Cartier Files Annual Financial Reports and Defers AGM Amid COVID-19 Concerns
22 April 2020 - 10:00PM
Cartier Resources Inc. (TSX-V: ECR) ("Cartier") announces that it
has filed its 2019 Financial Statements and Management Discussion
and Analysis Reports on April 21st, 2020. As of this date,
Cartier has a good financial position with more than $ 5.6 million
in the bank.
Cartier also announces that it has elected to
defer its 2020 Annual General Meeting of Shareholders normally held
in late May – early June due to COVID-19 concerns, and plans to
hold it later in the year. This decision was taken at a time when
orders from the Government of Quebec forbid public
gatherings.
Cartier reminds its shareholders that drilling
activities remain suspended on the Chimo Mine property, located 45
km east of Val-d'Or, until further notice. Other work is in
progress by telework or other confinement situations.
Since March 16, 2020, a specific COVID-19
protocol has been in place to protect employees and all those who
may be in contact with them. Cartier thanks its employees, its
contractors and consultants for their understanding. The company
will resume drilling on the Chimo Mine project as soon as the
government order is lifted.
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 drilling, completed to date by Cartier on the Chimo Mine
property, consists of 121 holes totaling 55,890 m and
20,792 gold samples collected. 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 and 5CE (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.
- The Corporation has a strong cash
position with over $ 5.6M 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.
- Exploration work is currently
concentrated on the Chimo Mine property in order to optimize the
value for investors. Preparation for the next exploration work is
underway to carry out drilling programs on the Benoist, Fenton and
Wilson properties respectively.
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 CEOTelephone: 819
856-0512philippe.cloutier@ressourcescartier.comwww.ressourcescartier.com |
Neither the TSX Venture Exchange nor its
regulatory services provider accepts responsibility for the
adequacy or accuracy of this press release.
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