Cartier Iron Corporation (CSE: CFE) (“Cartier Iron”) is pleased to announce that it has completed a previously announced non-brokered private placement (the “Private Placement”) of 2,000,000 flow-through units of Cartier Iron at a price of $0.10 per unit (“F-T Units”) for proceeds of $200,000 and 5,000,000 non-flow-through units of Cartier Iron at a price of $0.08 per unit (“Units”) for additional proceeds of $400,000.
Cartier Iron Corporation (CSE: CFE) (“Cartier Iron” or the “Company”), is pleased to announce that the Company has retained New Valley Drilling to complete up to 2,000 metres of diamond drilling to test major targets on its Big Easy Gold property, located approximately 20 km northwest of the town of Clarenville, about 200km northwest of St. John’s, Newfoundland (Figure 1). Big Easy hosts an extensive, but little explored, low sulphidation epithermal gold system that occurs on a prominent boundary between volcanic and sedimentary rocks in the Neoproterozoic Avalon Zone. The Induced Polarization/Resitivity (IP/Res) survey completed in winter 2018 outlined a four kilometre long chargeability anomaly extending from the Big Easy to the ET showings. This anomaly is open along strike to the north and south (see press release May 1, 2018 and Figure 2).
Cartier Iron Corporation (CSE:CFE) (“Cartier Iron”), is pleased to announce the completion of line cutting and commencement of the 56-line kilometre Induced Polarization/Resistivity Survey (“IP/Res”) at the Big Easy Property (“Big Easy”) in Newfoundland. Big Easy is located approximately 20 kilometres (km) northwest of the town of Clarenville, about 200km northwest of St. John’s. MES Geophysics of St. John’s, contractor for the IP/Res survey, has completed the detailed lines with 25m dipole spacing over the original Big Easy showing area and is progressing well on the remainder of the grid which is being covered by 50m dipole spacing. The IP/Res survey is designed to test the full 3.5 km strike length between the Big Easy and the ET showings to a depth of 200m to explore the full extent of the epithermal system. Historical diamond drill holes open to depth near the Big Easy showing offer the possibility that a downhole IP/Res survey may be used at a later date to extend the search volume even deeper.