Cartier Resources Inc. (TSX-V: ECR, FSE: 6CA) (“Cartier”) presents
the potential of gold-bearing intersections for future discoveries
over
15 km favorable Gold Strike on Chimo Mine
Project. The Project is comprised of the Chimo Mine and
East Cadillac properties (
FIGURE 2) of which this
latter was acquired
April
7th, 2022. The Project,
100% owned by Cartier, is located at 45 km east of the Val-d'Or
mining camp (
FIGURE 3).
“The exploration targets of this new area and
not yet explored by Cartier were generated using the knowledge
acquired during the drilling that led to the resource**, applied to
a robust 780 drill hole database; maximizing the prioritization of
the anomalies and chances of success,” commented Philippe Cloutier,
President and CEO.
The 15 km favorable Gold Strike, situated within
the Larder Lake – Cadillac Fault Zone, hosts the resources**
(FIGURE 1). The current
resources**(MRE4), representing only 25% of the
favorable strike length, are hosted within 19 gold-bearing
structures. To date, the favorable Gold Strike hosts 50 anomalous
drill hole intersections (Table 1) within 14
gold-bearing structures of which 8 have not yet been explored by
Cartier. The majority of the drilling targets is located between
the surface and a depth of 200 m.
Planning of work programs, to be carried out at
the appropriate time, is ready for the exploration of the discovery
potential of the entire Project (FIGURE 1), to
continue increasing the resources (“PEA P.304”) as
well as to carry out sorting tests and metallurgical tests from
large volumes of mineralized rocks (“PEA
P.304”).
This preparation phase allows the Cartier team
to adequately evaluate all the opportunities that arise and to
enhance the shareholders’ equity based on the growth potential of
the Chimo Mine Project.
** NI 43-101 Mineral Resources Estimate for
Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent
Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R.
Beauvais, P.Eng., InnovExplo Inc., August 22nd, 2022.
Table 1: Details of information
of historical drill results of 50 anomalous intersections.
Drill Hole |
CoordinatesUTM (m) |
Azimuth (°)/Plunge (°) |
From(m) |
To(m) |
Au(g/t) |
Length(m) |
Structure |
Sector |
ECG_18_039 |
328783/5320970/340 |
195/-55 |
185.0 |
188.0 |
3.8 |
3.0 |
5N |
Far West Simon |
265.0 |
268.0 |
3.3 |
3.0 |
5B |
SO_44-2A |
329631/5320848/339 |
200/-80 |
71.3 |
76.2 |
83.4 |
4.9 |
VG1 |
Blue Grass |
SO_44-7A |
329600/5320782/339 |
200/-45 |
21.3 |
25.0 |
29.6 |
3.7 |
VG2 |
SO_44-3A |
329482/5320894/336 |
200/-60 |
113.7 |
121.9 |
19.5 |
8.2 |
VG2 |
5.8 |
10.2 |
15.0 |
4.4 |
VG1 |
SO_44-5A |
329484/5320833/338 |
200/-45 |
46.3 |
50.4 |
11.6 |
4.1 |
VG2 |
SO_45-C5 |
329475/5320413/343 |
190/-60 |
137.6 |
144.5 |
9.0 |
6.9 |
6B |
SO_44-4A |
329413/5320919/337 |
200/-50 |
100.6 |
106.7 |
6.3 |
6.1 |
VG2 |
O3EC-20-003 |
330445/5320383/336 |
186/-44 |
527.0 |
529.0 |
