gold

Cartier Resources (ECR.V) released the results of the first two holes of its planned 600-hole, 100,000-meter drilling program at its Cadillac project in Quebec. The results were good, with a headline grade of “16.7 g/t Au over 2.1 m”. Just as CEO Philippe Cloutier very much expected them to be. With gold at $3700 an ounce, the market is paying attention.

“These holes are in previously explored ground,” said Cloutier. “In 2024 we audited historic discoveries on this ground and put in some drill holes, which we reported last year. This year, we are confirming and extending those results.”

Cloutier has a big picture to colour in. 15 kilometres of potential strike in which Cartier has identified 10 to 12 different gold zones.

“We have a lot of drilling to do,” said Cloutier. “We want to go laterally and get a thorough scanning of the first 300 meters.”

I asked why 300 meters? After all, the Chimo mine shaft is 900 meters, and Cartier has drilled as deep as 1500 meters. Gold in the Abitibi tends to run deep.

“The gold can run very deep,” said Cloutier. “However, drilling 300-meter holes is quick and efficient. Once you go below 300 meters, costs go up and production goes down. You can do it, but not quickly.”

The reported gold intercepts in the first two holes are some distance from the surface but, in the release, this stuck out, “that this area has rock exposure and just beneath 5 m of overburden”. I asked Cloutier about this.

“We have a lot of older work on the various deposits, including drilling,” said Cloutier. “So, we have more information than just our drill results. We can use that older information to guide our drilling program on a particular piece of ground.”

“What we are doing is setting the table for what we believe will be a multi-generational gold camp,” said Cloutier. “We think we may have three or four Chimo-sized deposits. Chimo is close to 3 million ounces indicated and inferred. It has a PEA which, using a $1750 gold price and very conservative assumptions about CAPEX and OPEX, would be profitable. Using today’s gold price, it would be very profitable.”

“We knew Chimo was surrounded by other gold deposits. Other companies had explored and drilled, but it was not until two years ago that we were able to acquire those properties,” said Cloutier. “Now we have a plan to drill the gold targets along a 15-kilometre strike. It is a bit of a beauty contest. Which deposits are the most attractive?”

“We have two rigs running 24 hours a day,” said Cloutier. “We started on August 26 and each rig is drilling 100 meters a day. We may bring on more rigs but, right now, we are able to manage the program effectively. We were able to contract with a brilliant diamond driller. It was mid-summer, and not a lot of junior explorers had the financing in place to be able to drill. We received very competitive bids and, all in, drilling, core prep and assays, our costs are running $110 a meter.”

Having closed an 11.4 million dollar Private Placement at the end of April, Cartier’s 100,000 meter drill program is fully funded. 75% of the targets have been selected based on historical work and last year’s drilling program; the rest of the drilling will be in the undrilled ground between the identified gold zones. “Some of this greenfield drilling will be testing targets generated by Vrify’s Artificial Intelligence Discovery Platform,” said Cloutier. “And some of it will be old-fashioned prospecting with a drill. We can be agile.”

While the drills are turning, Cartier will also be working on metallurgy, environmental baseline studies and an initial evaluation of the economic assessment of the past-producing Chimo mine tailings. All are essential to the gold camp concept Cloutier envisions.

“We’re looking for interest at a different level,” said Cloutier. “We’re shooting for the moon, knowing we will land in the stars.”

Cloutier knows that the scale and scope of the Cadillac project is a bit difficult for the market to grasp. Even with hard news releases out every couple of weeks, the market needs to hear about it, “We are developing a marketing program,” said Cloutier. “We now have an in-house full-time assistant to shoulder increasing corporate development and marketing efforts to raise our profile.”

All of this is music to investors’ ears. Gold, a steady hard news flow for the next 18 months, the very real possibility of “bonanza” holes, a marketing plan and enough money in the bank to take the moonshot. It will take patience, but ECR’s current market cap of just under 82 million is likely to go up substantially as Cloutier and his team add holes and ounces.

Cartier has always been an exploration play with the endgame being a sale to a major. What Cloutier is doing is expanding the goods on offer and, of course, raising the asking price with each hole drilled, each deposit confirmed. It is quite a plan, and it looks like it’s working.

Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE: 6CA) is pleased to announce the first batch of results from Contact Sector and more precisely, the North Contact Zone (NCZ), from the fully funded 100,000-m drilling program (2 drill rigs) on its 100%-owned Cadillac Project, located in Val-d’Or (Abitibi, Quebec).

Strategic Highlights from Contact Sector

Drill Results of NCZ (Figure 1)

• Hole CA25-524 intersected 16.7 g/t Au over 2.1 m included in 5.9 g/t Au over 7.7 m with presence of visible gold grains, at a depth of 195 m (Figure 2).
• Hole CA25-525 graded 4.3 g/t Au over 2.0 m at a depth of 180 m and 1.3 g/t Au over 12.0 m at a depth of 215 m.
• Holes CA25-524 and CA25-525 are spaced 65 m apart.

Significance for Investors

• Holes CA25-524 and CA25-525 confirm the presence of multiple shallow gold zones, exhibiting significant grades and widths, and outline a newly identified, large and high-grade gold system near surface. The mineralization extends over a minimum of 400 m in strike length by 300 m in depth, signaling significant upside potential.
• Previous 2024 Cartier drill hole assay intervals, respectively 14.7 g/t Au over 4.3 m (hole CH24-173), 6.3 g/t Au over 4.0 m (hole CH24-177) and 5.7 g/t Au over 4.0 m (hole CH24-176), had successfully and summarily recognized this intense mineralization footprint (see Cartier news release dated October 16, 2024 and titled ″ Cartier cuts a broad high-grade gold system at East Cadillac; with 14.7 g/t Au over 4.3 m within 20.6 m grading 5.2 g/t Au ″).
• More Important is that this area has rock exposure and just beneath 5 m of overburden, NCZ highlights strong potential for low-cost and near-surface operation. This shallow depth opens the door to flexible and alternative mining scenarios that can enhance Cadillac project economics.

