Cartier Intersects 7.1 g/t Au over 11.5 m 550 m Below Zones 5B4-5M4-5NE on Chimo Mine Project; Illustrating the Potential for...
19 February 2020 - 4:29AM
Cartier Resources Inc. (TSX-V: ECR) ("Cartier") announces values
of
7.1 g / t Au over 11.5 m including 22.0 g / t Au over
2.0 m intersected at a distance of 550 m below Zones
5B4-5M4-5NE of the Chimo Mine gold property located 45 km east
of Val-d’Or, Quebec.
Values of 7.0 g / t Au over 2.0
m, included within a section grading 2.6 g / t Au
over 16.1 m, were also obtained 300 m below Zones
5B4-5M4-5NE (FIGURE 1). The continuity of
mineralization makes it possible to plan drill targets over long
distances and repeat the intersections.
"The potential for resource expansion is open in
all directions below the new Zones 5B4-5M4-5NE, testifying to the
importance of the mineralized system and its continuity" commented
Philippe Cloutier, President and Chief Executive Officer.
The details of the new results are as
follows:
Drill Hole |
From(m) |
To(m) |
Length (m) |
Au(g/t)
|
Gold Zone |
Gold Structure |
CH19-55 |
1393.0 |
1395.0 |
2.0 |
22.0 |
5B4-5M4-5NE |
5B-5M-5N |
Included in |
1385.5 |
1397.0 |
11.5 |
7.1 |
CH19-54 |
1200.0 |
1202.0 |
2.0 |
7.0 |
Included in |
1198.0 |
1214.1 |
16.1 |
2.6 |
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 80% of the measured length.
Recall that in the December 2019 NI 43-101
Technical Report, using a gold price of US $ 1,292 / ounce and a
cut-off grade of 2.5 g/t Au the Central Gold Corridor resource
estimate for the Chimo Mine property (FIGURE 1),
reported:
- 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 of the Chimo Mine
Project is in progress underway via:
- The resources estimate in progress 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.
About Chimo Mine Project
- 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 $ 6,8M 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.
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.
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 |
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/ec1cbc35-6ec1-482b-a851-3989e794012d
Cartier Resources (TSXV:ECR)
Historical Stock Chart
From Apr 2024 to May 2024
Cartier Resources (TSXV:ECR)
Historical Stock Chart
From May 2023 to May 2024