8.9 |
2.0 |
6P2 |
Portal |
395.0 |
403.5 |
3.6 |
8.5 |
6B |
07-87-05 |
330326/5320268/337 |
180/-49 |
11.0 |
15.4 |
4.1 |
4.4 |
5B |
10 |
330918/5320314/335 |
180/-45 |
111.5 |
114.9 |
19.9 |
3.4 |
5M |
West Simon |
07-83-09 |
330915/5320283/335 |
180/-50 |
88.5 |
92.8 |
7.8 |
4.3 |
5M |
ECG_18_021 |
330726/5320455/343 |
181/-63 |
241.8 |
245.6 |
6.2 |
3.8 |
5M |
O3EC-20-020 |
334067/5319721/350 |
186/-59 |
188.0 |
189.5 |
16.6 |
1.5 |
VG |
West Nordeau |
CH23-93 |
333527/5319849/351 |
164/-45 |
97.7 |
100.7 |
15.7 |
3.0 |
VG |
W 90-08 |
333253/5319894/350 |
183/-80 |
59.2 |
61.0 |
14.5 |
1.8 |
VG |
527-88-05 |
334413/5319374/350 |
180-45 |
109.7 |
112.0 |
2.3 |
2.3 |
5N |
NE09-01 |
334801/5319598/352 |
180/-70 |
181.9 |
184.0 |
13.3 |
2.1 |
VG |
Nordeau |
293.0 |
299.5 |
12.3 |
6.5 |
EN2 |
08-84-19 |
334858/5319425/351 |
182/-53 |
116.7 |
119.4 |
12.9 |
2.7 |
EN2 |
NE09-02 |
334949/5319599/353 |
180/-70 |
223.3 |
230.4 |
12.3 |
4.1 |
VG |
PG-06-11 |
334858/5319422/351 |
175/-68 |
54.0 |
57.0 |
8.3 |
3.0 |
EN1 |
484-81-17 |
335131/5319341/355 |
180/-45 |
34.6 |
36.9 |
7.2 |
2.3 |
EN1 |
08-84-20 |
335110/5319177/356 |
182/-54 |
24.2 |
26.0 |
6.8 |
1.8 |
5N |
NR-87-22 |
335550/5319359/354 |
185/-63 |
188.3 |
191.1 |
65.7 |
2.8 |
EN2 |
East Nordeau |
N-6 |
335507/5319328/355 |
185/-45 |
125.6 |
128.0 |
23.5 |
2.4 |
EN2 |
N-19 |
335502/5319260/355 |
185/-45 |
56.4 |
59.5 |
9.7 |
3.1 |
EN2 |
NR-87-07 |
335425/5319294/356 |
185/-48 |
107.7 |
112.1 |
8.3 |
4.4 |
EN3 |
10-484-02 |
335499/5319215/354 |
185/-47 |
26.0 |
29.0 |
8.1 |
3.0 |
EN2 |
N-26 |
335518/5319275/354 |
185/-50 |
119.5 |
122.6 |
7.8 |
3.1 |
EN3 |
V-1 |
336476/5319304/345 |
180/-50 |
14.0 |
17.8 |
7.5 |
3.8 |
VG |
08-84-30 |
335833/5319195/353 |
182/-50 |
82.2 |
85.5 |
6.1 |
3.3 |
EN2 |
484-81-24 |
335562/5319349/354 |
183/-52 |
160.5 |
165.0 |
5.9 |
4.5 |
EN2 |
N-3 |
335687/5319470/354 |
185/-45 |
275.8 |
279.2 |
4.8 |
3.4 |
EN2 |
V-2 |
336653/5319306/344 |
180/-45 |
19.5 |
22.1 |
4.8 |
2.6 |
VG |
NE-11-17 |
336101/5319347/352 |
180/-50 |
84.0 |
87.0 |
4.5 |
3.0 |
EN1 |
N-16 |
335594/5319398/354 |
185/-45 |
200.6 |
204.3 |
4.2 |
3.7 |
EN2 |
484-81-20 |
336178/5319043/353 |
180/-45 |
48.3 |
51.3 |
4.1 |
3.0 |
5N |
08-84-22 |
335577/5319192/353 |
185/-50 |
55.3 |
59.1 |
3.9 |
3.8 |
EN3 |
497-81-48 |
338455/5318548/355 |
180/-50 |
82.8 |
85.1 |
8.9 |
2.3 |
EN2 |
East |
B-23 |
337136/5318994/350 |
180/-57 |
40.4 |
43.9 |
2.9 |
3.5 |
EN2 |
ECG_18_072 |
335601/5320161/364 |
195/-55 |
197.5 |
202.3 |
4.7 |
4.8 |
NC2 |
North Contact |
O3EC-20-037 |
335776/5320216/363 |
188/-54 |
264.0 |
267.9 |
4.1 |
3.9 |
NC2 |
O3EC-20-039 |
335861/5320177/361 |
181/-68 |
294.1 |
299.0 |
2.6 |
4.9 |
NC2 |
BA-90-12 |
338356/5319368/362 |
180/-55 |
62.3 |
63.5 |
18.8 |
1.2 |
EB2 |
East Bateman |
BA-88-14 |
338222/5319429/360 |
180/-40 |
66.0 |
71.3 |
13.0 |
5.1 |
EB1 |
BA-90-09 |
338306/5319368/361 |
180/-65 |
29.7 |
33.9 |