Next Steps

• Additional drilling is required on NCZ to confirm geological continuity, expand gold mineralization (150-300 m), extend footprint closer to surface (0-150 m) and advance toward a future gold inventory.
• Further exploration drilling is already planned to test several new high-priority regional targets at Contact Sector, backed by detailed structural and geological modelling and VRIFY’s artificial intelligence (AI) driven targeting, reinforcing the potential for additional gold discoveries.

” The North Contact Zone continues to deliver strong results and, most importantly, provides strategic flexibility for the development of the Cadillac project. The near-surface operation potential enhances the attractiveness of NCZ and significantly contributes to the overall scale and value of the project. ” – Philippe Cloutier, President and CEO of Cartier.

” The higher-grade gold intercepts are located near the sheared geological contact between the mafic to intermediate volcanics (Louvicourt Group) and the sedimentary rocks (Cadillac Group). This difference in rock hardness (rheological contrast) creates an ideal setting for mineralizing fluids and gold deposition. Hole CA25-524 confirms the good continuity of mineralization, which remains open both at depth and laterally. These results reinforce our belief that the Contact Sector holds significant gold growth potential. ” – Ronan Deroff, Vice President Exploration of Cartier.

Figure 1: Plan view, cross and long sections of the Contact Sector

Figure 2: Photos of the drill core from hole CA25-524

Table 1: Drill hole best assay results from Contact Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 55–80% of the reported core length intervals.

Contact Sector

The Contact Sector is a highly prospective area featuring the North Contact Zone (“NCZ”) and several newly defined high-priority drill targets.

The NCZ lies along an east-west trending, strongly sheared corridor (Héva Fault Zone), situated approximately 900 m north of the Cadillac Fault Zone, and occurs at the contact between the hanging wall mafic to intermediate volcanics (basalt to andesite) of Louvicourt Group and the footwall turbiditic sedimentary rocks (wacke-mudrock) of Cadillac Group. This lithological contact is a favorable horizon for hydrothermal fluid flow, likely related to synvolcanic gold deposition.

The NCZ, defined by at least three parallel gold-rich zones, are typically and primarily associated with a fine-grained and disseminated arsenopyrite-pyrrhotite mineralization, with a pervasive biotite-chlorite-carbonate alteration, all crosscut by late-stage smoky quartz vein and veinlet stockworks containing visible gold. Locally, accessory minerals such as sphalerite, galena and tourmaline are observed.

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones (Brownfield Growth) and test new shallow surface high-potential targets (Greenfield Discovery). The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Table 2: Drill hole collar coordinates from Contact Sector

Table 3: Drill hole detailed assay results from Contact Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 55–80% of the reported core length intervals.

Quality Assurance and Quality Control (QA/QC) Program

The drill core from the Cadillac Project is NQ-size and, upon receipt from the drill rig, is described and sampled by Cartier geologists. Core is sawn in half, with one half labelled, bagged and submitted for analysis and the other half retained and stored at Cartier’s coreshack facilities located in Val-d’Or, Quebec, for future reference and verification. As part of Quality Assurance and Quality Control (QA/QC) program, Cartier inserts blank samples and certified reference materials (standards) at regular intervals into the sample stream prior to shipment to monitor laboratory performance and analytical accuracy.

Drill core samples are sent to MSALABS’s analytical laboratory located in Val-d’Or, Quebec, for preparation and gold analysis. The entire sample is dried and crushed (70% passing a 2-millimeter sieve). The analysis for gold is performed on an approximately 500 g aliquot using Chrysos Photon Assay™ technology, which uses high-energy X-ray excitation with gamma detection to quickly and non-destructively measure gold content.

Alternatively, samples are submitted to Activation Laboratories Ltd. (“Actlabs”), located in either Val-d’Or or Ste-Germaine-Boulé, both in Quebec, for preparation and gold analysis. The entire sample is dried, crushed (90% passing a 2-millimetre sieve) and 250 g is pulverized (90% passing a 0.07-millimetre sieve). The analysis for gold is conducted using a 50 g fire assay fusion with atomic absorption spectroscopy (AAS) finish, with a detection limit up to 10,000 ppb. Samples exceeding this threshold are reanalyzed by fire assay with a gravimetric finish to determine high-grade values accurately.

Both MSALABS and Actlabs are ISO/IEC 17025 accredited for gold assays and implement industry-standard QA/QC protocols. Their internal quality control programs include the use of blanks, duplicates, and certified reference materials at set intervals, with established acceptance criteria to ensure data integrity and analytical precision.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

Using a gold price of US$1,750/oz, a Preliminary Economic Assessment demonstrated the economic viability of a 2-km segment, compared to the 15 km that will be the subject of the 100,000 m drilling program, with an average annual gold production of 116,900 oz over a 9.7-year mine life. Indicated resources are estimated at 720,000 ounces (7.1 million tonnes at 3.1 g/t Au) and inferred resources at 1,633,000 ounces (18.5 million tonnes at 2.8 g/t Au). Please see the NI 43-101 ″Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions″ effective May 29, 2023.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Corporation”) is pleased to announce that it has closed its previously announced private placement with Paradigm Capital Inc. (the “Agent”) for aggregate gross proceeds of $8,395,176.11 (the “Offering”) through a combination of: (i) 27,473,627 units of the Corporation issued on a charitable flow-through basis qualifying as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “Premium FT Units”) at $0.182 per Premium FT Unit for gross proceeds of $5,000,200.11; and (ii) 26,115,200 units of the Corporation (the “Hard Dollar Units”) issued at $0.13 per Hard Dollar Unit for gross proceeds of $3,394,976.

