Cartier Resources (V.ECR) has released a third, updated, resource estimate for its Chimo Mine Project: 684,000 indicated and 1,358,000 inferred gold ounces with the potential for more gold ounces in all directions and at depth. This pushes the Chimo Mine project over the 2-million-ounce mark.

I spoke to CEO Philippe Cloutier by phone. For Cloutier the report was about more than just the ounces, it was a vindication of work on Chimo which goes back to the property’s acquisition in 2013. At that point the Chimo Mine had been closed having produced 379,000 ounces of gold from 1964 to 1997.

“The previous operator of the Chimo Mine was plagued with technical and economic challenges,” said Cloutier. “when it was shut down in 1997 the price of gold dropped below $500CDN per ounce.”

The challenge Cartier faced in this brownfield exploration process was proving up ounces, grades and answering the sceptics who suggested that Chimo was mined out. 124 drill holes later, Cartier has proven that there is still plenty of gold in the central corridor of the mine but Cartier has also shown that there are North and South corridors with mineable material.  The resources were delineated with 60,000 meters drilled within a 500-meter radius of the underground infrastructures.

The Chimo Mine has a 920-meter shaft and workings on 19 levels. This is a huge advantage as a shaft of that depth would cost hundreds of millions of dollars to sink from surface and take several years to develop. While it has been adding ounces, Cartier also commissioned four separate engineering studies. The Shaft haulage Capacity report was disclosed in September 2020 and presents the existing shaft’s hoisting capacity and options. The take away is that with modernized, properly sized, hoisting equipment, the Chimo Mine has a 5000 ton per day hoisting capacity.

“The technology available today is totally different,” said Cloutier. “Plus we have modern mechanization and automated  bulk, underground mining methods that have been developed since 1997.”

Cartier’s new resource estimate and engineering study will lead to a Preliminary Economic Assessment (PEA) for the Chimo Mine project and in that PEA, “We will have a chapter on what Cartier could do to mine Chimo ourselves.” But that is an unlikely outcome for Cartier. After all, Cartier primarily creates shareholder value through exploration and discovery, it is not really set up to be an operator.

The good news is that the Chimo project is surrounded by other mines and other mining operators. “In the past few months there have been two M&A transactions along the Cadillac Break,” said Cloutier. “These show the value of Cadillac Break projects.”

Cloutier cannot, of course, say which majors might be interested in buying Chimo or on what terms. But he does point to Agnico Eagle’s 16% holding in Cartier. Agnico does not have a right of first refusal but its shareholding means that it will know about any offers which materialize.

Recently in the gold business, the value of an in situ ounce has hovered around $100, so 2 million ounces would have a sale value of around $200 million dollars. Of course, that price tends to fluctuate depending on what other value a particular project has. Having a 920-meter shaft and 7,000 meters of drifts on 19 levels of workings benefits the project and should secure a premium for the sale price. So will having power and road access to the site. Having a strong workforce in the area – 50 km from the aptly named Val-d’Or does not hurt. Currently, the Chimo mine is flooded, however, dewatering a brownfield site is a pretty straightforward exercise in pumping.

The reaction to the most recent resource estimate has been gratifying for Cloutier. “We’ve had a positive response in the market,” said Cloutier. “The resource estimate is seen as robust and reliable. The analysts are impressed.”

Patience and science have revived the Chimo Mine’s prospects and there are plenty of gold producers looking to add to their gold reserves and to find material for their mills. Cartier has a solid reputation in the local gold community.

The catalyst for the purchase of the Chimo project may be as simple as a small rise in the price of gold. Or an improvement in the medium-term outlook for gold. Right now, as Cloutier points out, “The Chimo Mine project can be seen as warehousing two million ounces of gold for a prospective purchaser.” adding. “and it can grow.”

The hard work of de-risking the Chimo mine with the drill and with solid modelling and engineering has been done. Cloutier knows what Cartier has at Chimo, and so do all the majors and mid-tier gold operators along the Cadillac Break. Cloutier and his shareholders are ready to seize the best opportunity for reward.

