Cartier Cuts 15.7 g/t Au over 3.0 m in New VG Zone of the Chimo Mine Project
24 Agosto 2023 - 8:30AM
Cartier Resources Inc. (TSX-V: ECR, FSE: 6CA) (“Cartier”) announces
drill results constituting the new VG Gold Zone, located north of
the West Nordeau deposit (
FIGURE 1) of the Chimo
Mine Project (“ the Project ”). The Project, comprised of the Chimo
Mine and East Cadillac properties is 100% owned by Cartier and
located at 45 km east of the Val-d'Or mining camp.
The VG Zone, currently made up of 5 high-grade
gold drill intersections (Tables 1 and 2), is located between 75 m
and 150 m depths (FIGURE 1). A drill
intersection with similar gold grades is also present below the VG
Zone, at a depth of 300 m, down-plunge of the mineralized zones of
the Project. High-grade gold intersections are also present
respectively at 275 m to the west and 550 m to the east of the VG
Zone defining the VG Structure over a strike length of 850 m.
« The gold results from this new VG Zone
demonstrate the potential of the gold deposits, showings and
intersections located along the 15 km favorable strike of the Chimo
Mine Project (FIGURE 2) » commented Philippe
Cloutier, President and CEO.
Table 1: Detailed information
of the new results
Drill Hole |
CoordinatesUTM (m) |
Azimuth (°)/Plunge (°) |
From(m) |
To(m) |
Au(g/t) |
Length(m) |
Gold Zone |
Gold Structure |
Localisation: West Nordeau Sector – New VG Gold
Zone |
CH23-93 |
333527/5319849/351 |
164/-45 |
97.7 |
100.7 |
15.7 |
3.0 |
VG |
VG |
Including |
99.7 |
100.2 |
75.9 |
0.5 |
Including |
100.2 |
100.7 |
10.5 |
0.5 |
CH23-88 |
183/-47 |
93.0 |
94.0 |
14.2 |
1.0 |
CH23-92 |
166/-51 |
107.5 |
109.5 |
6.4 |
2.0 |
CH23-84 |
197/-68 |
118.5 |
119.3 |
10.7 |
0.8 |
The lengths of the mineralized intersections are
expressed as lengths measured along the drill core. The estimated
true thickness of the mineralized intersections represents
approximately 70 to 90% of the measured length.
Table 2: Detailed information
of historical drill results
Drill Hole |
CoordinatesUTM (m) |
Azimuth (°)/Plunge (°) |
From(m) |
To(m) |
Au(g/t) |
Length(m) |
Gold Zone |
Gold Structure |
Localisation: West Nordeau Sector – New VG Gold Zone and
Structure |
NW08-13 |
333526/5319948/358 |
171/-76 |
289.9 |
290.3 |
45.9 |
0.4 |
VG |
VG |
NW08-12 |
333526/5319848/352 |
176/-77 |
132.7 |
133.3 |
18.8 |
0.6 |
W 90-08 |
333253/5319894/350 |
183/-80 |
59.2 |
61.0 |
14.4 |
1.8 |
--- |
Including |
59.4 |
59.7 |
75.3 |
0.3 |
O3EC-20-020 |
334067/5319721/350 |
186/-59 |
188.0 |
189.5 |
16.6 |
1.5 |
The lengths of the mineralized
intersections are expressed as lengths measured along the drill
core. The estimated true thickness of the mineralized
intersections represents approximately 60 to 80% of the measured
length.
Reminder of the highlights of the Chimo
Mine Project:
- Recent positive Preliminary Economic Assessment *
(FIGURE 3):
- Post-Tax NPV5% of
CAD$388M and 20.8% IRR
- Average annual production of
116,900 ounces of gold at a milled average
of 4.6
g/t Au for a
9.7 years mine life
- Payback period of 2.9 years
- Long term gold price of US$1,750/oz, exchange rate of CAD $1.00
= US $0.77
- Capex of CAD$341M, average all-in sustaining cost of
US$755/oz
- Recent Mineral Resource Estimate ** (FIGURE
4):
- 720,000 ounces of gold in the indicated resource
category
- 1,633,000 ounces of gold in the inferred resource category
- The main portion of the Chimo Mine Project, 3.7 km long
east-west, 1.6 km high and 500 m thick north-south, consists to
date of 20 gold structures including 31 gold zones.
- 53% of diluted and recoverable ounces of gold are
contained in 2 gold structures (5B and 5N).
- 46% of diluted and recoverable ounces of gold are
contained in 5 gold zones (5BE, 5NE1-5NE2, 5B and
5NE).
* 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,
29nd, 2023.
** 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 22nd, 2022.
About Cartier Resources
Inc.
Cartier Resources Inc. 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 cash position exceeding
$2.6 M and a significant corporate and institutional
endorsement, including Agnico Eagle Mines, O3 Mining and Quebec
investment funds.
Qualified Persons
The scientific and technical information on the
Company and the Chimo Mine Project in this news release was
prepared and reviewed by Mr. Gaétan Lavallière, P. Geo.,
Ph. D, Cartier’s Vice- President and Mr. Ronan Déroff,
P. Geo, M. Sc., Cartier’s Senior Geologist, Project
Manager and Geomatician, both qualified persons as defined in NI
43-101. Mr. Lavallière approved the information contained in this
press release.
Quality Assurance / Quality
Control
Cartier inserts in the batches of samples sent
to the laboratory, 5% of the number of samples in the form of
certified standards and another 5% in the form of sterile samples
to ensure quality control. The samples are analyzed at the
Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé,
Quebec, Canada. Samples of 3 to 5 kg are crushed by the laboratory
up to 90% passing a mesh of 10 mesh (2.00 mm) then 500 g of sample
is pulverized up to 90% passing a mesh of 200 mesh (0.07mm). The 50
g pulps are analyzed by fire assay and are read by atomic
absorption. Samples with results ≥ 1.0 g/t and < 10.0 g/t are
re-assayed by fire assay and read by atomic absorption. Results
greater than or equal to 10.0 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.
For more information, contact:Philippe Cloutier,
P. Geo.President and CEOTelephone:
819-856-0512philippe.cloutier@ressourcescartier.comwww.ressourcescartier.com
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regulatory services provider accepts responsibility for the
adequacy or accuracy of this press release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ef0262e5-cf12-4ba6-976a-c072b8f6518f
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