Cartier Resources Inc. (TSXV: ECR, FSE: 6CA) (“Cartier” or the
“Company”) announces results from the ongoing drill Program for the
Chimo Mine Project
(
FIGURE 2). The Project
comprises the Chimo Mine and East Cadillac properties, the latter
of which was acquired on April 7, 2022.
Cartier began
exploring of this part of the East Cadillac property on January 4,
2024. Both properties are 100% owned by Cartier and
strategically located 45 km east of the Val-d’Or mining camp.
The high-grade gold results intersected for the
VG10 Zone are presented in tables 1 and 2 below, as well as on
FIGURE 1 and
FIGURE 2. Amongst the 15
drill holes completed to date on this Zone, 60% of the
intersections contain visible coarse gold cluster of grains within
sedimentary rocks where gold concentrations are generally high, for
this Project.
The VG10 Zone, which starts at surface, is
situated 280 m from the VG9 Target (FIGURE 1)
along the New VG Structure (August 15 2024 Press Release). Both
high-grade gold zones and the 22.3 g/t Au / 1.0 m intersection,
reported on a new structure 50 m south of the VG Structure
(FIGURE 1), open a new sector with potential
for significant discoveries for the Project.
The ongoing Program is exploring, with 164 drill
holes, 54 targets over 10 of the 20 km strike length of the Larder
Lake - Cadillac Fault Zone that has been identified for the
Project.
« A second drill will soon be added to the
current Program in order to continue the discovery of new potential
sectors while allowing follow-up on the high grades obtained to
date » commented Cartier’s President and CEO.
Table 1: Details of the new
results
Hole |
CoordinatesUTM (m) |
Azimuth (°) /Plunge (°) |
From(m) |
To(m) |
Au(g/t) |
Length(m) |
Gold Zone |
Gold Structure |
CH24-152 |
333523/5319839/351 |
169/-60 |
99.5 |
100.0 |
142.2 |
0.5 |
VG10 |
VG |
Included within |
99.0 |
100.0 |
74.4 |
1.0 |
CH24-154 |
170/-70 |
116.5 |
117.0 |
137.4 |
0.5 |
Included within |
116.0 |
117.0 |
69.5 |
1.0 |
CH24-153 |
192/-69 |
108.5 |
109.0 |
24.1 |
0.5 |
CH24-149 |
333602/5319802/350 |
200/-48 |
68.7 |
69.2 |
12.8 |
0.5 |
Included within |
68.0 |
69.2 |
8.0 |
1.2 |
CH24-150 |
176/-45 |
131.0 |
132.0 |
22.3 |
1.0 |
New Target |
VG |
The lengths of the mineralized intersections are
expressed as measured lengths along the drill core.The estimated
true widths of the mineralized intersections are approximately 70%
to 95% of the reported lengths.
Table 2: Details of the
previous results
Hole |
CoordinatesUTM (m) |
Azimuth (°) /Plunge (°) |
From(m) |
To(m) |
Au(g/t) |
Length(m) |
Gold Zone |
Gold Structure |
CH24-97* |
333540/5319781/349 |
227/-79 |
48.3 |
48.8 |
46.1 |
0.5 |
VG10 |
VG |
Included within |
48.3 |
49.3 |
30.2 |
1.0 |
CH24-98 |
145/-58 |
41.0 |
41.5 |
20.6 |
0.5 |
Included within |
41.0 |
42.5 |
9.8 |
1.5 |
CH23-93 |
333527/5319849/351 |
164/-45 |
99.7 |
100.2 |
75.9 |
0.5 |
Included within |
97.7 |
100.7 |
15.3 |
3.0 |
CH23-92 |
158/-51 |
107.5 |
109.5 |
6.4 |
2.0 |
CH23-88 |
183/-47 |
93.0 |
94.0 |
14.2 |
1.0 |
NW08-13 |
333526/5319948/358 |
171/-76 |
289.9 |
290.3 |
45.9 |
0.4 |
The lengths of the mineralized intersections are
expressed as measured lengths along the drill core.The estimated
true widths of the mineralized intersections are approximately 75%
to 95% of the reported lengths.* The estimated true widths of the
mineralized intersections are approximately 45% of the reported
length.
About the Chimo Mine Project:
With a long-term gold price of
US$1,750/oz and an exchange rate of CAD $1.00 = US
$0.77(source PEA dated May 26 2023 **):
- Positive PEA
**, after tax:
NPV5% of CA$388M and IRR of
20.8%
- MRE
*: 720,000 ounces of gold in Indicated
Resources and 1,633,000 ounces of gold in Inferred
Resources
Table 3: Gold Price
Sensitivity, source PEA dated May 26 2023 **
Gold Price Variation USD/Oz |
Post-Tax NPV 5% |
Post-Tax IRR |
Post-Tax Payback Period |
1300 |
105.1 |
9.7% |
5.5 |
1400 |
169.4 |
12.4% |
4.6 |
1500 |
233.0 |
15.0% |
3.9 |
1600 |
295.3 |
17.4% |
3.4 |
1700 |
357.0 |
19.7% |
3.1 |
1750 |
387.8 |
20.8% |
2.9 |
1800 |
418.5 |
21.8% |
2.8 |
1900 |
479.1 |
23.9% |
2.6 |
2000 |
539.2 |
25.8% |
2.4 |
2100 |
598.8 |
27.7% |
2.2 |
2200 |
658.3 |
29.5% |
2.0 |
* 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 22,
2022.** NI 43-101 Technical Report and Preliminary
Economic Assessment for Chimo Mine and West Nordeau Gold Deposits,
Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R.
Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme
and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, May
29, 2023.
About Cartier Resources
Inc.Founded in 2006, Cartier Resources Inc. is an
exploration company based in Val-d’Or, Quebec, Canada. The
Company’s projects are located in Quebec, which consistently ranks
among the world’s best mining jurisdictions. Cartier is actively
advancing the development of its flagship Chimo Mine Project and
exploring its other projects. The Company has significant corporate
and institutional support, including Agnico Eagle Mines, O3 Mining
and provincial investment funds.
Quality Assurance / Quality
ControlFor each batch of samples sent to the laboratory,
Cartier inserts 5% of the number of samples in the form of
certified standards and another 5% in the form of blanks to ensure
quality control. The samples are analyzed at the Techni-Lab
(Actlabs) laboratory in Ste-Germaine-Boulé, Quebec, Canada. Samples
weighing 3 to 5 kg are crushed by the laboratory to 90% passing 10
mesh (2.00 mm), then a 500 g fraction of each sample is
pulverized to 90% passing 200 mesh (0.07 mm). The resulting 50
g pulps are analyzed by fire assay with an atomic absorption
finish. Samples with results ≥ 1.0 g/t and < 10.0 g/t are
re-assayed by fire assay with an atomic absorption finish. Results
greater than or equal to 10.0 g/t Au are analyzed by fire assay
with a gravimetric finish. For samples containing visible gold, a
500 g subsample of rock is analyzed by the metallic sieve
method.
Qualified PersonsThe Company’s
scientific and technical information in this news release was
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, both qualified persons
as defined in National Instrument 43 101. Mr. Lavallière
approved the information contained in this press release.
For more information, 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.
FIGURE 2: Chimo Mine Project
Ongoing 2024 Drill Program
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a15197bf-84d2-4b20-b59f-10ac39984990https://www.globenewswire.com/NewsRoom/AttachmentNg/a2c58f0f-8397-40b9-b1bc-2822772d6455
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