Cartier Awards a second Mandate for NI 43-101 Resource Estimate for the Chimo Mine Project
February 04 2020 - 7:46AM
Cartier Resources Inc. (TSX-V: ECR) ("Cartier") has awarded
InnovExplo the mandate to complete a resource estimate on the North
and South Gold Corridors and a supporting
NI 43 - 101 technical report for its 100%
owned flagship Chimo Mine gold property located 45
kilometers east of Val-d’Or, Quebec.
Highlights (December 18th 2019
press release) :
- The Central Gold Corridor resource estimate for the Chimo Mine
property (FIGURE 1) was produced using a gold
price of US $ 1,292 / ounce and a cut-off grade of 2.5 g/t
Au:
- 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 is underway via:
- This resources estimate 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.
« The positive results, obtained to date from
the project, lead us to develop a more global optimization vision
of the project» commented Philippe Cloutier, President and CEO.
Chimo Mine Project
Characteristics
- 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.
About Cartier
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 $7,2M 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.
About InnovExplo
InnovExplo is a consulting firm offering
services in mining exploration, mining geology, mineral resources,
mining engineering, environment and sustainable development. Since
its foundation in 2003, InnovExplo has worked on 450 different
mandates for 170 junior mining exploration companies and producing
companies. The firm has produced over 300 geological or engineering
reports for projects affecting almost all of the spheres of
activity of a mining project, from exploration to operation, mainly
including the drafting of technical reports in accordance with NI
43-101.
Qualified Persons
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.
The independent qualified person for the issuer,
responsible for the estimation of mineral resources for the North
and South Gold Corridors on the Chimo Mine property, as defined in
NI 43-101, is Mrs. Claude Savard, P.Geo. Senior Geologist with
InnovExplo. Mrs. Savard declares that she has read this press
release and that the scientific and technical information relating
to the estimate of the resources presented herein is compliant.
For more information, please contact: Philippe Cloutier, P.Geo.
President and CEO Telephone: 819 856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com |
Investor Relations: Relations Publiques Paradox 514 341-0408 |
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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/882b16fa-b652-4e93-9250-360006fb22a8
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