Cartier Resources

Cartier ResourcesCartier Resources Inc. is an exploration company focused on discovery in the prolific Abitibi Gold Belt in Quebec. 

 

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Cartier Resources: Ready for its 43-101 Close-up

Junior mineral explorers tend to rush out news of their discoveries and their resource estimates. A 43-101 Resource Estimate encourages a company’s investors and, in theory, makes it easier to raise money to continue development. But the market has to be able to hear the news.

For years, CEO Philippe Cloutier and Cartier Resources (V.ECR) have been urged to undertake a 43-101 resource estimate for their exploration work at the Chimo mine, 45 kilometers from Val d’Or. Their retail investors wanted one, their peers thought they should do one and more than a few funders wanted to see the estimate before committing funds. Cloutier resisted.

In an earlier interview with Motherlodetv.net Cloutier pointed out that once you publish a 43-101, the resource estimate it contains acts as a bit of anchor. If you report a small resource, even if you later expand that resource, that first number sticks in the market’s memory.

It is also a reflection of Cartier’s culture said Cloutier in an interview from the Beaver Creek Summit. “We’re conservative types,” said Cloutier. “Chimo Mine is a brown field project and there is a wealth of historical data which holds us to a high degree of accountability. We have to get the resource estimate right.”

All of which makes the announcement that Cartier has commissioned a 43-101 report very intriguing. Why now?

“A 43-101 gives the market a way to evaluate a company and a project,” said Cartier. “The last two years of drill results were not noticed due to unreceptive markets, now that we’re at the beginning of a bull run in gold, we think a maiden resource estimate for the project will sum up our efforts and help rerate our company.”

Cloutier has always been about shareholder return and by doing a 43-101 at this stage in what looks like a gold rally, Cartier is giving shareholders a traditional measure of the Chimo project’s resource.

The fact is that Cartier would not have initiated a 43-101 if it expected a small number for its resource. Cloutier and his team must have seen something in their results and data which suggests a decent sized resource. While Cloutier could not comment directly on what that “something” is he did say, “ I think the results of all our drilling in the last two years warrants this next step.”

By getting the work underway on the 43-101 now, Cloutier is confident that the report will be finished by the end of Q4 2019. 

“We’ve had the hand brake on,” said Cloutier. “We knew that this was a project with a few “aces up its sleeve” namely proximity to infrastructure and qualified workforce as well as a wealth of historical data from past production to refer to moving forward.”

Interestingly, Cloutier sees the initial 43-101 as the beginning of a process. “This resource estimate will focus only on the central zone and not the work, which is ongoing in the north and south zones. These will be completed in  2020.”

“I see Cartier as having three pillars going forward,” said Cloutier. “First the 43-101, then adding resources as we are able to include the north and south zones and hopefully from additional drilling.  The second pillar should include results stemming from various engineering studies. And finally a third pillar would include results from completion of Phase three drilling which was suspended in June this year.

Obviously, the M&A game that gets going in a positive gold market cannot be discounted “but we have limited control on that” comments the CEO of Cartier. A large or mid-tier gold producer, looking to add ounces to reserves with a low CAPEX, is likely to be interested in acquiring the Chimo mine. While the mine is currently flooded it is a lot cheaper to dewater the existing shaft than it would be to sink a new one.

“To that end we have recently built an excellent data room,” said Cloutier. 

Flatteringly, Cloutier has read my book, Gold 3000 | Silver $60.

“Reading your book you have a chapter about what to look for in a junior company,” said Cloutier who has apparently memorized my list. “Activity? Lots. Stage of Development? We have discovery and we’ll have a 43-101. Infrastructure? We’re 45 kilometers from Val d’Or, good roads, power, and a 900-meter shaft with drifts already dug. Management? We’re pretty experienced. Shares Outstanding? Less than 200 million fully diluted. Call the CEO? I take every call. We tick all the boxes.”

With those boxes ticked what is the future of Cartier?

