August 25, 2020
Cartier cut 20.4 g/t Au over 2.0 m in the new Zone 5CE and 11.9 g/t Au over 1.6 m in Zone 5B4 at Chimo Mine
- An Intersection grading 4 g/t Au over 2.0 m, included within a mineralized interval of 18.0m at 2.7 g/t Au, was intersected in the new Zone 5CE, in the East Sector of the property, 125 m above drill hole CH19-54E which graded 11.9 g/t Au over 2.0 m within a mineralized interval of 16.0 m at 2.1 g/t Au;
- An intersection grading 9 g/t Au over 1.6 m, included within a mineralized intersection of 14.6 m at 3.1 g/t Au, and an intersection grading 7.5 g/t Au over 2.5 m, included within a mineralized intersection of 13.7 m at 3.2 g/t Au, were also intersected in Zone 5B4.
- The 15 holes, totalling 8,811 m, were drilled in the East Sector of the property since December 2019 and demonstrate the continuity of the mineralization in Zones 5B45M4 5NE over 1.3 km. Drilling also led to the discovery of the Zone 5CE and revealed the potential for increasing the resources in this part of the property (FIGURE);
- The property hosts three gold-bearing corridors (North, Central and South) that to date host the following mineral resources, calculated using a gold price of US $1,300 per ounce and a cut-off grade of 2.5 g/t Au:
- 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.
- To date, two internal engineering studies have been completed with positive conclusions. Two other internal engineering studies are underway, along with an internal study to prepare for a new mineral resource estimate on the Chimo Mine Property.
Val-d’Or, August 25th, 2020 – Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Company”) announces an interval of 20.4 g/t Au over 2.0 m included within 18.0 m at 2.7 g/t Au, intersected 200 m below the resources of Zones 5B4-5M4-5NE, which were estimated by GéoPointCom in 2019 (Table 1). The Chimo Mine Property is held 100% by Cartier and is situated 45 km east of the Val-d’Or mining camp.
An intersection grading 11.9 g/t Au over 1.6 m, included within a mineralized intersection of 14.6 m at 3.1 g/t Au, and an intersection grading 7.5 g/t Au over 2.5 m, included within a mineralized intersection of 13.7 m at 3.2 g/t Au, were also intersected in Zone 5B4. The results from the drilling campaign (Table 2), which started in December 2019, reveal numerous mineralized intersections over an area measuring 550 m by 200 m (FIGURE) below Zones 5B4-5M4-5NE. The resources in this area will soon be estimated and added to the resources already published for the project (Table 3).
“The results from Cartier’s 124 drill holes totalling 58,054 m, along with the results of two completed internal engineering studies and two others still underway, have provided robust information which support our vision of potential scenarios for economic development”, commented Philippe Cloutier, President and CEO.
Table 1: Details of new results:
|Drill Hole||UTM Coordinates
(E, N, Elev.)
|Azimuth (°) / Dip (°)||From
|Gold Zone||Gold Structure|
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 80 to 90% of the measured length.
Table 2: Best results from the drilling campaign in the East Sector between December 2019 and June 2020 (FIGURE):
|Drill Hole||High Grade interval||Full interval||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 90% of the measured length.
* Results disclosed in previous press releases.
Table 3: Most recent mineral resource estimate for the Chimo Mine Property (FIGURE) using a gold price of US $1,300 per ounce and a cut-off grade of 2.5 g/t Au:
2.5 g/t Au
|Indicated Resources||Inferred Resources|
About Chimo Mine Project
- Cartier holds a 100% interest in the property for which a 1% NSR (“Net Smelter Return”) royalty has been granted to IAMGOLD Corporation. No rights of first refusal (“buy-back”) have been granted.
- The property, accessible year-round, is located near several mills in the Val-d’Or area.
- Fourteen gold zones were exploited by three producers between 1964 and 1997 for a production of 376 217 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 three-compartment shaft for a depth of 914 m. The headframe and surface installations were dismantled in 2008, but the 25 kV power line and sandpit are still in place.
- Cartier’s drilling to date on the Chimo Mine Property consists of 124 holes totalling 58,054 m and 21,867 samples collected for gold analysis.
Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec. The province of Quebec has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favourable geology, attractive fiscal environment and pro-mining government.
- The Company has a strong cash position with more than $13.9 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 potential for rapid growth.
- The Company holds a portfolio of exploration projects located in the Abitibi Greenstone Belt of Quebec, one of the most prolific mining regions in the world.
- The Company is focused on advancing its four key projects through drilling programs. All of these projects were acquired at reasonable costs in recent years, and are drill-ready with targets along the geometric extensions 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 press release, have been prepared and reviewed by Mr. Gaétan Lavallière, P. Geo., Ph. D., Vice President and Mr. 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
Cartier’s analytical drilling results were obtained from samples measured along the drill core. NQ core samples are crushed up to 80% passing an 8 mesh and then pulverized 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.