Each Premium FT Unit consists of one common share in the capital of the Corporation (each a “Common Share”) and one common share purchase warrant (each a “Premium FT Warrant”), and each such Common Share and Premium FT Warrant qualifies as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)).

Each Hard Dollar Unit consists of one Common Share of the Corporation and one common share purchase warrant (each a “Hard Dollar Warrant”), and for certainty, each Common Share and Hard Dollar Warrant does not qualify as a “flow-through share” .

Each Premium FT Warrant and Hard Dollar Warrant entitles the holder thereof to acquire one Common Share of the Corporation (each a “Warrant Share”) on a non-flow-through basis at an exercise price of $0.18 until April 23, 2030. The expiry of both the Premium FT Warrants and the Hard Dollar Warrants may be accelerated by the Corporation if the daily volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSXV”) exceeds $0.18 for a period of twenty (20) consecutive trading days, at any time during the period beginning on April 23, 2028 and ending on April 23, 2030 (the “Acceleration Trigger”). Following an Acceleration Trigger, the Corporation may give notice in writing (the “Acceleration Notice”) to the holders of the Premium FT Warrants and the Hard Dollar Warrants that such warrants will expire thirty (30) days following the date on which the Acceleration Notice is given.

In addition, in connection with Agnico Eagle Mines Limited’s (“Agnico Eagle”) right to participate in certain equity offerings by the Corporation under an amended and restated investor rights agreement dated March 20, 2025, Agnico Eagle participated in a concurrent non-brokered private placement pursuant to which it purchased 23,103,226 units of the Corporation (the “Units”) at $0.13 per Unit for additional gross proceeds $3,003,419.38 (the “Concurrent Offering”). Each Unit consists of one Common Share and one Hard Dollar Warrant, which for certainty do not qualify as a “flow-through share”.

The Corporation intends to use the proceeds arising from the Premium FT Units to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” (as both terms are defined in the Income Tax Act (Canada)) (the “Qualifying Expenditures”) related to the projects of the Corporation in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the Premium FT Units with an effective date no later than December 31, 2025 and in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of the Premium FT Units. The gross proceeds from the Concurrent Offering will be used for exploration purposes, including a 100,000-metre diamond drill program on the Cadillac project, as well as for general and working capital purposes.

The Concurrent Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), due to the fact Agnico Eagle had, prior to the Concurrent Offering, beneficial ownership of, or control or direction over, securities of the Corporation carrying more than 10% of the voting rights attached to all the outstanding voting securities of the Corporation. The Corporation is relying on Section 5.5(b) of MI 61-101 for an exemption from the formal valuation requirement under MI 61-101, as the Corporation is not listed on specified markets. The Corporation is relying upon the exemptions from the minority shareholder approval requirements pursuant to Section 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the Offering and/or the Concurrent Offering exceeds 25% of the Corporation’s market capitalization calculated in accordance with MI 61-101. No formal valuation or other prior valuation has been prepared in respect of the Corporation. A material change report will be filed by the Corporation less than 21 days in advance of the closing date of the Concurrent Offering as the final details thereof were not settled until shortly prior to the closing of the Concurrent Offering and the Corporation wished to close the Offering and Concurrent Offering in a timely manner for sound business reasons.

On closing of the Offering and Concurrent Offering, Agnico Eagle beneficially owned, or exercised control and direction over, an aggregate of 120,126,170 Common Shares and 30,103,226 common share purchase warrants, representing approximately 27.22% of the issued and outstanding Common Shares on an undiluted basis and 31.87% of the issued and outstanding Common Shares on a partially-diluted basis.

In consideration of the services rendered by the Agent in connection with the Offering, the Company paid the Agent a cash commission of $503,710.57 (representing 6.0% of the aggregate gross proceeds arising from the Offering) and issued 2,143 553 non-transferable compensation options (representing 4% of the total number of shares issued under the Offering) each exercisable for one (1) Common Share at a price of $0.13 until April 23, 2027.

The securities issued under the Offering and Concurrent Offering are subject to a statutory four month and one day hold period under applicable Canadian securities laws expiring on August 24, 2025. The Offering and Concurrent Offering are subject to the final acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities laws, or in compliance with an exemption therefrom.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006, is an exploration company based in Val-d’Or. The Corporation’s projects are all located in Québec, which consistently ranks among the world’s top mining jurisdictions. Cartier is advancing the development of its flagship Cadillac project, consisting of the Chimo Mine and East Cadillac properties, and its other projects.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance including in respect of the use of proceeds arising from the Offering and the Concurrent Offering and the tax treatment of the flow through shares (often but not always using phrases such as “expects” or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For more information, contact:

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

VAL-D’OR, Quebec, Dec. 17, 2024 (GLOBE NEWSWIRE) — Cartier Resources Inc. (“Cartier” or the “Company“) (TSXV: ECR, FSE: 6CA) reports drill results in the western part of its 100% – owned East Cadillac property. The latter is located 45 km east of the Val-d’Or mining camp (FIGURE).