“What I liked about your book is that you say that there is tremendous leverage in junior explorers and developers in a bull run,” said Cloutier. “Which is true. For big companies like our investor Agnico Eagle to double they would have to go from about $75 a share to $150. Could happen but more than that is unlikely even in a big rally. For a little company like Cartier seeing 10x would only take us to $2.00. In a big rally that is not unrealistic. As for our downside, it is pretty minimal unless the entire market goes south.”

Cartier and Cloutier are anticipating a bull run. The announcement of the commencement of the 43-101 is highly strategic. So is the anticipated completion date of late in Q4 2019. A “respectable” 43-101 resource will be announced as the bull is beginning to run. More drill results, additions to the  resources at Chimo, engineering studies – all these are calculated to give the company a steady, positive, news flow right through the second quarter of 2020.

Cloutier has been savvy enough to hold off on his 43-101 until the market is ready to hear good news. For Cartier, now is the time to reach out to retail investors with a fully worked out, brown field mining story. A year ago, no one was listening, now they are. 

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Cartier Awards Mandate for NI 43-101 Resource Estimate on Chimo Mine Project

Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) has awarded GeoPointCom the mandate to complete an initial resource estimate and a supporting NI 43-101 technical report for its 100% owned flagship Chimo Mine gold project located 45 kilometers east of Val-d’Or, Quebec.

Over the last few months, GeoPointCom has worked closely with Cartier personnel, particularly Mr. Ronan Déroff, P. Géo., Senior Geomatician, to build a 3D model of gold mineralization and underground infrastructure of the Chimo Mine property. This work structured the information to accelerate data modeling by GeoPointCom in order to produce a resource estimate of the main gold structures on the property.

We believe this work now warrants an initial resource estimate and a supporting NI 43-101 technical report for the Chimo Mine project” 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 and no right of first refusal (” buy-back ”) have been granted.
  • Year-round access by road, proximal to 6 custom mills.
  • Gold mineralized material was mined intermittently from 14 zones by 3 different producers between 1964 and 1997.
  • Mine infrastructure consists of a 7 km 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.
  • Phases I II and III, carried out by Cartier on the Chimo Mine project, consisted of 109 holes for a total of 49,251 m. This work demonstrated the continuity of the main 5B and 5M gold zones beneath the existing mining infrastructures, explored the extensions of 19 gold zones peripheral to the main zones and further explored the extensions of the 7 prioritized gold zones; which led to the discovery of Zone 5NE as well as to expand the potential of Zones 6N1 and 5M4. These three zones offer excellent potential for additional discovery.

About Cartier
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.

  • The Corporation has a strong cash position with over $5.0M 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.

About GeoPointCom – Chistian d’Amour
GeoPointcom is a consulting firm in geostatistics and resource estimation. Since its founding in 2000, GeoPointcom has worked on 160 different projects from 19 independent companies covering 33 mining properties in 6 different countries. The majority of these mandates were geostatistical studies, 3D modeling and resource / reserve estimates. In some cases, the mandates included training on the use of Gemcom or Datamine software applied to the particularities of the client’s projects.

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.

The independent qualified person for the issuer responsible for the completion of the mineral resource estimate as defined by National Instrument 43-101 is Mr. Christian D’Amours, P. Geo., President of GeoPointCom. Mr. D’Amours, declares that he has read this press release and that the scientific and technical information presented therein is in conformity.

For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com
Investor Relations:
Relations Publiques Paradox
514 341-0408

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

 

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Cartier Resources: Building Economic Gold Ounces at Chimo, Quebec

There are huge advantages to a brownfield project. Past producing mines come with a valuable legacy of geological and engineering data that is backed by production numbers and, sometimes, leftover mineralization.  On the Chimo Mine project this is the case since the mine was closed due to weak gold prices and not lack of mineralization.  Factor that in with underground infrastructure that can be readily rehabilitated and it becomes a manageable challenge to prove up the “blue sky”. That’s what Cartier Resources (V.ECR) has been up to in the last two years.