For the longest time, Cartier Resources (V.ECR) has been reporting high-grade gold from its Chimo Mine project. A couple of meters of +10 grams per ton (gpt) here and 16 gpt there. But it has never been the headline number for the Cartier press releases.

“The high grade has always been there,” said Philippe Cloutier, CEO of Cartier. “We reported it, but it was always in the second or third paragraph of the press release.”

The reality is that 75% of the value at the Chimo Mine is in the average grade material running between 4 and 5 grams per ton because there are a lot of tons of that material as disclosed in Cartier’s most recent 43-101 Resource Estimate update. However, in Cartier’s last two press releases, the company reported 4.0 meters of 20.8 gpt and 4.5 meters of 16.5 gpt material from drill holes 450 meters to the east of the existing underground workings. Critically, these high-grade intercepts are well below known gold zones on the property.

“We had the discovery hole back in July of last year,” said Cloutier. “What we decided to do was define a target which was the size of the original mine. We essentially copied the mine-sized target to drill the discovery area.”

“These recent press releases are amongst the first results of our drilling in that target area. For a while, the results were delayed as all the labs were closed because of COVID. They re-opened on May 11. These were the first results we got after the labs re-opened. We’re continuing to drill but the results will be delayed a couple of weeks because of the backlog in the labs,” said Cloutier. “But these first batch grades are quite impressive. And the rest of the samples are looking very good.”

With two drills deployed at Chimo, Cloutier is anticipating news right through the summer.

“The drill target looks very much like the old mine,” said Cloutier. “Right now the drill hole intersections that dot the target could end up adding up to 500,000 ounces. It’s a mine within a mine.”

While the high-grade intercepts are deep, the great strength of the Chimo project is that there is already a 920-meter shaft and an extensive network of drifts. This existing infrastructure changes the economics of mining the Chimo Mine deposit and the extensions of that deposit which Cartier is exploring.

“The current 43-101 does not include any of this new drilling,” said Cloutier. “Nor does it include any of our new engineering work. We are working on the engineering side so that we can lower the cut-off grade by a gram. We’re pretty sure we can and the results of those efforts could add another 500,000 ounces to the resource.”

As the current 43-101 has 585,190 ounces of gold in the indicated resource category and 597,800 ounces of gold in the inferred resource category adding a million ounces by exploration and engineering would take to project to the 2 million plus ounce category.

2 million ounces with existing infrastructure is a pretty attractive package for a mid or senior tier producer looking to replace reserves. “We know some technical teams out there like what they see,” said Cloutier. “Which is why we are doing the exploration and engineering. We don’t want to leave those ounces on the table.”

The effect of the new ounces to the East is to lengthen the mine’s projected life even though they would be unlikely to be mined immediately. Drilling those ounces adds value to the Chimo Mine project but it also alters a potential purchaser’s calculations of that value.

It is also a calculation which makes Chimo attractive for Cartier to operate itself. “If our share price rises and we don’t get the right offer, we could run the mine ourselves,” said Cloutier. Because Chimo was already an operating mine, it has fast track options. After all, if the numbers make sense for an acquirer, they would make even more sense for Cartier itself. Cloutier is not ruling out any of the options but he sticks to his maxim of “creating shareholder value” as Cartier’s first priority.

Drilling and engineering for new ounces in what looks to be a rising gold market has put Cartier in a nearly perfect position for the coming re-rating of junior gold explorers. When that re-rating happens is unknown but Cartier is trading less than $0.10 higher than it was when gold was hovering around $1300 a year ago.

If Cartier can come up with another million ounces, it is hard to believe it will trade at less than $0.30. If gold and the juniors rally, Cartier could easily hit a dollar as drilling results and the third 43-101 prove up the resource at Chimo Mine.

