5B4-5M4-5NE longitudinal section – April 7th, 2020 drill results
Highlights (FIGURE 1):
- Mineralized intersection of 5.0 g/t Au over 10.9 m included within 26.1 m grading 2.5 g/t Au at a distance of 250 m below the new Zones 5B4-5M4-5NE in the East Sector;
- Discovery of a 4th gold zone within the East Sector, named Zone 5CE, which returned 11.9 g/t Au over 2.0 m;
- The “NI 43-101 Technical Report and Mineral Resource Estimate, Chimo Mine Project, Central Gold Corridor, Val-d’Or, Quebec, Canada”, completed by GeoPointCom Inc and dated December 17th 2019, showed Zones 5B4-5M4-5NE having 28,400 ounces of gold in the indicated resource category and 137,140 ounces of gold in the inferred resource category;
- The results of this press release, factored with those of the press release dated February 18, 2020, increase the dimensions and, by the greater density of mineralized intersections, the potential for expansion of resources estimated to date for the new Zones 5B4-5M4-5NE.
VAL-D’OR, Quebec, April 07, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces values of 5.0 g/t Au over 10.9 m included within 26.1 m grading 2.5 g/t Au intersected at a distance of 250 m below Zones 5B4-5M4-5NE of the Chimo Mine gold property located 45 km east of Val-d’Or, Quebec.
Values of 9.5 g/t Au over 2.0 m, included within 15.8 m grading 2.0 g/t Au, were also obtained 350 m below the new Zones 5B4-5M4-5NE (FIGURE 1). Thirty meters (30 m) south of Zones 5B4-5M4-5NE, a new zone, named Zone 5CE, was intersected and returned an intersection grading 11.9 g/t Au over 2.0 m.
“These new results indicate that the gold mineralization of interest is open in all directions below Zones 5B4-5M4-5NE drilled to date from the surface up to a depth of 1.3 km” commented Philippe Cloutier, President and Chief Executive Officer.
The details of the new results are as follows:
|Drill Hole||Drill Hole Collar Coordinates (m)|
|Collar Azimuth (°)|
The lengths of the mineralized intersections are expressed in lengths measured along the drill core. The estimated true thickness of the mineralized intersections represents approximately 70 to 85% of the measured length.
Recall that in the NI 43-101 Technical Report, dated December 17th 2019, using a gold price of US $ 1,292 /ounce and a cut-off grade of 2.5 g/t Au the Central Gold Corridor resource estimate for the Chimo Mine property (FIGURE 1), reported :
- 461,280 ounces of gold in the indicated resource category from 3,263,300 tonnes at an average grade of 4.40 g/t Au;
- 417,250 ounces of gold in the inferred resource category from 3,681,600 tonnes at an average grade of 3.53 g/t Au.
Work on expanding resources of the Chimo Mine Project is in progress underway via :
- The resources estimate in progress of the North Gold Corridor and South Gold Corridor (FIGURE 2) ;
- The completion of the 10,000 m exploration drill program, using 2 drills, along the geometric extensions below the new Zones 5B4-5M4-5NE and peripheral to the new Zone 5CE (FIGURE 1). Drilling is temporarily suspended as part of the Covid-19 situation but are ready to restart as soon as the government authorize it.
- Carrying out internal engineering studies and industrial sorting of mineralization tests aimed at optimizing resources and ongoing exploration drilling.
About Chimo Mine Project
- Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation. No rights of first refusal (” buy-back ”) have been granted.
- The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.
- Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
- The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m 3 compartment shaft with a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
- The drilling, completed to date by Cartier on the Chimo Mine property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE (FIGURE 1) and to develop the potential of Zone 6N1. These areas have excellent potential to deliver future discoveries.
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.
- The Corporation has a strong cash position with over $ 5.7 M in the bank and important corporate and institutional investors including Agnico Eagle Mines 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.
- Exploration work is currently concentrated on the Chimo Mine property to optimize the value for investors. Preparations for the next exploration work are underway to carry out drilling programs on Benoist, Fenton and Wilson properties respectively.
The scientific and technical informations of the Company and the Chimo Mine Project, included in this new release, have been prepared and reviewed by MM. Gaétan Lavallière, P.Geo., Ph.D., Vice President and Ronan Déroff, P.Geo, M.Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101. Mr. Lavallière approved the information contained in this press release.
The independent qualified person for the issuer, responsible for the estimation of mineral resources, as defined in NI 43-101, is Mr. Christian D’Amours, P. Geo., B.A.Sc., President of GeoPointCom.
Quality Assurance / Quality Control
The analytical results, derived from Cartier’s drilling, were obtained from samples measured along the drill core. The estimated true thickness averages about 65% of the measured apparent length. NQ core samples are crushed up to 80% passing an 8 mesh (3.33 mm) and then pulverized up to 90% passing a mesh of 200 mesh (0.07 mm). Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank 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 read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 1,000 g of rock are analyzed by the ” Metallic Sieve ” method.
|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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5874affe-3f68-47db-ba91-a79d0328be93