Highlights:

• Extension of the high-grade gold potential over a strike length of 10 km (FIGURE)
  • 44.7 g/t Au over 0.5 m with 8 clusters of visible gold and 7.9 g/t Au over 1.0 m (Blue Grass sector)
  • 17.0 g/t Au over 0.5 m with 1 cluster of visible gold (West Portal sector)

• Expansion of the area of high-grade gold (FIGURE)
  • 18.0 g/t Au over 1.7 m included within 7.5 g/t Au over 4.6 m with 1 cluster of visible gold, situated in the West Simon Sector between:
    • The Portal Zone (7.2 g/t Au over 8.0 m;  previously announced October 30 2024) and
    • The VG31 intersection (35.3 g/t Au over 4.4 m; previously announced November 20 2024).

• The 2024 exploration drilling program consisting of 162 holes for a total of 28,084 m was spread over 49 different drill sites and discovered, over a distance of 10 km within the Larder Lake – Cadillac Fault Zone, 10 high-grade gold areas (FIGURE).

“The 10 high-grade gold areas discovered in 2024 are, located within 5 km on either side of the NI 43-101 resource estimate, in a prolific fault zone recognized for its mining potential and reported in a high gold price environment, provide the key elements required for rapid development of the East Cadillac asset,” commented Philippe Cloutier, President and CEO.

Table: Details of the new high-grade gold results

* Presence of visible gold.
The lengths of the mineralized intersections are expressed as measured lengths along the drill core.
The estimated true widths of the mineralized intersections are approximately 60 to 90% of the reported lengths.

Quality Assurance / Quality Control

For each batch of samples sent to the laboratory, Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blanks to ensure quality control. The samples are analyzed at the Techni-Lab (Actlabs) laboratory in Ste-Germaine-Boulé, Québec, Canada. Samples weighing 3 to 5 kg are crushed by the laboratory to 90% passing 10 mesh (2.00 mm), then a 500 g fraction of each sample is pulverized to 90% passing 200 mesh (0.07 mm). The resulting 50 g pulps are analyzed by fire assay with an atomic absorption finish. Samples with results ≥ 1.0 g/t and < 10.0 g/t are re-assayed by fire assay with an atomic absorption finish. Results greater than or equal to 10.0 g/t Au are analyzed by fire assay with a gravimetric finish. For samples containing visible gold, a 500 g subsample of rock is analyzed by the metallic sieve method.

Qualified Persons

The Company’s scientific and technical information in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P.Geo., Ph.D., Vice-President, and Mr. Ronan Déroff, P.Geo., M.Sc., Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in National Instrument 43 – 101. Mr. Lavallière approved the information contained in this press release.

About Cartier Resources Inc.

Founded in 2006, Cartier Resources Inc. is an exploration company based in Val-d’Or, Québec, Canada. The Company’s projects are located in Québec, which consistently ranks among the world’s best mining jurisdictions. Cartier is actively advancing the development of its flagship East Cadillac Project and is looking for business partners for its other projects. The Company has significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and provincial investment funds.

For more information, 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 https://www.globenewswire.com/NewsRoom/AttachmentNg/50f44ebf-5174-4c1d-98af-73352beea78f

Philippe Cloutier, CEO of Cartier Resources (ECR.V) was already sitting on an indicated and inferred gold resource of just under 3 million ounces at and near the Chimo mine in Quebec. But he was pretty certain the geology surrounding the former past producing mine property is part of a gold trend along the prolific Larder Lake – Cadillac Fault Zone. Cartier acquired land adjacent to the Chimo Mine property in 2022, identified over 50 Potential Gold Intersections Over 15 Favorable Kilometers based on historical drilling over the previous 60 years by over a dozen operators and has been drilling for the last year.

A look at the company’s 2024 press releases gives a very good indication of the potential of the newly acquired land. Good to excellent grades near surface. It’s very encouraging.

“We had a tremendous year in 2024,” said Cloutier in a phone interview. “But 2025 is going to be completely different.”

“In 2024 we drilled 28,082 meters in 162 holes,” said Cloutier. “Next year we plan to drill 100,000 meters in roughly 500 holes.”

“We’ve clearly shown this stretch of the fault has Gold endowment and want to want to show the world there is potential for a 10-15 million ounce gold camp,” said Cloutier. “In the last ten years we have really understood the geological system along the Cadillac fault. We know what works and where to drill, now it’s a question of getting the right size program done.”

The Cartier team has drilled an 8-kilometer stretch this year and believes it can extend that strike length an additional 7 kilometers. The company’s geologists also know that in the Abitibi deposits are often open at a depth beyond 1000 meters. The Chimo shaft goes nearly that deep and Cartier has reported excellent intercepts below that depth.

“We want to expand east and west along the Cadillac fault,” said Cloutier. “Ideally, we’ll have 4 to 8 drills turning which will create economies of scale. A third of the holes will be to back up, grow and extend the 2024 discoveries, a third will be drilling to infill the gaps between this year’s success and the last third will be contingency drilling on the hottest areas. We are planning shallow holes; a few hundred meters and we should be releasing news every couple of weeks. We should get excellent service from the lab because we’ll have a lot of cores for them to analyze.”

The current surge in the price of gold makes the entire project very attractive. “When we did the initial PEA we used a gold price of $1,750. In fact, the mine would be economic at $1,350,” said Cloutier. “$2,700 gold makes it a whole different ballgame.”

$2,700 gold also changes the financing picture. “Royalty companies are looking to buy royalties on proven projects with a clear pathway to production. They very much want political stability and projects in Quebec are top on the list,” said Cloutier. “We might sell a royalty with a buyback and avoid diluting the stock altogether.”