Highlights:

• Mineralised intersection of 32.0 g/t Au over 2.0 m included within 16.5 g/t Au over 4.5 m, also included within 7.1 g/t Au over 12.1 m, located 500 m below the new Zones 5B4-5M4-5NE in the East Sector of the Chimo Mine Property;
• The results of this press release, factored with those of the May 21^st 2020, April 7^th 2020 and February 18^th 2020 press releases, increase the potential for expansion of the resource estimate to date for the new Zones 5B4-5M4-5NE (FIGURE);

• Cartier Drill Hole Results – May 28th, 2020, Zones 5B4-5M4-5NE

  
  Cartier Drill Hole Results – May 28th, 2020, Zones 5B4-5M4-5NE
• The Chimo Mine Property hosts three gold-bearing corridors (North, Central and South) that to date host the following mineral resources:
  — 4,017,600 tonnes at an average grade of 4.53 g/t Au for a total of 585,190 ounces gold in the Indicated Category;
  — 4,877,900 tonnes at an average grade of 3.82 g/t Au for a total of 597,800 ounces gold in the Inferred Category.

VAL D’OR, Quebec, May 28, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces values of 32.0 g/t Au over 2.0 m included within 16.5 g/t Au over 4.5 m, also included within 7.1 g/t Au over 12.1 m, intersected at a distance of 500 m below the new Zones 5B4-5M4-5NE of the Chimo Mine Property, located 45 km east of Val-d’Or.

“These new results indicate that the gold mineralisation is open in all directions below Zones 5B4-5M4-5NE which have been drilled to date from surface to a depth of 1,300 m” commented Philippe Cloutier, President and CEO, adding “growing the dimensions of the cluster of Zones 5B4-5M4-5NE is an important addition to the development potential of the project.”

The details of the new results are as follows:

The lengths of the mineralized intersections are expressed in lengths measured along the drill core.  The estimated true thickness of the mineralized intersections represents approximately 85 to 90% of the measured length.

Recall that, on May 5th 2020, using a price of gold of 1,300 $ US / oz and a cut-off grade of 2.5 g/t Au, the Chimo Mine property now hosts mineral resources of (FIGURE):

Note 1 :   Cartier Files NI 43-101 Technical Report on SEDAR for First Mineral Resource Estimate of the Central Gold Corridor on the Chimo Mine Property, GéoPointCom Inc. (2019)
Note 2 :   Cartier Increases Gold Resources of the Chimo Mine Property, InnovExplo Inc., May 5 2020

Zones 5B4-5M4-5NE and 5CE, situated 450 m east of the underground infrastructures are being drilled in order to increase the resource over a distance of 550 m below known zones.  The length of this cluster of gold-bearing zones is known over 1,300 m.

As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property.  The first internal engineering study was completed with positive conclusions.

About Chimo Mine Project

• Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation.  No rights of first refusal (” buy-back ”) have been granted.
• The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.
• Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
• The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m with 3 compartment shaft for a depth of 920 m.  The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
• The drilling, completed to date by Cartier on the Chimo Mine Property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected.  This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE and to develop the potential of Zone 6N1.  These areas have excellent potential to deliver future discoveries.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec.  The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favorable geology, attractive fiscal environment and pro-mining government.

• The company has a strong cash position with more than $ 5.7 million, as well as a significant corporate and institutional endorsement including Agnico Eagle Mines and Quebec investment funds.
• Cartier’s strategy is to focus on gold projects with features that offer the potential for rapid growth.
• The Company holds a portfolio of exploration projects located in the Abitibi Greenstone Belt in Quebec; one of the most prolific mining regions in the world.
• The company is focused on advancing its 4 key projects through drilling programs. All of these projects were acquired at reasonable costs in recent years.  All are drill-ready with targets along the geometric extension of known gold deposits.
• Exploration work is currently focused on the Chimo Mine Property to maximize value for investors.  The preparation of the next exploration work is underway to carry out drilling programs respectively on the Benoist, Fenton and Wilson properties.

Qualified Persons
The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P. Geo., Ph. D., Vice President and Ronan Déroff, P. Geo, M. Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101.  Mr. Lavallière approved the information contained in the press release.

