Mr. Philippe Cloutier reports
CARTIER INCREASES GOLD RESOURCES OF THE CHIMO MINE PROPERTY
Cartier Resources Inc. has provided the results of the mineral resource estimate of the North and South gold corridors of the Chimo mine property, located 45 kilometres east of Val d'Or. The estimate, completed and made available on May 4, 2020, was prepared by Claude Savard, PGeo, from InnovExplo Inc., an independent qualified person as defined by National Instrument 43-101. Christine Beausoleil, PGeo, and Alain Carrier, PGeo, MSc, of InnovExplo Inc. contributed with the cross-checks and standard validations.
Highlights
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Adding the resource estimate of the North and South gold corridors to those of the Central gold corridor, the Chimo mine property now hosts mineral resources of:
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4,017,600 tonnes at an average grade of 4.53 grams per tonne Au for a total of 585,190 ounces gold in the indicated category;
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4,877,900 tonnes at an average grade of 3.82 g/t Au for a total of 597,800 ounces gold in the inferred category.
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For more detail, using a price of gold of $1,300 (U.S.) per ounce and a cut-off grade of 2.5 g/t Au, the resource estimate of the North and South gold corridors produced:
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754,300 tonnes at an average grade of 5.11 g/t Au for a total of 123,910 ounces gold in the indicated category;
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1,196,300 tonnes at an average grade of 4.69 g/t Au for a total of 180,550 ounces gold in the inferred category.
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Work in progress that aims at increasing the resources are the following:
-
Drilling below
zones 5B4-5M4-5NE
and 5CE;
-
Internal engineering studies and industrial sorting of mineralization.
"These additional resources, situated near-surface and accessible by existing infrastructure, is a considerable advantage to launching a mine project," commented Philippe Cloutier, president and chief executive officer, adding, "Furthermore, two drill rigs are in the field to pursue drilling of
zones 5B4-5M4-5NE
and 5CE where continuity of the mineralization has been shown to extend to a depth of 1,300 metres."
Mineralization of the Chimo mine property consists of 27 gold-bearing zones hosted within 17 gold-bearing structures that comprise three
gold
corridors. The mineral resources estimated to date on the property are presented in the "Gold corridors" table.
GOLD CORRIDORS
Indicated resources
Cut-off grade: 2.5 g/t Au
Metric tonnes (t) Grade (g/t Au) Troy ounces (oz)
Central (1) 3,263,300 4.40 461,280
North (2) 505,300 5.35 86,860
South (2) 249,000 4.63 37,060
Total 4,017,600 4.53 585,190
GOLD CORRIDORS
Inferred resources
Cut-off grade: 2.5 g/t Au
Metric tonnes (t) Grade (g/t Au) Troy ounces (oz)
Central (1) 3,681,600 3.53 417,250
North (2) 715,700 4.59 105,710
South (2) 480,600 4.84 74,840
Total 4,877,900 3.82 597,800
(1): Christian D'Amours, GeoPointCom Inc. (2019).
(2): Claude Savard, InnovExplo Inc. (2020).
The resource estimate of the North gold corridor, comprising zones 1A, 1B, 2B, 2, 2W, 3, 3E, 3W, 4B and 4B2, as well as the South gold corridor, comprising zones 6, 6B, 6C, 6P and 6P2, were completed from information known to date. However, the exploration potential peripheral to these gold-bearing zones remains open.
The resource estimate of the Central gold corridor, comprising zones 5B, 5B2, 5B4, 5C, 5M, 5M2, 5M3, 5M4, 5N, 5NE and 6N1, is also completed with information known to date. Zones 5B, 5B2, 5C, 5M, 5M2 and 5N are situated, in part, within the infrastructures of the past-producing Chimo mine whereas zone 6N1 is situated 125 metres south and zones 5B4-5M4-5NE and 5CE are situated 450 m to the east. The exploration potential peripheral to all these zones is open.
Zones 5B4-5M4-5NE
and 5CE, situated 450 m east of the underground infrastructures, are being drilled in order to increase the resource over a distance of 550 m below known zones. The length of this cluster of gold-bearing zones is known over 1,300 m.