Cartier’s most recent press release confirms that there is, indeed, mineralization at depth in the newly discovered structures. Cartier’s CEO commented, “These new results, highlight the importance of prioritizing continued exploration of Zones 5M4 and 5NE in order to maximize the potential of drill results previously reported in the main Zones 5B and 5M.” (See Figure)

“The release was all about the success of a pilot hole and it’s branches” explained Cloutier. “We were trying to widen the zone by using directional drilling. Same hole, multiple intersections and they are all drilled from the same collar. These results demonstrate that our new discovery continues at depth and it gives the new zone some width.” Adding, “there is all the reason to expect that this zone will extend at depth as the main mine plunge did in Phase I drilling.”

“This is the same gold structure as the mine,” said Cloutier. “Same metallurgy, same rock mechanics. And the new structure extends at depth, gets wider and is showing better grades.”

You have to look carefully at the figures to understand just how significant these results may prove to be. If a company was planning to re-open the Chimo mine it would want to know that there was enough mineralized material within a reasonable distance from the current shaft to make the mine profitable. While the new results are at 1000 meters depth, the mineralized intervals are only a few hundred meters from existing infrastructure.

“Our peers understand this,” said Cloutier. “Local producers get it.”

“Our Phase One drilling was proof of concept,” said Cloutier. “We wanted to confirm that the mine trend continues at depth, which we did. And we wanted to confirm that there were lateral extensions, which we also did. Phase Two was looking for additional mineralized structures relatively close to the shaft. We thought they were there and we found them.”

“Phase Three, where we are now, is looking to confirm that the new mineralized structures continue on down to shaft depth and more!” said Cloutier. The other thing the new results indicate is that the new discovery has a “tilt” and that tilt is towards the old shaft and workings. Essentially, as Cartier had drilled deeper its intersections have been getting closer and closer to the existing infrastructure. Naturally, Cloutier hopes that further drilling will bring the new discovery even closer to the existing infrastructure.

Cloutier, CEO of Cartier Resources, knows all this which is why Cartier bought the Chimo Mine located 45 km east of Val-d’Or, Quebec. “We know the metallurgy and the rock mechanics because they are identical to the old Chimo mine,” said Cartier. “The anticipated CAPEX is very low because there is already a shaft. There is a skilled workforce nearby and mills to process the Chimo rock are just down the road.”

The key question any potential acquirer or joint venture partner needs to answer is how many economic ounces are there on the Chimo project. It is a question which involves both a resource estimate and the ability to accurately map where the resources are relative to the existing shaft and drifts.

Cartier has been fortunate to have had significant support from its investors which include Agnico Eagle. “In a prolonged bear market, we continued to drill. Now is the time for modelling of all the new data generated and comparing its behaviour to previous mining,” said Cloutier.

“We are in the process of completing the wireframes for all the mineralized zones on the project as well as the wireframes for what was previously mined, the results will help the Resource Estimate,” said Cloutier.

In many ways, however, the traditional 43-101 resource estimate is not likely to actually capture the value of the combination ounces in the ground and their proximity to a well developed, albeit flooded, mine. A decent sized resource from 500 to 1200 meters below the surface may not be economic if a company has to sink a shaft that deep to mine it. However, those same ounces adjacent to an easily dewatered mine shaft and tunnels could become very economic indeed.

Chimo’s potential to become the next mine is becoming better known in the local producing community. “finding new ounces is always a challenge but when one does, finding the organization with a strategic interest and ability to pay, generally follows,” said Cloutier.

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Cartier Purchases NSR Royalty for Chimo Mine Property

Cartier Resources Inc. (TSX-V: ECR) reports it has purchased from Louvem Mines Inc. a 2% NSR (Net Smelter Return) royalty for the Chimo Mine property, located 45 km east of Val-d’Or, in consideration for a purchase price of CDN $350,000.

For more information, please contact:

Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819 856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

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Cartier Cuts 5.6 g/t Au over 8.5 m in Zone 5M4 at Chimo Mine

Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) reports drill results grading 5.6 g/t Au over 8.5 m including 9.9 g/t Au over 3.0 m and 8.3 g/t Au over 2.5 m.  These intersections are hosted within in a mineralized envelope over 27.8 m grading 2.5 g/t Au in  Zone 5M4 of the Chimo Mine property, located 45 km east of Val-d’Or (FIGURE).

