Cartier Resources: Phase III Drilling Targets to Expand Zones on Chimo Mine Project
TSX VENTURE: ECR
- Current Phase III drilling is focussed on expanding the dimensions of gold-bearing Zones 5NE, 5M4 and 6N1 as they are proximal to existing mine infrastructures.
VAL-D’OR, Quebec, March 14, 2019 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) ("Cartier") reports that Phase II drilling has been completed and that a Phase III has commenced on the Chimo Mine property, located 45 km east of Val-d'Or.
To date, Phases I and II drilling completed by Cartier on the Chimo Mine property consisted of 105 drill holes for a total of 47,588 m. This work reached 3 objectives:
- Demonstrate the continuity of the main gold-bearing Zones 5B and 5M below the existing mine infrastructures (Phase I), by completing 20 drill holes for a total of 10,113 m (FIGURE).
Best results previously disclosed1:
14.6 g/t Au / 3.0 m incl. within 5.8 g/t Au / 10.0 m incl. within 2.2 g/t Au / 44.0 m and 7.6 g/t Au / 5.0 m incl. within 2.3 g/t Au / 19.0 m.
- Explore the extensions of 19 gold zones peripheral to the main zones (Phase I), with 52 drill holes for a total of 24,219 m. The results1 led to prioritizing 7 gold zones for additional drilling.
- Explore the extensions of 7 prioritized gold zones (Phase II); which led to the discovery of the new Zone 5NE and indicating the additional potential of Zones 6N1 and 5M4 (FIGURE), from 33 drill holes for a total of 13,256 m.
Best results previously disclosed1:
Zone 5NE: 10.6 g/t Au / 6.0 m incl. within 4.5 g/t Au / 21.0 m incl. within 2.5 g/t Au / 57.0 m and 12.4 g/t Au / 5.0 m incl. within 5.9 g/t Au / 12.0 m incl. within 2.0 g/t Au / 45.5 m and;
Zone 6N1: 23.3 g/t Au / 2.0 m incl. within 6.6 g/t Au / 13.0 m and 7.8 g/t Au / 3.0 m incl. within 2.8 g/t Au / 15.0 m.
Lengths are expressed along drill core axis. The true thickness was not determined. The Company is currently building wireframes for the 24 mineralized zones and existing infrastructure of the former Chimo Mine in order to determine the dimensions (thickness) of each mineralized zone as accurately as possible.
1A Table (refer to Cartier website – Chimo Mine projects section) presents a compilation of all results, reported via press releases from drilling on the project since July 2017.
"Recent results from Zones 5NE, 5M4 and 6N1 indicate an excellent potential to rapidly expand the dimensions of these 3 gold zones proximal to existing mining infrastructure," commented Philippe Cloutier, President and CEO.
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 6 custom mills.
- Gold mineralized material was mined intermittently from 14 zones by 3 different producers.
- Mine infrastructure consists of a network of drifts distributed on 19 levels, 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.
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 2018, 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 $6.5M 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 have an exploration potential for rapid expansion.
- The Corporation holds a portfolio of 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.
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.