• TSX-V:ECR 0.07 (0)
  • Volume 14000

Chimo Mine Project

Positive PEA* for Chimo Mine Project Post-Tax NPV5% of CAD$388M and 20.8% IRR

Highlights:

  • Long term gold price of US$1,750/oz, Exchange rate of CAD $1.00 = US$0.77
  • Post-tax NPV5% of CAD$388M and IRR of 20.8%
  • Post-tax payback period of 2.9 years and mine life of 9.7 years
  • Capex of CAD$341M
  • Average all-in sustaining cost of US$755/oz
  • Average annual production of 116,900 oz
  • 4,500 tpd underground operation
  • Average sorted grade of 4.55 g/t Au for mill feed
  • Processing plant with capacity of 3,000 tpd and rate of recovery of 93.1%
  • Sorting of mineralization increases the grade of material prior to milling operations and recovery rate and also reduces costs of mill construction, material handling, milling and restoration leading to a reduced environmental footprint of mine tailings and thus increasing the social acceptability of the project

*Note: refer to Company Press Release dated April 13th 2023:The qualified persons independent of the issuer, responsible for the Preliminary Economic Assessment (Press Release), within the meaning of NI 43-101, are Mr. Marc R. Beauvais, P.Eng. of InnovExplo, Mr. Eric Hinton, P.Eng. of A-Z Mining Professionals, Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P. Eng. of Responsible Mining Solutions.

Highlights

UPDATE in progress : July 17th, 2024

Project

Chimo Mine Project: The Project is comprised of the Chimo Mine and East Cadillac properties, the latter of which was acquired on April 7, 2022.

Status

Exploration drilling to delineate extensions of several gold zones of the property and explore the potential to discover new gold zones

Commodity

Au

Location

50 km SE of Val-d’Or, Qc
NTS map sheet 32C03
Vauquelin Township
Latitude: 48°00’42’’ N (5 320 038 UTM N)
Longitude: 77°15’10’’ W (331 995 UTM E)

Mining titles

The Chimo Mine property consists of 12 contiguous claims covering an area of 334.44 hectares.

The East Cadillac property consists of 537 contiguous claims covering an area of 26,315.98 hectares.

Property rights

The properties are held 100% by Cartier Resources Inc.

Royalties

Various NSR applicable to certain mining titles constituting the property.

Key points

Positive PEA* for Chimo Mine Project Post-Tax NPV5% of CAD$388M and 20.8% IRR

Highlights:

  • Long term gold price of US$1,750/oz, Exchange rate of CAD $1.00 = US$0.77
  • Post-tax NPV5% of CAD$388M and IRR of 20.8%
  • Post-tax payback period of 2.9 years and mine life of 9.7 years
  • Capex of CAD$341M
  • Average all-in sustaining cost of US$755/oz
  • Average annual production of 116,900 oz
  • 4,500 tpd underground operation
  • Average sorted grade of 4.55 g/t Au for mill feed
  • Processing plant with capacity of 3,000 tpd and rate of recovery of 93.1%
  • Sorting of mineralization increases the grade of material prior to milling operations and recovery rate and also reduces costs of mill construction, material handling, milling and restoration leading to a reduced environmental footprint of mine tailings and thus increasing the social acceptability of the project

*Note: refer to Company Press Release dated April 13th 2023:The qualified persons independent of the issuer, responsible for the Preliminary Economic Assessment (Press Release), within the meaning of NI 43-101, are Mr. Marc R. Beauvais, P.Eng. of InnovExplo, Mr. Eric Hinton, P.Eng. of A-Z Mining Professionals, Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P. Eng. of Responsible Mining Solutions.

 

Mineral Resources

The mineralization of the Chimo Mine Gold System consists of 30 gold zones that are part of 19 gold structures, themselves grouped into 3 gold corridors.  The resources in effect as of August 22, 2022 for this gold system, combining the resources of the Chimo Mine property with those of the West Nordeau deposit, are presented below in Table 5. (FIGURE 1):

  •    7,128,000 tonnes at an average grade of 3.14 g/t Au for a total of 720,000 ounces of gold in the Indicated category and;
  •  18,475,000 tonnes at an average grade of 2.75 g/t Au for a total of 1,633,000 ounces of gold in the Inferred category.

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.

Documents

Main results
Other documents
  • 3D Model - September 25th 2013 (For assistance in visualization of the 3D model, contact us !) Download
  • Chimo Mine project presentation Download
  • Factsheet project Chimo Mine Download
  • 221012_43-101 MRE4 - Chimo Mine and West Nordeau Deposit Download
Externals documents
  • Chimo mine project video See

Photos