Additional intersections grading 63.1 g/t Au over 0.5 m included within a 27.0 m section grading 2.2 g/t Au as well as an intersection grading 22.3 g/t Au over 1.0 m included within a 26. 0 m section grading 1.7 g/t Au, were also obtained within Zone 5NE. All of these results were intersected at a depth of 700 m in Zones 5M4 and 5NE, are 25 m one from another and located 450 m east of the existing underground infrastructure.

Zones 5M4 and 5NE were drilled over a length of 900 m from the surface to a depth of 700 m. At this depth, both zones were tested, to date, over an east-west orientation width of 75 m. Zones 5M4 and 5NE remain open in all directions (FIGURE).

« These new results, highlight the importance of prioritizing continued exploration of Zones 5M4 and 5NE in order to maximize the potential of drill results previously reported in the main Zones 5B and 5M » commented Philippe Cloutier, President and CEO.

The details of the new results received from the laboratory are as follows:

Drill HoleFrom
(m)
To
(m)
Length (m)
Au

(g/t)
 
Gold ZoneGold Structure
CH18-52BE784.0792.58.55.65M45M
Including787.0790.03.09.9
And765.7768.22.58.3
Included in765.7793.527.82.5
CH18-52B705.5706.00.563.15NE5N
Included in692.0719.027.02.2
CH18-52BE698.0699.01.022.3
Included in697.0723.026.01.7

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 of each mineralized zone as accurately as possible.

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 7 km 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.

About Cartier

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 $5.5M 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.
  • Phases I II and III, carried out by Cartier on the Chimo Mine project, consisted of 109 holes for a total of 49,251 m. This work demonstrated the continuity of the main 5B and 5M gold zones beneath the existing mining infrastructures, explored the extensions of 19 gold zones peripheral to the main zones and further explored the extensions of the 7 prioritized gold zones; which led to the discovery of Zone 5NE as well as to expand the potential of Zones 6N1 and 5M4.

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
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

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Cartier Cuts 7.7 g/t Au over 3.6 m in Zone 6N1 at Chimo Mine

Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) reports drill results grading 7.7 g/t Au over 3.6 m included within a 17.1 m section grading 2.8 g/t Au.  in the Zone 6N1 of the Chimo Mine property, located 45 km east of Val-d’Or.

An intersection grading 6.5 g/t Au over 1.0 m included within a broader section of 23.5 m grading 1.3 g/t Au, were also obtained within Zone 6N1. The new results, which are situated at a depth of 800 m, are in addition to other mineralized intersections recently reported by Cartier (FIGURE) and within a 150-m radius of the new results. The potential of Zone 6N1 is open in all directions. Zone 6N1 is located only 125 m from the underground infrastructures (FIGURE).

« Current Phase III drilling is focussed peripheral to Zones 5NE, 5M4 and 6N1 where recent results from Zones 5M4 and 5NE are amongst the best grades over lengths drill hole intersections by Cartier on the project » commented Philippe Cloutier, President and CEO.

The details of the new results received from the laboratory are as follows:

Drill HoleFrom
(m)
To
(m)
Length (m)Au
(g/t)
Gold Zone Gold
Structure
CH18-48A975.5979.13.67.76N16N1
Included within962.0979.117.12.8
CH18-48B849.0850.01.06.5
Included within849.0872.523.51.3

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 of each mineralized zone as accurately as possible.

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.

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.

About Cartier

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.
  • Phases I and II, carried out by Cartier on the Chimo Mine project, consisted of 105 holes for a total of 47,588 m. This work demonstrated the continuity of the main 5B and 5M gold zones beneath the existing mining infrastructures, explored the extensions of 19 gold zones peripheral to the main zones and further explored the extensions of the 7 prioritized gold zones; which led to the discovery of Zone 5NE as well as to expand the potential of Zones 6N1 and 5M4.

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
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

 

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Cartier Resources: 2019 is Chimo’s year

We’ve reported the progress of Cartier Resources (V.ECR) at its Chimo Mine project in Val-d’Or Quebec. It is a story which actually began long before Cartier acquired the rights to the mine.

The mine was a past producer having yielded 379,012 ounces of gold before it was shut down in 1997. During its productive life, a 965-meter shaft was sunk and a network of drifts are distributed over 19 levels. While this is flooded, it represents significant, pre-existing, infrastructure. It is a lot cheaper to dewater a shaft than to dig a new one.