As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property. The first internal engineering study was completed with positive conclusions.
Additional notes on resource estimates
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These mineral resources are not mineral reserves because their economic viability has not been demonstrated. The amount and content of inferred resources reported in this mineral resource estimate are uncertain and there can be no assurance that some or all of the inferred mineral resources may be converted to indicated mineral resources with further exploration drilling.
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The mineral resource estimate is in accordance with the current standards and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and National Instrument 43-101 for the publication of mineral resources.
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Resources are presented in situ for an undiluted underground operation scenario and considered to have reasonable outlook for economic extraction.
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A cut-off grade of 2.5 g/t Au was used to estimate mineral resources from calculations made with the following key parameters:
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Gold price of $1,300 (U.S.)/oz;
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Exchange rate of $1.30 (U.S.)/$1 (Canadian) per troy ounce;
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Cost of royalty to IamGold $16.80 (Canadian) per troy ounce;
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Cost of mining and hoisting $84 (Canadian)/t;
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Transportation cost of $20 (Canadian)/t;
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Milling cost of $25 (Canadian)/t;
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Recovery percentage of mined stopes of 90 per cent;
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Recovery percentage of gold at mill of 90 per cent.
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The estimation was completed on 10 3-D solids which correspond to structures that constitute the North and South gold corridors on the Chimo mine property and for which the minimum thickness is 2.4 m. The grades of assayed samples are used where available otherwise in absence of an analytical result a value of zero is assigned.
- Given the physical properties of the minerals (quartz and arsenopyrite) associated with gold, it is reasonable to expect a 35-per-cent reduction in transportation and milling costs if a material sorting plan is in operation at surface on the Chimo mine site. This cost reduction produces a calculation of 2.5 g/t Au for the cut-off grade. It is important to note that these costs are dynamic and may vary over time. Therefore, they must be re-evaluated regularly according to market conditions. The author estimates that the threshold of 2.5 g/t Au for the cut-off grade represents the fair value of the potential of this project and that this value constitutes the reference value for this study. The selection of reasonable prospective parameters, which assume that some or all of the estimated resources could potentially be extracted, is based on a bulk underground mining scenario involving a daily extraction rate of approximately 2,000 to 3,000 tonnes.
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The density value of 2.8 grams per cubic metre was used.
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The estimate was made from a database as Feb. 14, 2020, of 3,670 drill holes totalling 288,189 m drilled, 17,331 deviation (hole orientation) measurements, and 80,312 samples analyzed for gold and collected over a core length of 86,660 m representing 30 per cent of the drilled core length. This database contains 2,107 blank and standard samples, inserted by Cartier between Nov. 1, 2016, and July 2, 2019. This database was validated before starting the resource estimate. The estimate was carried out on 10 mineralized structures intersected by 15,380 m of drilling, producing 3,107 different gold intersections.
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A high-grade cap of 36 g/t Au (structures 1A and 1B), of 96 g/t Au (structure 2), of 112 g/t Au (structure 3), of 35 g/t Au (structure 4B) and of 55 g/t Au (structures 6, 6B, 6C, 6P and 6P2) was applied on all assay results.
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Underground openings (open and backfilled-cemented stopes, drifts, raises and shafts) were modelled from transversal and longitudinal sections as well as detailed historical geological and mining plans. Historical underground production has been subtracted from the resource estimate.
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This mineral resource estimate has been prepared using the software Geovia Gems 6.8.2. GeoticMine has been used for 3-D modelling of topographic and bedrock surfaces, mined sites, and various underground openings as well as the interpretation of gold structures. Each structure has been defined by individual meshes. The Leapfrog Geo 5.4 software was used in the modification of the solids of the structures generated by the GeoticMine intersects. Statistical studies and a variography were performed with Snowden Supervisor v.8.12 and Microsoft Excel software. The grade interpolation was performed using the inverse distance to the square methodology, based on 1.0 m composites and 5.0 m by 2.5 m by 5.0 m blocks.
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The mineral resource estimate presented here is classified as inferred and indicated. The indicated mineral resource category is defined by interpolation using research ellipsoid parameters presented in the "Research ellipsoid parameters" table.
