An aerial view of the Chimo Mine in Quebec. — Photo courtesy Cartier Resources Inc. Cartier Resources Inc. (TSX-V:ECR) ("Cartier" or the Corporatio
An aerial view of the Chimo Mine in Quebec. — Photo courtesy Cartier Resources Inc.
Cartier Resources Inc. (TSX-V:ECR) ("Cartier" or the Corporation) is pleased to announce that it has intersected 8.5 g/t Au over 3.5 m, 205 m beneath the deepest stope at the former Chimo Mine, located 45 km east of Val-d’Or. These new results were intersected at a depth of 1,050 m along the depth extensions of gold-bearing zones 5 which produced 2/3 of the ounces mined. The intersection is the first from an 8,000-m deep drilling program which is part of the ongoing 34,000-m drill program on the property.
The intersection grading 8.5 g/t Au over 3.5 m, including 14.6 g/t Au over 2.0 m and included within a 12.0 m section grading 3.0 g/t Au which is included in a 71.0 m section grading 1.0 g/t Au, intersected 205 m below stopes of Zones 5. This intersection is located 45 m above and west from the results announced on March 20 in drill hole CH17-46AE1, betrays that the mineralized system has the capacity to produce continuity in the grades and thicknesses of the gold zones.
The drill hole was completed using control directional drilling and was designed to cut several gold-bearing zones and to explore the potential depth extensions of the gold zones below past-producing stopes.
These new results indicate that the continuity of grades and widths at depths of greater than 1,000 m, associated with a broad alteration and mineralization system may generate a resource development potential» commented Philippe Cloutier, President and CEO of Cartier.
The reader should view the 3D VIDEO, available on Cartier’s website. The 3D video helps visualize the different gold-bearing structures on the Chimo Mine property as well as key components that are the mine infrastructures, the gold-bearing zones, the gold intersection areas left unmined as well as the 281 targets of the ongoing drill program. The 5M2, 5M, 5B and 5BS Mineralized Structures are presented in the video.
The gold-bearing intersections are characterized with biotite-chlorite alteration and mineralization consisting of visible gold grains, arsenopyrite and/or pyrrhotite mineralization, smoky and/or white quartz veining. All other assay results from the four drills active on the property are still pending.
- The Chimo Mine produced 379 012 ounces of gold (MERN DV 85-05 to DV-97-01).
- Cartier owns 100% interests of the property.
- Year-round access by road, proximal to custom mills.
- Gold ore was mined intermittently from 14 zones by 3 different producers from 1964 to 1997.
- Mine infrastructure consists of a network of drifts distributed on 19 levels, 80 m to 870 m deep, connected by a 3-compartment shaft 965 m deep The headframe and surface facilities were dismantled in 2008 but the electrical line and the sand pit are still present.
- Ongoing drilling program of 34,000 m (2017 – 2018): 8,000 on deep targets below the historic mine and 26,000 m on depth and lateral extensions of numerous gold zones. The overall drilling program consist of:
- 23 Gold Zones;
- 68 Drill Holes on 177 extensions of known gold zones;
- Up to 281 Au-host structures traversed by drilling.
The Board of Directors has, by resolution, approved an amendment to the stock option plan of the Corporation in accordance with the provisions of Policy 4.4 of the TSX Venture Exchange. The amendment is subject to the approval of shareholders at the next annual meeting of shareholders. Pursuant to said amendment, the Corporation has added a clause allowing the extension of the exercise period of any stock option that expires during a blackout period or within 10 days following the end of such period.
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 2017, the Fraser Institute again ranked Quebec as one of the best jurisdiction in the world for investment attractiveness.
- The Corporation has a strong cash position with $16M in the bank and important corporate and institutional investors including Agnico Eagle Mines, JP Morgan UK and the Quebec investment funds.
- Cartier’s strategy is to focus on gold projects that are relatively advanced with significant potential for resource expansion laterally and at depth.
- The Corporation holds a portfolio of advanced stage 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 targets identified similar to the deposits that have been outlined on each project.
- The Chimo Mine project is a historic gold producer. Three other projects, namely Wilson, Benoist and Fenton, hold historic resource estimates.
- In 2018, a 34,000-m drill program, aims to grow value on the Chimo Mine project.
