0.19% nickel, four grams per tonne (g/t) of silver, 0.05 g/t gold, 0.04 g/t platinum and 0.13 g/t palladium.
The deposit remains open at depth and to the west.