Highlights (FIGURE 1):
- 7.1 g/t Au over 11.5 m including 22.0 g/t Au over 2.0 m, 550 m below Zones 5B4-5M4-5NE; demonstrating the continuity of mineralization to a depth of 1.3 km;
- The December 17th 2019 Resource Estimate (NI 43-101 Technical Report and Mineral Resource Estimate, Chimo Mine Project, Central Gold Corridor, Val-d'Or, Quebec, Canada) showed Zones 5B4-5M4-5NE having 28,400 ounces of gold in the indicated resource category and 137,140 ounces of gold in the inferred resource category;
- The results of this press release illustrate the potential for expansion, at depth, of the resources estimated for Zones 5B4-5M4-5NE over an additional distance of at least 550 m.
VAL-D’OR, Québec, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) ("Cartier") announces values of 7.1 g / t Au over 11.5 m including 22.0 g / t Au over 2.0 m intersected at a distance of 550 m below Zones 5B4-5M4-5NE of the Chimo Mine gold property located 45 km east of Val-d’Or, Quebec.
Values of 7.0 g / t Au over 2.0 m, included within a section grading 2.6 g / t Au over 16.1 m, were also obtained 300 m below Zones 5B4-5M4-5NE (FIGURE 1). The continuity of mineralization makes it possible to plan drill targets over long distances and repeat the intersections.
"The potential for resource expansion is open in all directions below the new Zones 5B4-5M4-5NE, testifying to the importance of the mineralized system and its continuity" commented Philippe Cloutier, President and Chief Executive Officer.
The details of the new results are as follows:
|Gold Zone||Gold |
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 65 to 80% of the measured length.
Recall that in the December 2019 NI 43-101 Technical Report, using a gold price of US $ 1,292 / ounce and a cut-off grade of 2.5 g/t Au the Central Gold Corridor resource estimate for the Chimo Mine property (FIGURE 1), reported:
- 461,280 ounces of gold in the indicated resource category from 3,263,300 tonnes at an average grade of 4.40 g/t Au;
- 417,250 ounces of gold in the inferred resource category from 3,681,600 tonnes at an average grade of 3.53 g/t Au.
Work on expanding resources of the Chimo Mine Project is in progress underway via:
- The resources estimate in progress of the North Gold Corridor and South Gold Corridor (FIGURE 2);
- The completion of the 10,000 m exploration drill program, using 2 drills, along the geometric extensions below the new Zones 5B4-5M4-5NE (FIGURE 1);
- Carrying out internal engineering studies aimed at optimizing resources and ongoing exploration drilling.
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 3 compartment shaft with 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 recent drilling of Phases I, II and III, completed to date by Cartier on the Chimo Mine property, consists of 113 holes totaling 50,001 m. 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 (FIGURE 1) and to develop the potential of Zone 6N1. These areas have excellent potential to deliver future discoveries.
Cartier Resources was founded in 2006 and is based out of Val-d'Or, Quebec. Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral rich geology, attractive tax environment, and pro-mining government. In 2018, the Fraser Institute again ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.
- The Corporation has a strong cash position with over $ 6,8M in the bank and important corporate and institutional investors including Agnico Eagle Mines and the Quebec investment funds.
- Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.
- The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world - the commodity focus is gold.
- The Corporation is focused on advancing its four key projects through drill programs. All of these projects were acquired at very reasonable valuations over the past few years. All of them are drill - ready with geometric targets identified similar to the deposits that have been outlined on each project.
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.
|For more information, please contact:|
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
Relations Publiques Paradox
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ec1cbc35-6ec1-482b-a851-3989e794012d