Quality Assurance / Quality Control
The analytical results, derived from Cartier’s drilling, were obtained from samples measured along the drill core.  NQ core samples are crushed up to 80% passing an 8 mesh and then pulverized up to 90% passing a mesh of 200 mesh.  Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank samples to ensure quality control.  The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec.  The 50 g pulps are analyzed by fire assay and read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 500 g of rock are analyzed by the ” Metallic Sieve ” method.

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/3aaaf27a-f93f-4e35-a320-fcd270346e1d

Highlights:

• Mineralised intersection of 20.8 g/t Au over 4.0 m included within 9.4 g/t Au over 11.0 m, also included within 6.7 g/t Au over 16.0 m, located 500 m below the new Zones 5B4-5M4-5NE in the East Sector of the Chimo Mine Property;
• The results of this press release, factored with those of the April 7^th 2020 and February 18^th 2020 press releases, increase the potential for expansion of the resource estimate to date for the new Zones 5B4-5M4-5NE (FIGURE)

• May 21st, 2020: Cartier Resources Press Release Figure_DDH Results Longitudinal

  
  May 21st, 2020: Cartier Resources Press Release Figure_DDH Results Longitudinal
• The Chimo Mine Property hosts three gold-bearing corridors (North, Central and South) that to date host the following mineral resources:
  • 4,017,600 tonnes at an average grade of 4.53 g/t Au for a total of 585,190 ounces gold in the Indicated category;
  • 4,877,900 tonnes at an average grade of 3.82 g/t Au for a total of 597,800 ounces gold in the Inferred category.

VAL-D’OR, Quebec, May 21, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces values of 20.8 g/t Au over 4.0 m included within 9.4 g/t Au over 11.0 m, also included within 6.7 g/t Au over 16.0 m, intersected at a distance of 500 m below the new Zones 5B4-5M4-5NE of the Chimo Mine Property, located 45 km east of Val-d’Or.

″ These new results indicate that the gold mineralisation is open in all directions below Zones 5B4-5M4-5NE which have been drilled to date from surface to a depth of 1,3 00 m  ″ commented Philippe Cloutier, President and CEO, adding ″ growing the dimensions of the cluster of Zones 5B4-5M4-5NE is an important addition to the development potential of the project ″.

A 12.8 m interval grading 1.1 g/t Au was also intersected 250 m below the new Zones 5B4-5M4-5NE.  At 30 m south of Zones 5B4-5M4-5NE, the new Zone 5CE returned a 19.5 m interval grading 1.3 g/t Au indicating the presence of a gold-bearing shoot hosting higher grade gold sections.

The details of the new results are as follows:

The lengths of the mineralized intersections are expressed in lengths measured along the drill core.  The estimated true thickness of the mineralized intersections represents approximately 85 to 90% of the measured length.

Recall that, on May 5th 2020, using a price of gold of 1,300 $ US / oz and a cut-off grade of 2.5 g/t Au, the Chimo Mine property now hosts mineral resources of (FIGURE):

Note 1 :   Cartier Files NI 43-101 Technical Report on SEDAR for First Mineral Resource Estimate of the Central Gold Corridor on the Chimo Mine Property, GéoPointCom Inc. (2019)
Note 2 :   Cartier Increases Gold Resources of the Chimo Mine Property, InnovExplo Inc., May 5 2020

Zones 5B4-5M4-5NE and 5CE, situated 450 m east of the underground infrastructures are being drilled in order to increase the resource over a distance of 550 m below known zones.  The length of this cluster of gold-bearing zones is known over 1,300 m.

As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property.  The first internal engineering study was completed with positive conclusions.

About Chimo Mine Project

• Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation.  No rights of first refusal (” buy-back ”) have been granted.
• The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.
• Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
• The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m with 3 compartment shaft for a depth of 920 m.  The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
• The drilling, completed to date by Cartier on the Chimo Mine property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected.  This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE and to develop the potential of Zone 6N1.  These areas have excellent potential to deliver future discoveries.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec.  The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favorable geology, attractive fiscal environment and pro-mining government.