Another alternative would be to agree to, as Cloutier puts it, “a joint venture on steroids”. A senior company might want to earn in and eventually own the Chimo Mine and cluster of growing deposits that Cartier has outlined, terms have yet to be designed for that approach.” That option would give Cartier the funds to bring the Chimo mine back into production and continue exploring its Cadillac property. Cloutier did not mention it, but it would make sense to look for a joint venture partner which had a mill nearby with excess capacity. There are several.

Then there is the traditional private placement funding alternative. “We might go for a 10 million dollar raise,” said Cloutier. “We’d do it in increments. Money likes to go where it is safe.”

In the New Year Cartier’s Board of Directors and CEO have planned a major meeting set the path forward. That meeting may, itself, generate news. Cloutier is keeping his cards close to his chest but the take away is very clear. “Go Big or go Home,” said Cloutier.

Cartier is trading at $0.09 for a market cap of just over 32 million dollars.

 Cartier Resources Inc. (“Cartier” or the “Company“) (TSXV: ECR, FSE: 6CA) reports multiple high-grade gold results from the 28,000-m drilling program (162 drill holes) at its 100% – owned East Cadillac property. The latter is located 45 km east of the Val-d’Or mining camp.

These results follow-up on the significant VG10 intercepts previously announced on August 27, 2024, where drilling returned 142.2 g/t Au over 0.5 m and 137.4 g/t Au over 0.5 m (FIGURE 1).

Highlights:

VG10 Zone

• Successful definition and expansion of a high-grade gold ore shoot that is approximately 50 m wide by 175 m along plunge (FIGURE 2) and remains open at depth:
  • 173.6 g/t Au over 0.5 m with 40 clusters of visible gold;
  • 12.8 g/t Au over 0.5 m with 2 clusters of visible gold;
  • 9.7 g/t Au over 0.5 m with 5 clusters of visible gold.

VG9 Zone

• Discovery near surface of a new high-grade gold intersection (250 m to the west of VG10; FIGURE 2):
  • 11.7 g/t Au over 4.0 m including 46.0 g/t Au over 0.5 m with 10 clusters of visible gold;
  • 7.5 g/t Au over 0.6 m with 2 clusters of visible gold.

VG10 South Zone

• Confirmation of exploration potential on a new high-grade gold structure (50 m to the south of VG10):
  • 20.7 g/t Au over 1.0 m;
  • 5.7 g/t Au over 1.0 m.

The new 5 high-grade gold zones discovered over 8 km, the 12-km Larder Lake – Cadillac Fault zones remaining largely untested, the current NI 43-101 mineral resource estimate, the PEA and the strong gold price environment offer investors an attractive investment opportunity. Furthermore, planning of a 100,000 m drill program is currently underway to pursue exploration of the strong potential identified on the East Cadillac asset.

Philippe Cloutier, President and CEO commented, “These results are significant in that they clearly demonstrate the repetition of the high-grade gold zones to be found across the East Cadillac property,” adding, “specifically, our follow-up on the VG9 and VG10 Zones area indicate we can expect to further expand the known high-grade gold mineralization both laterally and at depth.”

Table 1: Details of the new high-grade gold results

* Presence of visible gold
The lengths of the mineralized intersections are expressed as measured lengths along the drill core.
The estimated true widths of the mineralized intersections are approximately 50 to 90% of the reported lengths.

Quality Assurance / Quality Control

For each batch of samples sent to the laboratory, Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blanks to ensure quality control. The samples are analyzed at the Techni-Lab (Actlabs) laboratory in Ste-Germaine-Boulé, Québec, Canada. Samples weighing 3 to 5 kg are crushed by the laboratory to 90% passing 10 mesh (2.00 mm), then a 500 g fraction of each sample is pulverized to 90% passing 200 mesh (0.07 mm). The resulting 50 g pulps are analyzed by fire assay with an atomic absorption finish. Samples with results ≥ 1.0 g/t and < 10.0 g/t are re-assayed by fire assay with an atomic absorption finish. Results greater than or equal to 10.0 g/t Au are analyzed by fire assay with a gravimetric finish. For samples containing visible gold, a 500 g subsample of rock is analyzed by the metallic sieve method.

Qualified Persons

The Company’s scientific and technical information in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P.Geo., Ph.D., Vice-President, and Mr. Ronan Déroff, P.Geo., M.Sc., Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in National Instrument 43 – 101. Mr. Lavallière approved the information contained in this press release.

About Cartier Resources Inc.

Founded in 2006, Cartier Resources Inc. is an exploration company based in Val-d’Or, Québec, Canada. The Company’s projects are located in Québec, which consistently ranks among the world’s best mining jurisdictions. Cartier is actively advancing the development of its flagship East Cadillac Project and is looking for business partners for its other projects. The Company has significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and provincial investment funds.

For more information, 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.

FIGURE 2

 Cartier Resources Inc. (TSXV: ECR, FSE: 6CA) (“Cartier or the Company”) announces drill results in the Portal area, on the East Cadillac property, 100% owned by Cartier and located 45 km east of the Val-d’Or mining camp.

Highlights:

• The boreholes intersected:
  • a gold value of 241.0 g/t Au over 0.6 m included in 35.3 g/t Au over 4.4 m, 250 m north of the Portal Gold Zone (FIGURE and Table 1 below);
  • gold-bearing intersections grading 13.7 g/t Au over 0.5 m included in 4.7 g/t Au over 4.5 m and 5.9 g/t Au over 1.5 m, located a few metres from the Portal exploration ramp (Table 2 below);
• The two drills, completing the 2024 29,000 m exploration drilling program (164 holes), have discovered 5 new high-grade gold zones on the East Cadillac property to date and exploration is ongoing (FIGURE).

