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Cartier Resources Inc (2)
Symbol ECR
Shares Issued 314,820,044
Close 2023-05-03 C$ 0.145
Market Cap C$ 45,648,906
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Cartier Resources drills 42 m of 0.9 g/t Au at Chimo

2023-05-04 10:45 ET - News Release

Mr. Philippe Cloutier reports

CARTIER CUTS TWO NEW ZONES AT CHIMO MINE PROJECT

Cartier Resources Inc. has released drill hole results from the program that is in progress at the Chimo mine project, where a recent preliminary economic assessment (PEA) demonstrated its economic viability. The Chimo mine property, which is 100-per-cent owned by Cartier, is located 45 kilometres east of the Val d'Or mining camp.

"The new results show the discovery potential of the West Chimo mine sector, which has seen very little drilling to date, as well as the remainder of the property, where gold-bearing zones remain to be further drilled in order to increase their dimensions with a view to fully optimize the resource growth potential of the project," commented Philippe Cloutier, president and chief executive officer.

West Chimo mine sector:

  • The new 5BW gold zone, which is composed of values such as 16.8 grams per tonne (g/t) gold (Au) over one metre, six g/t Au over one m and 1.2 g/t Au over 16 m, is situated at 100 m west of Chimo mine drifts between depths of 75 m and 350 m (see the table entitled "Detailed information of new results"). Two holes were drilled between depths of 150 m and 350 m, which assays are pending, in order to explore the vertical extension.
  • The new 6N1W mineralized zone, is composed of values such as 13.2 g/t Au over 0.5 m and six g/t Au over one m, including 3.3 g/t Au over five m, all of which are included in a wider interval of 42 m grading 0.9 g/t Au. This new zone is situated only 50 m west of Chimo mine drifts between depths of 450 m and 600 m. These drill hole results add to the historical results presented in the table entitled "Detailed information of historical results." One drill hole is currently in progress in order to explore the vertical extension of the zone between depths of 600 m and 835 m.

The geometry of the Chimo mine gold system should show a certain symmetry on either side of the main mineralized sector of the project currently known as the Chimo mine sector. These first drill results already suggest the development of a good discovery potential in the West Chimo mine sector, which is situated proximal to the Chimo mine infrastructures and which have been little explored to date.

East Chimo mine sector:

  • New drill hole intersections that increase the dimension of the gold-bearing zones of the East Chimo mine sector:
    • 3E1 gold zone: 13 g/t Au over one m situated at a depth of 800 m;
    • 5BE gold zone: 9.7 g/t Au over one m, included in 6.5 g/t Au over two m situated at a depth of 650 m.

With these results, the Chimo mine project, currently being drilled over a length of 3.7 kilometres by 1.6 km depth, now consists of 30 gold-bearing zones that are situated within 19 gold-bearing structures.

About Cartier Resources Inc.

Cartier Resources was founded in 2006 and is an advanced gold project exploration company based in Val d'Or. The company's projects are all located in Quebec, which has consistently ranked as one of the world's best mining jurisdictions. Cartier is advancing the development of its flagship Chimo mine project. The company has a strong cash position exceeding $4.5-million and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.

Qualified person

The scientific and technical information on the company and the Chimo mine project in this news release was prepared and reviewed by Gaetan Lavalliere, PGeo, PhD, Cartier's vice-president, and Ronan Deroff, PGeo, MSc, Cartier's senior geologist, project manager and geomatician, both qualified persons as defined in National Instrument 43-101. Mr. Lavalliere approved the information contained in this press release.

Quality assurance/quality control

Cartier inserts in the batches of samples sent to the laboratory 5 per cent of the number of samples in the form of certified standards and another 5 per cent in the form of sterile samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boule, Que., Canada. Samples of three kilograms to five kg are crushed by the laboratory, up to 90 per cent passing a mesh of 10 mesh (two millimetres) then 500 grams of sample is pulverized up to 90 per cent passing a mesh of 200 mesh (0.07 mm). The 50 g pulps are analyzed by fire assay and are read by atomic absorption. Samples with results greater than or equal to one g/t and less than 10 g/t are reassayed by fire assay and read by atomic absorption. Results greater than or equal to 10 g/t Au are analyzed by fire assay with gravimetric reading. For samples containing visible gold, 500 g of rock are analyzed by the metallic sieve method.

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