• The company has a strong cash position with more than $ 5.7 million, as well as a significant corporate and institutional endorsement including Agnico Eagle Mines and Quebec investment funds.
• Cartier’s strategy is to focus on gold projects with features that offer the potential for rapid growth.
• The Company holds a portfolio of exploration projects located in the Abitibi Greenstone Belt in Quebec; one of the most prolific mining regions in the world.
• The company is focused on advancing its 4 key projects through drilling programs. All of these projects were acquired at reasonable costs in recent years.  All are drill-ready with targets along the geometric extension of known gold deposits.
• Exploration work is currently focused on the Chimo Mine property to maximize value for investors.  The preparation of the next exploration work is underway to carry out drilling programs respectively on the Benoist, Fenton and Wilson properties.

Qualified Persons

The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P. Geo., Ph. D., Vice President and Ronan Déroff, P. Geo, M. Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101.  Mr. Lavallière approved the information contained in the press release.

Quality Assurance / Quality Control

The analytical results, derived from Cartier’s drilling, were obtained from samples measured along the drill core.  NQ core samples are crushed up to 80% passing an 8 mesh and then pulverized up to 90% passing a mesh of 200 mesh.  Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank samples to ensure quality control.  The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec.  The 50 g pulps are analyzed by fire assay and read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 1000 g of rock are analyzed by the ” Metallic Sieve ” method.

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/9375ba36-4479-48ca-8145-cb05e2344616

Cartier Resources’ (V.ECR) announcement of a revised 43-101 Resource Estimate with over one million ounces indicated and inferred at its Chimo mine in Quebec was not actually a surprise. CEO Philippe Cloutier told motherlodetv.net what the company was going to do back in February,

“First off, we have just awarded to an independent firm the mandate to commence work on a second 43-101 Resource Estimate which will include the drilling results from the Northern and Southern Gold Corridors,” said Cloutier. “This will add to the ounces identified in the Central Gold Corridor. We’re hoping this will raise it to over 1 million ounces.”

We’ve been covering Cartier for years and when Cloutier says something will happen it happens.

The Chimo mine historically produced 400,000 ounces of gold and was shut down when the gold price cratered back in the mid to late 1990’s. Cloutier points out, “We’ve demonstrated a resource three times the size of what the Chimo Mine produced.”

With this revised resource estimate, Cartier also moved into the + 1 million-ounce league. It is a critical number because major and mid-tier miners looking at projects tend to see a million ounces as about the lowest number it makes sense to develop.

The increase in the resource estimate came from the extensive drilling Cartier has undertaken since 2017. “121 holes, 55,000 meters,” said Cloutier. “we should reach 60,000 meters, that with an inhouse review of several technical aspects of the project, will lead to a third resource estimate .”

“We’re hoping to lift this to 1.7 million ounces in the next resource estimate,” said Cloutier.

Ounces in the ground are a beginning for a mine. But mining is about costs as well as resources. “The Chimo mine is right beside the highway. Forty-five minutes from Val d’Or,” said Cloutier. “There is a skilled workforce, power and there are mills with spare capacity.”

The old workings of the Chimo mine itself, now flooded, are immensely valuable. While it will cost money to dewater those workings, compared to the cost of sinking a 1000 meter shaft that cost is insignificant.

“The resource blocks we are developing are all accessible from the existing infrastructure,” said Cloutier. “And they are shallow and open at depth.”

What that means is that the Chimo mine could re-open for a relatively low CAPEX and actually be mining valuable rock quite quickly. Cartier is working on engineering studies to explore the re-commissioning of the mine. The company is also looking at industrial sorting technologies to evaluate what impact they would have on pre-concentrating the mineralization at the Chimo Mine project.

What Cartier is envisioning at Chimo is what might be described as “light touch” mining. The Val d’Or district has a number of mills which can process the Chimo rock which means that the Chimo operator does not have to permit and build a mill. A huge saving right there. However, what may be the most important “light touch” factor is the huge advances which have been made in the field of ore sorting technology.