“The results, obtained north of the Portal Zone, suggest the presence of a second high-grade gold structure in this area,” commented Philippe Cloutier, President and Chief Executive Officer.

Table 1: New Results from the Intersection North of the Portal Gold Zone

The lengths of the mineralized intersections are expressed in lengths measured along the drill core.
The estimated true width of the mineralized intersections represents approximately 20% of the measured length.

Table 2: New Results from the Portal Gold Zone

The lengths of the mineralized intersections are expressed in lengths measured along the drill core.
The estimated true width of the mineralized intersections represents approximately 65% to 75% of the measured length.

Table 3: Portal Gold Zone’s Past 2024 Results

The lengths of the mineralized intersections are expressed in lengths measured along the drill core.
The estimated true width of the mineralized intersections represents approximately 85 to 95% of the measured length.

Table 4: Best Historical Results for the Portal Gold Zone

The lengths of the mineralized intersections are expressed in lengths measured along the drill core.
The estimated true width of the mineralized intersections represents approximately 85% to 95% of the measured length.

Quality Assurance / Quality Control

Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of sterile samples in the form of quality control in the batches of samples sent to the laboratory. The samples are analyzed at the Techni-Lab (Actlabs), located in Ste-Germaine-Boulé, Quebec, Canada. Samples of 3 to 5 kg are crushed by the laboratory up to 90% passing a mesh of 10 mesh (2.00 mm) and then 500 g of sample is pulverized up to 90% passing a mesh of 200 mesh (0.07 mm). The 50 g pulps are analyzed by fire assay and are read by atomic absorption. Samples with results ≥ 1.0 g/t and < 10.0 g/t are assayed a second time by fire assay and read by atomic absorption. Results greater than or equal to 10.0 g/t Au are analyzed by fire assay with gravimetric reading. For samples containing visible gold, 500 g of rock are analyzed by the “Metallic Sieve” method.

Personnes qualifiées

The Company’s scientific and technical information contained in this press release was prepared and reviewed by Mr. Gaétan Lavallière, P.Geo., Ph.D., Vice-President and Mr. Ronan Déroff, P.Geo., M.Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons within the meaning of NI 43-101. Mr. Lavallière approved the information contained in the press release.

About Cartier Resources Inc.

Cartier Resources Inc., which was founded in 2006, is an exploration company based in Val-d’Or, Quebec, Canada. The projects are all located in Quebec, which consistently ranks among the best mining jurisdictions in the world. Cartier is actively advancing the development of its flagship East Cadillac Project and is looking for business partners for its other projects. The Company has significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this press release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb4ecda8-bddb-4250-983e-ccb4b4937b62

Not quite a rocket, yet, but a year ago Bayhorse Silver (BHS.V) was very close to the end. While it had a silver mine, a mill and an ore sorter, it did not have a final permit which would allow it to actually operate its mine. In some jurisdictions, this would not have been a show stopper and the permit would arrive in short order. But the Bayhorse mine is in Oregon, a state where mining is politically unwelcome. The permit was going to take a while.

BHS CEO Graeme O’Neill scrambled to raise money, put a lot of his own money into a couple of small private placements and managed to arrange a lease for the ore sorter. It was enough to keep the company going, barely. BHS shares fell to $0.015

Then, in October 2023, Hercules Silver (BIG.V) announced that it had drilled into what it described as a “blind copper porphyry” at its property at Cuddy Mountain, 44 kilometres down the Snake River on the Idaho side. BIG went from less than $0.20 to a high of over $1.60 in a matter of weeks. It did a deal with Barrick and now has 23 million dollars to drill out its discovery.

Here is the interesting thing, the Hercules discovery is at what geos refer to as a “suture” between the Izee terrane and the Olds Ferry terrane. Its silver is found in a rhyolite structure. The blind copper porphyry looks to have been part of the geological events which created the silver in the rhyolite.

People began to talk about “closeology”. Bayhorse finds its silver in a rhyolite structure. The Bayhorse mine is at a suture of the Izee and Olds Ferry terranes. The argument from similarity can be and was made and O’Neill raised a little over 1 million dollars in a private placement.

The biggest problem Bayhorse has faced over the years is a lack of money. The million dollar private placement, powered by the Hercules discovery, solved that in the short term. For the first time in its existence, Bayhorse had the money to explore and a reason to spend that money.

The Bayhorse value proposition has always been the re-opening of a successful, past-producing, silver mine with high-grade silver, interesting copper and gold credits and a CEO who understood logistics. O’Neill would certainly look at, and sometimes option, greenfields exploration plays, that was never the company’s focus. O’Neill knew that if he could jump through the permitting hoops, the Bayhorse mine had years of unmined, high grade, silver to extract, concentrate and sell. It still does.

Hercules provided the hint. Was the geology at its Izee/Olds Ferry terrane similar to the geology surrounding Bayhorse? O’Neill had the money to start finding out.

VTEM is a helicopter flown magnetic and resistivity survey which can locate “anomalies” down several hundred meters. Bayhorse had never had the money or a reason to fly a VTEM, now it did and in early January of this year it flew both sides of the Snake River.

While BHS may have been inspired by BIG’s success downriver, its own geological team had scouted out what it believed was a substantial rhyolite structure on the Idaho side which the geos postulated was an extension of the Bayhorse mine rhyolite. That same geo team had long speculated that the Bayhorse mine itself was potentially “over” an epithermal gold/copper intrusion. A structure which would line up with the geological theory being tested at the Hercules property.

