Cartier Resources Cuts 5.7 g/t Au over 4.0 m in Zones 5 Below Mine Infrastructure Doubling Resource Potential
TSX VENTURE: ECR
- New results returned 14.4 g/t Au over 1.5 m included within 5.7 g/t Au over 4.0 m were intersected within Zones 5, at a depth of 1 500 m (FIGURE).
- The results add to the intersections from holes CH17-46 and 47 reported on the FIGURE and demonstrate the spatial continuity of gold grades and widths within Zones 5 below the existing Mine infrastructure.
- The position of the intersections extends the potential for resources of Zones 5 over a length of 700 m below the past producing Chimo Mine.
- The new resource potential of Zones 5 is in addition to the resource potential leftover from mine closure as well as to the resource potential identified from Zone 6N1.
VAL D'OR, Quebec, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) ("Cartier") reports additional drill hole intersections grading 14.4 g/t Au over 1.5 m included within 5.7 g/t Au over 4.0 m. The position of the intersections, intersected within Zones 5 at a depth of 1 500 m, extends the potential for resources of Zones 5 over a length of 700 m below the past producing Chimo Mine, situated 45 Km east of Val-d’Or.
The results add to the intersections from holes CH17-46 and 47 and demonstrate the spatial continuity of gold grades and widths within Zones 5 below the existing Mine infrastructure. The new resource potential of Zones 5 is in addition to the resource potential leftover from mine closure as well as to the resource potential identified from Zone 6N1. The latter, drilled to a depth of 1 100 m, shows excellent potential to extend as deep as Zones 5 while being laterally accessible at a distance of 80 m.
"On the FIGURE, the black surface represents roughly 300 000 ounces of gold mined" commented Philippe Cloutier, President and CEO, adding, "the orange colored surface shows the new unmined resource potential of Zones 5."
The details of the new results received from the laboratory are as follows:
|Zones 5 Gold Cluster|
|CH17-47BW||1,603.0||1,607.0||4.0||5.7||5M2, 5M, 5B and 5BS|
Lengths are expressed along drill core axis. The true thickness was not determined.
The Phase II drilling program currently underway is focused on the resource development potential of 7 peripheral gold zones to the main cluster of Zones 5. This program consists of 40 drill holes totaling 15,000 m.
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.
Grants Stock Options
The Company announces that the Board of Directors granted, on December 10th 2018, a total of 1,300,000 stock options to directors, officers, and one employee of the Company. Pursuant to the terms of the Company’s stock option plan, each option grants the holder of such option the right to purchase a common share of the Company at a price of $0.13 per share no later than December 9th, 2023.
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:
- November 27, 2018 - Cartier Cuts 6.6 g/t Au over 13.0 m Along Depth Extension…
- November 12, 2018 - Cartier Continues to Widen Zones 5 below Chimo Mine…
- October 25, 2018 - Cartier Widens Zones 5 Below Chimo Mine With…
- October 9, 2018 - New Zone 6N1 Increases Potential at Chimo Mine
- September 19, 2018 - Cartier Confirms Mineralization Continuity to a Depth of 1.6 km…
- August 28, 2018 - Cartier Ramps Up Expanded Chimo Mine Drill 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 $8.5M 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.
For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.