Mining operators build mills at their mines because trucking thousands of tons of rock is very expensive. With a shaft infrastructure that could accommodate a  hoist capacity of up to 5000 tons per day Chimo’s operating numbers would be tight if all the rock had to be trucked to a mill. However, sorting the mineralization at surface should cut the amount of rock which has to be trucked in half while doubling the grade of the material processed. (Editor: This may be pessimistic. I am aware of ore sorting being used which eliminates up to 90% of the mined rock.)

A million ounces, low CAPEX, low OPEX, low environmental impact and a growing resource all make the Chimo mine an attractive target for a large or mid-tier operator. Which Cloutier sees as one of the options to create shareholder value.

“With the price of gold going up and people hunkering down because of COVID there is an additional interest for projects like Chimo Mine,” said Cloutier.

“We’re also seeing heightened interest from the retail side of the market,” said Cloutier. “Retail has lots of time to look at companies and their stories. There is more money on the street.”

There is a familiar pattern in the retail market. “First you see the price of gold going up. Then you see, and you are seeing, the senior gold miners’ shares going up. Now it is the juniors’ turn.”

Cartier was hit by the March market plunge trading as low as $0.075, but it has risen and is trading at $0.15-0.165. Perhaps as importantly, for the last few trading sessions, there has been excellent volume. “In the stock market volume is the weapon of the bull,” said Cloutier.

What drives that volume is a company doing the work which creates hard news. In the next few months, Cartier will complete its drill program on the depth extension of its new discovery east of the shaft, report the results of that drilling, complete internal engineering studies and, if Cloutier is right – and he usually is – put out a third Resource Estimate that targets 1.7 ounces. In a bull market for junior gold explorers that run of news could easily triple Cartier’s stock price.

Highlights :

• Adding the resource estimate of the North and South Gold Corridors to those of the Central Gold Corridor, the Chimo Mine property now hosts mineral resources of (FIGURE) :

• Cartier Resources – Chimo Mine Gold project: Resource Estimate for North, Central and South Gold Corridors

  • 4,017,600 tonnes at an average grade of 4.53 g/t Au for a total of 585,190 ounces gold in the Indicated category;
  • 4,877,900 tonnes at an average grade of 3.82 g/t Au for a total of 597,800 ounces gold in the Inferred category.
• For more detail, using a price of gold of 1,300 $ US / oz and a cut-off grade of 2.5 g/t Au; the resource estimate of the North and South Gold Corridors produced:
  • 754,300 tonnes at an average grade of 5.11 g/t Au for a total of 123,910 ounces gold in the Indicated category and;
  • 1,196,300 tonnes at an average grade of 4.69 g/t Au for a total of 180,550 ounces gold in the Inferred category.
• Work in progress that aims at increasing the resources are the following:
  • Drilling below Zones 5B4-5M4-5NE and 5CE;
  • Internal engineering studies and industrial sorting of mineralization.

VAL-D’OR, Quebec, May 05, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces the results of the mineral resource estimate of the North and South Gold Corridors of the Chimo Mine property, located 45 km east of Val-d’Or.  The estimate, completed and made available on May 4^th, 2020, was prepared by Mrs. Claude Savard, P. Geo., from InnovExplo Inc., an independent Qualified Person as defined by NI 43-101. Mrs. Christine Beausoleil, P. Geo. and Mr. Alain Carrier, P. Geo., M. Sc. of InnovExplo Inc. contributed with the cross checks and standard validations.

″ These additional resources, situated near surface and accessible by existing infrastructure, is a considerable advantage to launching a mine project ″ commented Philippe Cloutier, President and CEO, adding ″ furthermore,  two drill rigs are in the field to pursue drilling of Zones 5B4-5M4-5NE and 5CE where continuity of the mineralization has been shown to extend to a depth of 1,300 meters ″.