The results of the Bayhorse VTEM were outstanding. On the Oregon side, there was an area of low resistivity right under the western end of the Bayhorse mine workings. On the Idaho side, there were three areas of low resistivity and a magnetic high right where the Bayhorse geos expected the rhyolite extension to be. And that high was, in fact, higher than the high at the Bayhorse mine itself.

Here is the map of the magnetic signatures:

Here is the map of the resistivity signatures:

All of a sudden Bayhorse Silver went from a company with a plan to re-open a mine to a company which had four resistivity targets and a huge magnetic anomaly to explore.

Bayhorse has been lucky to have senior geologists advising O’Neill as he drove towards recommissioning the Bayhorse mine. That luck was extended when Spokane-based explorationist Mark Abrams was initially signed on as a consultant to finish off the final permitting process and then as a Director.

Abrams is very much the right man at the right time. He is a fully licensed geologist in both Oregon and Idaho and has conducted exploration programs for majors like Placer Dome and Agnico Eagle. He knows how to run a serious exploration program.

I was fortunate to speak to Abrams a few days ago. He was optimistic about Bayhorse’s prospects. He was also very much an explorationist. “You need boots on the ground,” he told me. “We need to be prospecting. Looking at the sediments in the catchment areas. Get into the drainages.”

“You’re putting dots on the map,” said Abrams.

Which is the great paradox O’Neill and his team are faced with. They can see the high magnetics and the low resistivity. They have targets in general. But in the real world of exploration, this is the earliest possible stage.

Right now, BHS can, and should, stick to its knitting and drill the Big Dog, the footwall and the low resistivity at the Bayhorse mine which is exactly what it is doing. It will take a while to get the surface drilling permits in Idaho. Time which can be spent profitably increasing the staked land, perhaps doing an IP survey on one of the blobs, collecting samples and surface “shows” and figuring out where best to begin drilling what may be a significant copper porphyry.

For Bayhorse shareholders the BIG news and the VTEM results have started an increase in value. From $0.015 to .08 in a couple of months. However, that is likely just the beginning. By drilling underground BHS is creating a hard news stream likely to continue well into Fall.  The Idaho targets are a largely unexpected bonus.

(Disclaimer: I own shares in Bayhorse and Graeme O’Neill is a friend. I also own shares in Hercules. At the moment, BHS is not a client of Motherlodetv.net Do your own due diligence. Call Graeme.)

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce commencement of a preliminary economic assessment (“PEA”) for the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. The PEA study will consider the inferred mineral resource estimate (“MRE”) of 560 million tonnes grading 13.8 g Ag/t, 0.73% Zn and 0.28% Pb in the Polymetallic (Ag-Zn-Pb) Domain and 110 million tonnes grading 0.12% Sn, 14.2 g Ag/t and 0.14% Pb in the Tin Domain (Sn-Ag-Pb). While the Polymetallic Domain and the Tin Domain do not overlap or share any resource blocks, for the purposes of the PEA the mineral resources within both domains will be combined.

Lycopodium, based in Brisbane, Australia, will be the lead consultant providing overall coordination of the PEA with development of metallurgical flowsheets. The various aspects of the PEA study including design of tailings and waste dump facilities, mine design and infrastructure, environmental and hydrology studies, will be done by internationally qualified consultants. Micon International will provide independent oversight on financial modelling, metallurgy and mineral resource estimates. Mike Hallewell, BSc. F.I.M.M.M., F.S.A.I.M.M., F.M.E.S., C.Eng., Senior Strategic Metallurgist, and Dr. Bill Pearson, P.Geo., Executive Vice President Exploration, will oversee the study for Eloro in consultation with Dr. Osvaldo Arce, P.Geo., and his team at Minera Tupiza in Bolivia.

Tom Larsen, CEO of Eloro, said: “We are delighted to commence the PEA study on Iska Iska just 3 years after we began our initial exploration drill program. This is another major step in moving the development of Iska Iska forward. We are also planning additional definition drilling to further expand the higher-grade zones as well as planning to carry out definitive “ore-sorting” tests at TOMRA in Germany. We have assembled an excellent team which has already been onsite this week to kick off preparations for the PEA study. Recent induced polarization/resistivity surveys west of Santa Barbara have outlined several promising drill targets to extend the Tin Domain and initial drill testing is planned on these new targets.”

Qualified Person

The inaugural MRE for Iska Iska has been prepared by Micon International Limited. Independent Qualified Persons (QPs) engaged for the Technical Report are Charley Murahwi, P.Geo., FAusIMM, Richard Gowans, P.Eng., Ing., Alan J. San Martin, MAusIMM (CP) and Abdul Aziz Drame, P.Eng., all of whom are independent QP’s as defined by NI 43-101. Mr. Murahwi completed site visits in January 2020 and November 2022.

Dr. Bill Pearson, P.Geo., Executive Vice President Exploration at Eloro and a Qualified Person as defined by NI 43-101 has reviewed and approved the technical content of this news release. Dr. Pearson, who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi, P. Geo., FAusIMM, of Micon are regularly consulted on technical aspects of the project.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia, and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima, Peru, for analysis. More recently, Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Brecia Pipe (“SBBP”) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, and 0.59%Pb over 257.5m from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera.

The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area, as previously announced on November 27, 2022.

On November 22, 2022, Eloro announced the pending acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km² southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Subject to the finalization of the granting of the mining rights process and the completion of the acquisition transaction for the Mina Casiterita and Mina Hoyada properties, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 km².

Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.

Recently completed magnetic surveys by Eloro have outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska. Initial reconnaissance drilling at Casiterita returned 0.17% Sn over 52.75m in the vicinity of these old artisanal workings.