Philippe Cloutier, President and CEO of Cartier, is fond of pointing out that the Chimo mine did not close because it ran out of gold, it closed because the price of gold made mining it uneconomic. The price of gold has recovered since 1997 and this makes the Chimo Mine project an opportunity.

Which Cloutier sees as a good start.  “With a former producer you get a database and the infrastructure,” said Cloutier. “There is a nearby workforce, power” Adding, “factor that with undeniable gold endowment and the future looks bright”

The key to making Chimo a mine again is not only the gold which was left when the mine was closed, but also it is the gold structures which surround the shaft but which were only minimally explored when the mine was in operation. Finding and drilling those structures has been Cartier’s mission for the last two years.

“We have two years of work into the Chimo,” said Cloutier. “We’ve drilled 105 holes for a total of over 47,000 meters. We’ve demonstrated the extension of known gold zones. And we’ve found and drilled new gold zones.”

Cloutier knows that having an old mine was not enough. There are plenty of old mines in the Abitibi. What Cartier needed to do was to add ounces to the old mine and to provide a geological model which reflects the extended gold endowment which surrounds the Chimo shaft.

Cartier planned its work in phases. The first phase was designed to prove by drilling that there was mineralization below and beside the old workings. Cloutier was not surprised that Phase One delivered. Mines in the Abitibi tend to run deep and new mines have been redeveloped right under past producers. The drill holes beside the old workings were successful because they traced structures that were understood, but not explored or developed, by previous operators. Obviously, the closer to the older workings the new discoveries were, the more economic the gold they contained would be.

Phase Two of the drilling was more speculative. Working with the old database and its own mapping and structural analysis, Cartier had identified a number of targets which stood off from the old mine. Some were quite close, others were up to five hundred meters away. We reported on the early Phase Two results back in November.  With all the results now in, Cartier is able to include many of its Phase Two targets in its understanding of the Chimo mine.

“Our drilling will continue with Phase Three,” said Cloutier. “And we are now moving on to building a wireframe of the 24 known mineralized gold zones on the property.”

Building a wireframe model of a deposit is an integral part of the 43-101 Resource Estimate process. Essentially you develop a computer model which takes into account the all drill hole results on the project to date. This, in turn, is part of the package which is turned over to an arm’s length, third party, consultant who actually produces the Resource Estimate.

The challenge for Cartier and Cloutier is when to pull the trigger on the 43-101 because once that Resource Estimate is published it becomes the reference point for future evaluation of the project.

“We have always under promised and over delivered,” said Cloutier. “To this point, we have been about getting the foundational stuff right. Only recently have we been creating a bit of a dream. Phase Three of our drilling is designed to keep building the dimensions of the mineralized zones.”

Cloutier is often asked, “Why drill more now?”

It is a good question and it goes to the heart of the exploration equation. While it is possible that Cartier could develop the Chimo mine itself, it is more than a little unlikely.

“At PDAC this year one dominant theme was M&A. It was all about the financial element and deal-making,” said Cloutier. “Which is all the better for Cartier. There could be very rewarding opportunities for our project and company.”

Even with the existing shaft and drifts, it is going to take a lot of money to bring the Chimo mine back into production. That implies that Cartier will have to come up with strategic alternatives.

For Cloutier. “The progress on the Chimo Mine project since 2017 has been steady and sure.  Success in 2019 will be measured by how we can unlock the value all that work has created.”

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Phase III Drilling Targets to Expand Zones on Chimo Mine Project

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:

  1. 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.

  2. 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.
  3. 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.

About Cartier
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
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

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Cartier Cuts 10.6 g/t Au over 6.0 m in New Zone 5NE at Chimo Mine

Highlights:

  • These results from Zone 5NE are the best from Cartier drilling on the project considering the high grades factored over the core lengths that were intercepted.
  • Phase II drilling is underway and Phase III will test the extensions of the new Zone 5NE.

Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) reports drill results grading 10.6 g/t Au over 6.0 m included within 4.5 g/t Au over 21.0 m both included within a 57.0 m section grading 2.5 g/t Au.  As well, a section grading 7.5 g/t Au over 4.0 m is included within a 13.0 m section grading 3.2 g/t Au (FIGURE).  All of these results are in the Zone 5NE of the Chimo Mine property, located 45 km east of Val-d’Or.

The new results, which are situated at a depth of 650 m, are in addition to: 12.4 g/t Au over 5.0 m included within 5.9 g/t Au over 12.0 m (FIGURE), recently reported by Cartier, and within a 100-m radius of the new results. The potential of this area is open in all directions. Zone 5NE is located only 25 m from the 5M4 Zone and 450 m from the existing underground infrastructure at this depth (FIGURE).

« The results recently obtained from Zones 5NE and 5M4 will monopolize the first part of the Phase III drill program in order to explore the continuity of the zones » commented Philippe Cloutier, President and CEO.

The details of the new results received from the laboratory are as follows:

Drill HoleFrom
(m)
To
(m)
Length (m)Au
(g/t) 
Gold ZoneGold Structure
CH18-52A1E702.0708.06.010.65NE5N
Included within702.0723.021.04.5
Included within698.0755.057.02.5
CH18-52A1720.0724.04.07.5
Included within711.0724.013.03.2
Included within702.9754.551.61.6
CH18-52A1E777.8778.50.733.05M45M
Included within777.8798.620.82.4
CH18-52A1798.5799.00.512.6
Included within774.0799.825.81.0

Lengths are expressed along drill core axis.  The true thickness was not determined.

The Phase II drill program currently underway is focused on testing the 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.

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 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.
  • A 105-hole drill program totaling 45,000 m (Phases I and II) has been underway since July 2017.

About Cartier
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 $7.5M 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.
  • In 2019, an ongoing program of 105 holes totaling 45,000 m (Phases I and II) aims to test the extension of several gold mineralized zones on the Chimo Mine 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
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

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 http://www.globenewswire.com/NewsRoom/AttachmentNg/e7105112-b1e1-4110-aabd-67ce53904d5f

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Cartier Update

Cartier Resources’ (V.ECR) most recent press release on the “deep results” from its drilling of target 6N1 at the Chimo Mine in Quebec just confirmed what Cartier CEO Philippe Cloutier had anticipated.

“This was exactly what we expected,” said Cloutier who was in Vancouver for Roundup. “When you have a past producer, when you have a robust dataset, it takes out the risk. These results are in line with everything else we’ve been finding.”

The press release reports on the deepest of the holes drilled in 6N1 going as deep as 1,100 meters.  “These were the pilot holes,” explained Cloutier. “We then drilled branch holes upwards from there and we are waiting on assays for those holes.”

These holes were part of what Cloutier calls Phase II of the Cartier drilling program. Phase II is all about looking at targets some distance away from the existing mine shaft.  Cloutier expects Phase II to be completed by the end of March and then a third Phase of drilling will commence.

“People are expecting that our work will lead us to do a 43-101 resource estimate report,” said Cloutier. “And we are working towards that. But we want the maiden resource estimate to reflect the value proposition at Chimo. We’re getting the results we expected. We don’t want to rush the 43-101. We don’t want to blotch the job in the last ten yards.”

Which may mean that Cartier will actually produce an initial Resource Estimate and then build on that with additional estimates that reflect the enhancement from its other targets that are being drilled off in the Phase II and then Phase III programs as assays are received.

Strategically this could make a lot of sense as it will create excellent news flow and ensure that the resource estimates are rock solid. Rushing to a 43-101 can actually hurt a company if it has to characterize too many of its ounces indiscriminately. Careful drilling and a conservative approach to the initial resource estimate will add the value Cloutier believes is at Chimo and respect investor expectations.

In every interview I have done with Cloutier he has always been consistent in his approach to building value at Chimo. The company knows there is gold in the old mine. It knows there is gold very near the old mine and it knows that there is gold in the step out targets it has drilled a few hundred meters from the old mine. “We’re repeating the proof of concept and Chimo just keeps delivering.”

Which is how you build value in a brownfield gold project.

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