9.3 |
4.2 |
EB1 |
The lengths of the mineralized intersections are
expressed as lengths measured along the drill core.
Reminder of the highlights of the Chimo
Mine Project:
- Recent positive Preliminary Economic
Assessment* (FIGURE 4):
- Post-Tax NPV5% of
CAD$388M and 20.8% IRR
- Average annual production of
116,900 ounces of gold at a milled average
of 4.6
g/t Au for a
9.7 years mine life
- Payback period of 2.9 years
- Long term gold price of US$1,750/oz, exchange rate of CAD $1.00
= US $0.77
- Capex of CAD$341M, average all-in sustaining cost of
US$755/oz
- Recent Mineral Resource
Estimate** (FIGURE 5):
- 720,000 ounces of gold in the indicated resource
category
- 1,633,000 ounces of gold in the inferred resource category
- The portion representing 25% of the Chimo Mine Project Gold
Strike is 3.7 km long east-west, 1.6 km high and 500 m thick
north-south and to date consists of 20 gold structures including 31
gold zones.
- 53% of diluted and recoverable ounces of gold are
contained in 2 gold structures (5B and 5N).
- 46% of diluted and recoverable ounces of gold are
contained in 5 gold zones (5BE, 5NE1-5NE2,
5B and 5NE).
* NI 43-101 Technical Report and Preliminary
Economic Assessment for Chimo Mine and West Nordeau Gold Deposits,
Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R.
Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme
and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, May,
29nd, 2023.
** NI 43-101 Mineral Resources Estimate for
Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent
Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R.
Beauvais, P.Eng., InnovExplo Inc., August 22nd, 2022.
About Cartier Resources
Inc.
Cartier Resources Inc. was founded in 2006 and
is an advanced gold project exploration company based in Val-d’Or.
The company’s projects are all located in Quebec, which has
consistently ranked as one of the world’s best mining
jurisdictions. Cartier is advancing the development of its flagship
Chimo Mine Project. The Company has a cash position exceeding
$2.4 M and a significant corporate and institutional
endorsement, including Agnico Eagle Mines, O3 Mining and Quebec
investment funds.
Qualified Persons
The scientific and technical information on the
Company and the Chimo Mine Project in this news release was
prepared and reviewed by Mr. Gaétan Lavallière, P. Geo.,
Ph. D, Cartier’s Vice-President and Mr. Ronan Déroff,
P. Geo, M. Sc., Cartier’s Senior Geologist, Project
Manager and Geomatician, both qualified persons as defined in NI
43-101. Mr. Lavallière approved the information contained in this
press release.
For more information, contact:Philippe Cloutier,
P. Geo.President and CEOTelephone:
819-856-0512philippe.cloutier@ressourcescartier.comwww.ressourcescartier.com
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/c9beb5cc-92ba-4f42-81e5-2c574b532f93
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