On July 26, 2023, Eloro released results of substantial metallurgical work on samples from the Polymetallic and Tin Domains. Preliminary tests at TOMRA in Germany indicate the mineralization at Iska Iska is amenable to “ore-sorting” with removal of at least 40% of the waste in the Polymetallic Domain and up to 80% in the Tin Domain which would substantially increase concentrator feed grades as well as reduce future operating costs and significantly lower the cut-off grades (COG) for the mineral resource estimates (MRE) and the PEA.

Positive “ore-sorting” results were obtained from composite samples of both the tin (Sn) and polymetallic (Ag-Zn-Pb) mineralization domains in the Santa Barbara deposit indicating its wide applicability throughout the entire deposit.

Further metallurgical studies conducted by Wardell Armstrong International on a composite sample of the tin mineralization has improved tin concentrator stage recovery to 50%. This recovery is un-optimised and has been achieved using a mixture of Multi Gravity and tin flotation techniques which are specifically designed to recover the finer grained cassiterite.

The concentrator could produce an approximately 5%Sn concentrate grade amenable to the tin fuming process that ultimately could produce a 60-70%Sn concentrate for smelting.

The level of metallurgical and pyrometallurgical work that has been conducted is exceptionally high for an inaugural MRE but is justifiable due to the significance of this large potentially open pittable tin and polymetallic resource. The additional metallurgical/mineralogical knowledge will enable Eloro to rapidly move forward with the PEA.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Denarius Metals (DSLV.V) is a vehicle for mining entrepreneur Serafino Iacono and his team as they moved on from GCM Mining as that company was absorbed by Aris Mining. A long time member of that team was Denarius CFO Mike Davies who I spoke with June 13.

“We changed the name from Denarius Silver to Denarius Metals,” said Davies. “We now have three projects, Lomero-Poyatos deposit is located in the north-east part of the Spanish/Portuguese Iberian Pyrite Belt, our recently optioned earn-in zinc project, Toral in Northern Spain and our Zancudo silver-gold project in Colombia.”

“The Colombia project is a bit of a sleeper,” said Davies. “We retained 100% of the project when IAMGOLD decided to walk away as it was not a core priority to them. It is in a historical mining area in Colombia, has a historical mine and 40,000 meters of drilling.”

“Our plan is to get the old workings back into production using a contract miner. We’re aiming for early 2024,” said Davies. “We have to update the permits and figure out who will process the material. The goal is to produce 500 tons a day, crush it and, maybe, concentrate it. The resource contains 6 gpt gold and 100 gpt silver.”

With the team’s long experience in Colombia, Davies points out that Denarius is very involved with the communities in the area. “We’re working with the communities. One thing we are doing is building a bypass road to avoid our trucks driving through towns. We’re fortunate that it is a historical mining district so we are not anticipating negative reaction from the communities.”

While Denarius’ roots are in Colombia, for juniors the world is prospective. Spain, with its rich mining history, was a natural fit because of its culture. “The Iberian Pyrite Belt is a prolific mining district,” said Davies. It has been prolific since the time of the Roman Empire when it was a source for gold, silver, copper, tin and lead. The belt remains the largest concentration of massive sulphites in the world. Denarius’ Lomero-Poyatos deposit is on the northern edge of the Belt and is nearby several, large, producing mines.

Lomero-Poyatos has been the scene of mining and exploration activity since the late 1800s. There are eight levels of, now flooded mine workings. There are also thousands of meters of drill core, some better logged than others but representing a significant knowledge base. As well, gravimetric and resistivity studies have been conducted on the property. (This is all detailed in SRK Consulting’s comprehensive NI 43-101 Technical Report Mineral Resource Estimate submitted in late 2022 and press released November 2, 2022.)

“When we became interested in Lomero-Poyatos we knew it was high grade but it was stuck in bankruptcy,” said Davies. “There was an investigation permit in place and we bought out the creditors. There was an adjacent dormant exploration permit at Palomarejo and we were also able to get a clean permit there for three years.”

With this permit and ownership, Denarius set to work on its Phase 1, 26,000 meter, 83 hole, validation and infill drilling program. “This program gave us confidence in our model,” said Davies. “The MRE confirmed at least 10.7 million tons of material. We went on to Phase 2 which was completed in February. We drilled 13,225 meters in 42 holes.  We got the results in May. Higher grades.”

Commenting in the press release announcing these results, Serafino Iacono, Executive Chairman and CEO stated, “We are encouraged by the Phase 2 drill assays validating the lateral and horizontal continuity of the massive sulphide and semi-massive sulphide mineralized lenses and confirming the presence of higher-grade mineralized zones within the broader resource envelope.”

“We’ve moved on to Phase 3 drilling which comprises 4,000 meters of infill drilling and 6,000 meters of “greenfield” drilling to test for extensions of the deposit,” said Davies. “When we complete the 4,000 meter phase we’ll update the MRE and get to work pushing a Preliminary Economic Analysis (PEA) out for the project by the end of this year.”

In November 2022, Denarius announced another Spanish venture. The Toral Zn-Pb-Ag Project, Leon Province, Northern Spain is subject to an earn in agreement with Denarius which is just getting underway. “The main focus is zinc,” said Davies. “We are looking at 20 million tons of material.” It is early days at Toral for us as we get on with exploring and expanding what looks like a rich, polymetallic, potential resource.

Denarius has put a lot on its plate but its management has put their money into the project, “Management owns 23% of the company, Aris owns 17%,” said Davies, “And if you look at the insider reports, Serafino is buying in the open market for his own account.”

With a little less than 60 million shares out and a market cap of $34,790,000, Denarius is very much worth a look at its current price of $0.59.