- Mineralised intersection of 32.0 g/t Au over 2.0 m included within 16.5 g/t Au over 4.5 m, also included within 7.1 g/t Au over 12.1 m, located 500 m below the new Zones 5B4-5M4-5NE in the East Sector of the Chimo Mine Property;
- The results of this press release, factored with those of the May 21st 2020, April 7th 2020 and February 18th 2020 press releases, increase the potential for expansion of the resource estimate to date for the new Zones 5B4-5M4-5NE (FIGURE);
- The Chimo Mine Property hosts three gold-bearing corridors (North, Central and South) that to date host the following mineral resources:
-- 4,017,600 tonnes at an average grade of 4.53 g/t Au for a total of 585,190 ounces gold in the Indicated Category;
-- 4,877,900 tonnes at an average grade of 3.82 g/t Au for a total of 597,800 ounces gold in the Inferred Category.
VAL D'OR, Quebec, May 28, 2020 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) ("Cartier") announces values of 32.0 g/t Au over 2.0 m included within 16.5 g/t Au over 4.5 m, also included within 7.1 g/t Au over 12.1 m, intersected at a distance of 500 m below the new Zones 5B4-5M4-5NE of the Chimo Mine Property, located 45 km east of Val-d'Or.
"These new results indicate that the gold mineralisation is open in all directions below Zones 5B4-5M4-5NE which have been drilled to date from surface to a depth of 1,300 m" commented Philippe Cloutier, President and CEO, adding "growing the dimensions of the cluster of Zones 5B4-5M4-5NE is an important addition to the development potential of the project."
The details of the new results are as follows:
|Drill Hole||Drill Hole Collar|
|Azimut (°) /|
|CH19-55B||332529/5320363/-518||200 / -66||1,321.5||1,323.5||2.0||32.0||5NE||5N|
|CH19-54||332674/5320415/381||200 / -82||1,152.0||1,160.0||8.0||1.4|
|CH19-54BW||332577/5320163/-459||199 / -49||1,181.0||1,190.5||9.5||1.1||5CE||5C|
The lengths of the mineralized intersections are expressed in lengths measured along the drill core. The estimated true thickness of the mineralized intersections represents approximately 85 to 90% of the measured length.
Recall that, on May 5th 2020, using a price of gold of 1,300 $ US / oz and a cut-off grade of 2.5 g/t Au, the Chimo Mine property now hosts mineral resources of (FIGURE):
2.5 g/t Au
|Indicated Resources||Inferred Resources|
Note 1 : Cartier Files NI 43-101 Technical Report on SEDAR for First Mineral Resource Estimate of the Central Gold Corridor on the Chimo Mine Property, GéoPointCom Inc. (2019)
Note 2 : Cartier Increases Gold Resources of the Chimo Mine Property, InnovExplo Inc., May 5 2020
Zones 5B4-5M4-5NE and 5CE, situated 450 m east of the underground infrastructures are being drilled in order to increase the resource over a distance of 550 m below known zones. The length of this cluster of gold-bearing zones is known over 1,300 m.
As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property. The first internal engineering study was completed with positive conclusions.
About Chimo Mine Project
- Cartier holds a 100% interest in the property for which 1% NSR ('' Net Smelter Return '') royalty has been granted to IamGold Corporation. No rights of first refusal ('' buy-back '') have been granted.
- The property, which is accessible year-round, is located near 6 mills in the Val-d'Or area.
- Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
- The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m with 3 compartment shaft for a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
- The drilling, completed to date by Cartier on the Chimo Mine Property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE and to develop the potential of Zone 6N1. These areas have excellent potential to deliver future discoveries.
About Cartier Resources Inc.
Cartier Resources Inc., founded in 2006, is based in Val-d'Or, Quebec. The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favorable geology, attractive fiscal environment and pro-mining government.
- The company has a strong cash position with more than $ 5.7 million, as well as a significant corporate and institutional endorsement including Agnico Eagle Mines and Quebec investment funds.
- Cartier's strategy is to focus on gold projects with features that offer the potential for rapid growth.
- The Company holds a portfolio of exploration projects located in the Abitibi Greenstone Belt in Quebec; one of the most prolific mining regions in the world.
- The company is focused on advancing its 4 key projects through drilling programs. All of these projects were acquired at reasonable costs in recent years. All are drill-ready with targets along the geometric extension of known gold deposits.
- Exploration work is currently focused on the Chimo Mine Property to maximize value for investors. The preparation of the next exploration work is underway to carry out drilling programs respectively on the Benoist, Fenton and Wilson properties.
The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P. Geo., Ph. D., Vice President and Ronan Déroff, P. Geo, M. Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101. Mr. Lavallière approved the information contained in the press release.
Quality Assurance / Quality Control
The analytical results, derived from Cartier's drilling, were obtained from samples measured along the drill core. NQ core samples are crushed up to 80% passing an 8 mesh and then pulverized up to 90% passing a mesh of 200 mesh. Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec. The 50 g pulps are analyzed by fire assay and read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 500 g of rock are analyzed by the '' Metallic Sieve '' method.
|For more information, please contact:|
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819 856-0512
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3aaaf27a-f93f-4e35-a320-fcd270346e1d