08:03:01 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Cartier Resources Inc (2)
Symbol ECR
Shares Issued 351,800,077
Close 2024-03-12 C$ 0.085
Market Cap C$ 29,903,007
Recent Sedar Documents

Cartier Resources drills 2.3 m of 13.2 g/t Au at Chimo

2024-03-12 10:03 ET - News Release

Mr. Philippe Cloutier reports

CARTIER CUTS 13.2 G/T AU OVER 2.3 M IN THE VG ZONE OF THE CHIMO MINE PROJECT

Cartier Resources Inc. has released the results of its continuing drilling program for the Chimo mine project. The project comprises the Chimo mine and East Cadillac properties, the latter of which was acquired on April 7, 2022. Cartier began exploring this new area of the project in 2024. Both properties are 100 per cent owned by Cartier and are located 45 kilometres east of the Val d'Or mining camp.

Highlights -- new results from the VG zone:

  • 13.2 grams per tonne gold over 2.3 metres, including 46.1 grams per tonne gold over 0.5 metre;
  • 7.5 grams per tonne gold over 2.0 metres, including 20.6 grams per tonne gold over 0.5 metre.

The results were obtained in the VG zone at depths of 35 metres and 45 metres, respectively. High gold grades are also present 275 metres to the west and 550 metres to the east of the VG zone, defining the VG structure along a strike length of 850 metres.

"This third set of high-grade results from the VG structure since August, 2023, puts us on track to start a new drilling phase on the VG zone to further increase its size and continue the search for other gold zones along the prospective 15-kilometre strike of the project," commented Philippe Cloutier, president and chief executive officer.

About the Chimo mine project:

  • Positive PEA (preliminary economic assessment), after tax: NPV (net present value discounted at 5 per cent) of $388-million and 21-per-cent IRR (internal rate of return);
  • MRE (mineral resource estimate): 720,000 ounces of gold in indicated resources and 1,633,000 ounces of gold in inferred resources.

About Cartier Resources Inc.

Founded in 2006, Cartier Resources is an exploration company based in Val d'Or, Que., 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 a solid cash position of $4.2-million and significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and provincial investment funds.

Quality assurance/quality control

For each batch of samples sent to the laboratory, Cartier inserts 5 per cent of the number of samples in the form of certified standards and another 5 per cent in the form of blanks to ensure quality control. The samples are analyzed at the Techni-Lab (Actlabs) laboratory in Ste-Germaine-Boule, Que., Canada. Samples weighing three kilograms to five kilograms are crushed by the laboratory to 90 per cent passing 10 mesh (2.00 millimetres), then a 500-gram fraction of each sample is pulverized to 90 per cent passing 200 mesh (0.07 millimetre). The resulting 50-gram pulps are analyzed by fire assay with an atomic absorption finish. Samples with results greater than or equal to 1.0 gram per tonne and less than 10.0 grams per tonne are reassayed by fire assay with an atomic absorption finish. Results greater than or equal to 10.0 grams per tonne gold are analyzed by fire assay with a gravimetric finish. For samples containing visible gold, a 500-gram subsample of rock is analyzed by the metallic sieve method.

Qualified persons

The company's scientific and technical information in this news release was prepared and reviewed by Dr. Gaetan Lavalliere, PGeo, PhD, vice-president, and Ronan Deroff, PGeo, MSc, 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.

© 2024 Canjex Publishing Ltd. All rights reserved.