VAL-D'OR, Quebec, June 05, 2018 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V:ECR) ("Cartier") is pleased to announce the results of the 7,814 m drilling campaign on the Fenton property, located 50 km southwest of Chapais. The new results (TABLE) were intersected up to a depth of 625 m along the geometric extent of the Fenton gold deposit, where a historical resource estimate of 63,885 ounces (D. Chénard, Datac Géo-Conseil Enrg., 2000) is reported. These results extend the gold potential up to 340 m below the Fenton deposit (FIGURE). The property is 50% owned by SOQUEM and 50% owned by Cartier.
The new results below the Fenton deposit include intersections of 29.6 g/t Au / 2.0 m included within a 20.0 m section grading 3.4 g/t Au also included within a section 64.7 m-wide grading 1.5 g/t Au. The Dyke Zone, located 100 m to the north, also extends at depth with a geometry and characteristics similar to the Fenton deposit (FIGURE) (8.1 g/t Au / 2.0 m included within a section of 11.0 m grading 3.8 g/t Au, also included within a 25.0 m wide interval grading 2.1 g/t Au was reported in a press release dated January 31, 2018). The Fenton deposit and the Dyke zone therefore consist of high grade intersections within wider gold bearing envelopes.
|Drill Hole||From (m)||To (m)||Length (m)||Au (g/t)||Gold Zone|
|The lengths are expressed in drill core length. True thickness was not estimated.|
"These significant results continue to define the geometry to be explored for the Fenton deposit and the Dyke Zone and increase the potential for a gold resource," commented Philippe Cloutier, President and CEO of Cartier.
Cartier Resources was founded in 2006 and is based at Val-d'Or, Quebec. Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral rich geology, attractive tax environment and pro-mining government. In 2017, the Fraser Institute again ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.
Cartier Investment Highlights
The Corporation has a strong cash position with $13M in the bank and important corporate and institutional investors including Agnico Eagle Mines, JP Morgan UK and the Quebec investment funds.
Cartier’s strategy is to focus on gold projects that are relatively advanced with significant potential for resource expansion.
The Corporation holds a portfolio of advanced stage exploration projects in the Abitibi Greenstone Belt in Quebec.
The Corporation is focused on advancing its four key projects through drill programs. All of these projects were acquired at very reasonable valuations over the past few years. All of them are drill ready with targets identified similar to the deposits that have been outlined on each project.
The Chimo Mine project is a historic gold producer. Three other projects, namely Wilson, Benoist and Fenton, hold historic resource estimates.
Fenton Project Fenton Highlights
The Fenton gold deposit has a range of historic intersections ranging from 6.4 to 24.5 g/t Au over lengths varying from 2.6 to 7.6 m in wider sections with grades ranging from 1.7 at 4.0 g/t Au over lengths ranging from 24.8 to 52.0 m. A historical resource estimate, completed in 2000 by Mr. Denis Chénard, Eng. from Datac Géo-Conseil Enrg., reports 426 173 tonnes to 4.66 g/t Au corresponding to 63,885 oz Au.
The Fenton Gold Deposit has been tested down to 100 m below surface but minor testing below this depth.
The Fenton Gold Deposit consists of a mineralized envelop over 350 m long within highly magnetic unit striking NNW-SSE.
The mineralization is comprised of traces to 30% pyrite-pyrrhotite with chalcopyrite concentration associated with gold. Silica-sericite-carbonate alteration zone are observed. Gold is intimately associated with the sulphides.
The Fenton Deposit is composed of 5 closely spaced tubular gold-bearing zones.
To date, 119 drill holes were completed on the Fenton Gold Deposit for a total of 24,267 m.
The property 50% owned by SOQUEM and 50% owned by Cartier. SOQUEM is the project manager.
SOQUEM, a subsidiary of Ressources Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
Quality Assurance / Quality Control
The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P. Geo., Ph. D. and Vice President for Cartier Resources. Mr. Lavallière is a qualified person as defined by National Instrument 43-101.
|For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
Relations Publiques Paradox
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.