Cartier Resources Widens Zones 5 Below Chimo Mine With 5.8 g/t Au over 4.5 m Intersection
TSX VENTURE: ECR
VAL-D’OR, Quebec, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) ("Cartier") reports new drill hole intersections grading 5.8 g/t Au over 4.5 m included within 17.3 m grading 2.8 g/t Au and 5.3 g/t Au over 2.0 m included in 4.0 m grading 3.0 g/t Au between 350 and 525 m under Chimo Mine (FIGURE), situated east of Val-d'Or. The results that continue to be added, confirm that a robust gold system exists below Chimo Mine.
"These new results increase the volume of gold mineralization below the Chimo Mine to the east, increasing the potential to expand the resource," commented Philippe Cloutier, President and CEO.
The details of the new results received from the laboratory are as follows:
|Zones 5 Cluster|
|CH17-46BE||1,250.0||1,254.5||4.5||5.8||5M2, 5M, 5B and 5BS
|Lengths are expressed along drill core axis. The true thickness was not determined.|
The deep drilling program along the depth extension of the Zone 5 cluster, which produced 75% of the ounces extracted from the Chimo Mine, was completed after 11 months of drilling. The program consisted of 20 holes totaling 10,000 m from 2 pilot holes starting at the surface. All of the holes intersected gold mineralization similar to Zones 5 of the Chimo Mine. Mineralization consists of non-refractory arsenopyrite, smoky and / or whitish quartz veins, biotite, and visible gold grains.
The Phase II drilling program is currently underway (August 28th 2018 press release) and aims to focus on the resource development potential of 7 peripheral gold zones to the main cluster of Zones 5.
The reader should view the YouTube VIDEO, available on Cartier’s website. The 3D video helps visualize the different gold-bearing structures on the Chimo Mine property as well as key components that are the mine infrastructures, the gold-bearing zones, the gold intersection areas left unmined as well as the main targets of the ongoing drill program. The gold structure and zone 6N1 is illustrated.
Chimo Mine Project Highlights
- The Chimo Mine produced 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
- Cartier owns 100% interests of the property.
- Year-round access by road, proximal to custom mills.
- Gold ore was mined intermittently from 14 zones by 3 different producers from 1964 to 1997 with a weighted average grade of 4.8 g/t Au.
- Mine infrastructure consists of a network of drifts distributed on 19 levels, 80 m to 870 m deep, connected by a 3-compartment shaft 965 m deep. The headframe and surface facilities were dismantled in 2008 but the electrical line and the sand pit are still present.
- A 105-hole drill program totaling 45,000 m has been underway since July 2017.
- Press releases on drill results from the Chimo Mine project since beginning of program:
- June 28, 2018 - Cartier Cuts 86.1 g/t Au over 1.5 m at Chimo Mine
- May 29, 2018 - Cartier Cuts 4.8 g/t Gold over 4.0 m, 525 m Below Chimo Mine
- May 16, 2018 - Cartier Cuts 6.0 g/t Gold over 3.0 m and Expands Zone 6P2 …
- March 27, 2018 - Cartier Cuts 8.5 g/t Gold over 3.5 m, 205 m Below Chimo Mine
- March 20, 2018 - Cartier Cuts 7.6 g/t Gold over 5 m, 235 m Below Chimo Mine
- March 6, 2018 - Cartier Cuts 6.5 g/t Au over 4.0 m, 165m below Zone 3 at Chimo Mine
- February 14, 2018 - Cartier Cuts 4.7 g/t Au over 5.1 m Including 17.7 g/t Au over 0.5 m…
- January 18, 2018 - Cartier Cuts 7.5 g/t Au Over 2.0 m and Extends 2B Zone …
- November 17, 2017 - Cartier Intersects 9.4 g/t Au Over 6.5 Meters at Chimo Mine
- November 7, 2017 - Cartier Intersects 7.6 g/t Au Over 3.3 Meters on Chimo …
- October 24, 2017 - Cartier Intersects 7.3 g/t Au Over 2.2 Meters on Chimo, Extends 5M4..
- January 18, 2017 - Cartier Intersects 8.2 g/t Au over 7.0 m on the Chimo Mine Property
Cartier Resources was founded in 2006 and is based out of 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 over $10M 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 laterally and at depth.
- The Corporation holds a portfolio of advanced stage exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world - the commodity focus is gold.
- 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.
- In 2018, an ongoing program of 105 holes totaling 45,000 m aims to enhance the resource development potential at Chimo Mine.
Quality Assurance / Quality Control
All lengths, mentioned in this press release, were measured along the drill core. The NQ core samples are crushed up to 80% passing 8 mesh sieves and then pulverized up to 90% passing a 200-mesh sieve. Cartier inserts 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. The 50 g pulps are analyzed by fire assay and atomic absorption. For samples containing visible gold, 1,000 g of rock are directly analyzed by the "Metallic Sieve" method.
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.