RESEARCH ELLIPSOID PARAMETERS
Composite Dimension of search ellipsoids
Minimum No. Resource
Pass Min. Max. Max/hole of holes category X Min. (m) X Max. (m) Y Min. (m) Y Max. (m) Z Min. (m) Z Max. (m)
1 6 18 2 3 Indicated 23 40 13 20 8 8
2 4 18 2 2 Inferred 46 70 26 40 16 16
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The number of metric tons has been rounded to the nearest hundred and the metal content is presented in troy ounce (ton multiplied by grade divided by 31.1035) rounded to the nearest tenth.
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InnovExplo is not aware of any environmental, permit, mining claim or legal, tax, socio-political, commercial, or other relevant matter not mentioned in this news release, which could have a significant impact on the mineral resource estimate.
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The table of the sensitivity of the cut-off grade for the North and South gold corridors gold resources is attached.
CUT-OFF GRADE SENSITIVITY
Indicated resources
Cut-off
grade
(g/t Au) Metric tonnes (t) Grade (g/t Au) Troy ounces (oz)
1.5 1,361,900 3.70 162,060
2.0 1,014,200 4.37 142,600
2.5 754,300 5.11 123,910
3.0 582,000 5.81 108,760
3.5 454,200 6.54 95,450
4.0 365,300 7.22 84,770
CUT-OFF GRADE SENSITIVITY
Inferred resources
Cut-off
grade
(g/t Au) Metric tonnes (t) Grade (g/t Au) Troy ounces (oz)
1.5 2,355,100 3.33 252,390
2.0 1,650,100 4.02 213,120
2.5 1,196,300 4.69 180,550
3.0 906,300 5.32 155,020
3.5 695,700 5.95 133,120
4.0 541,700 6.58 114,610
The "Cut-off grade sensitivity" table illustrates the sensitivity of this mineral resource estimate to different cut-off grades for an underground operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in this table should not be interpreted as a statement on mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.
About the Chimo mine project
Cartier holds a 100-per-cent interest in the property for which 1-per-cent NSR (net smelter return) royalty has been granted to IamGold Corp. No rights of first refusal (buy back) have been granted.
The property, which is accessible year-round, is located near six mills in the Val d'Or area.
Fourteen gold zones were exploited by three 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 seven km, distributed over 19 levels and connected by a 5.5 m by 1.8 m with three-compartment shaft for a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25-kilovolt 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 totalling 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 seven gold zones that were prioritized; which allowed the discovery of the
zones 5B4-5M4-5NE
and 5CE and to develop the potential of zone 6N1. These areas have excellent potential to deliver future discoveries.
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 Gaetan Lavalliere, PGeo, PhD, vice-president, and Ronan Deroff, PGeo, MSc, senior geologist, project manager and geomatician, qualified persons as defined by NI 43-101. Mr. Lavalliere approved the information contained in the press release.
The independent qualified person for the issuer, responsible for the estimation of mineral resources of the North and South gold corridors, as defined in NI 43-101, is Claude Savard, PGeo, of InnovExplo. The independent qualified person for the issuer, responsible for the estimation of mineral resources of the Central gold corridor, as defined in NI 43-101, is Christian D'Amours, PGeo, BASc, president of GeoPointCom. Mrs. Savard and Mr. D'Amours declare that they have read this press release and that the scientific and technical information relating to the estimate of the resources presented herein is compliant.
Quality assurance/quality control
The analytical results, derived from Cartier's drilling, were obtained from samples measured along the drill core. The estimated true thickness averages about 65 per cent to 85 per cent of the measured apparent length. NQ core samples are crushed up to 80 per cent passing an eight mesh and then pulverized up to 90 per cent passing a mesh of 200 mesh. 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 blank samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boule, Que. The 50 g pulps are analyzed by fire assay and read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 1,000 grams of rock are analyzed by the metallic sieve method.
About Cartier Resources Inc.
Cartier Resources, founded in 2006, is based in Val d'Or, Que. The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favourable geology, attractive fiscal environment and pro-mining government.
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