Mineralization of the Chimo Mine property consists of 27 gold-bearing Zones hosted within 17 gold-bearing Structures that comprise three Gold Corridors.  The mineral resources estimated to date on the property are presented in the table below (FIGURE):

Note 1 :  Christian D’Amours, GéoPointCom Inc. (2019)
Note 2 :  Claude Savard, InnovExplo Inc. (2020)

The resource estimate of the North Gold Corridor, comprised of Zones 1A, 1B, 2B, 2, 2W, 3, 3E, 3W, 4B and 4B2 as well as the South Gold Corridor, comprised of Zones 6, 6B, 6C, 6P and 6P2, were completed from information known to date.  However, the exploration potential peripheral to these gold-bearing zones remain open.

The resource estimate of the Central Gold Corridor, comprised of Zones 5B, 5B2, 5B4, 5C, 5M, 5M2, 5M3, 5M4, 5N, 5NE and 6N1 is also completed with information known to date.  Zones 5B, 5B2, 5C, 5M, 5M2 and 5N are situated, in part, within the infrastructures of the past producing Chimo Mine whereas Zone 6N1 is situated 125 m south and Zones 5B4-5M4-5NE and 5CE are situated 450 m to the east.  The exploration potential peripheral to all these zones is open.

Zones 5B4-5M4-5NE and 5CE, situated 450 m east of the underground infrastructures are being drilled in order to increase the resource over a distance of 550 m below known zones.  The length of this cluster of gold-bearing zones is known over 1,300 m.

As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property.  The first internal engineering study was completed with positive conclusions.

Additional notes on resource estimates

1. These mineral resources are not mineral reserves because their economic viability has not been demonstrated.  The amount and content of inferred resources reported in this mineral resource estimate is uncertain and there can be no assurance that some or all of the Inferred Mineral Resources may be converted to Indicated Mineral Resources with further exploration drilling.
2. The mineral resource estimate is in accordance with the current standards and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and NI 43-101 for the publication of mineral resources.
3. Resources are presented in situ for an undiluted underground operation scenario and considered to have reasonable outlook for economic extraction.
4. A cut-off grade of 2.5 g/t Au was used to estimate mineral resources from calculations made with the following key parameters:
   • Gold price of US $ 1,300 / oz
   • Exchange rate of US $ 1.3 / CAD $ per troy ounce
   • Cost of royalty to IamGold 16.80 CAD $ per troy ounce
   • Cost of mining and hoisting 84 CAD $ / t
   • Transportation cost of 20 CAD $ / t
   • Milling cost of 25 CAD $ / t
   • Recovery percentage of mined stopes of 90%
   • Recovery percentage of gold at mill of 90%
   • The estimation was completed on 10 3D solids which correspond to structures that constitute the North and South Gold Corridors on the Chimo Mine property and for which the minimum thickness is 2.4 m.  The grades of assayed samples are used where available otherwise in absence of an analytical result a value of zero is assigned.
   • Given the physical properties of the minerals (quartz and arsenopyrite) associated with gold, it is reasonable to expect a 35 % reduction in transportation and milling costs if a material sorting plan is in operation at surface on the Chimo Mine site.  This cost reduction produces a calculation of 2.5 g/t Au for the cut-off grade.  It is important to note that these costs are dynamic and may vary over time.  Therefore, they must be re-evaluated regularly according to market conditions.  The author estimates that the threshold of 2.5 g/t Au for the cut-off grade represents the fair value of the potential of this project and that this value constitutes the reference value for this study.  The selection of reasonable prospective parameters, which assume that some or all of the estimated resources could potentially be extracted, is based on a bulk underground mining scenario involving a daily extraction rate of approximately 2,000 to 3,000 tonnes.
5. The density value of 2.8 g/cm³ was used.
6. The estimate was made from a database as February 14^th 2020, of 3,670 drill holes totaling 288,189 m drilled, 17,331 deviation (hole orientation) measurements and 80,312 samples analyzed for gold and collected over a core length of 86,660 m representing 30 % of the drilled core length.  This database contains 2,107 blank and standard samples, inserted by Cartier between November 1^st, 2016 and July 2^nd, 2019.  This database was validated before starting the resource estimate.  The estimate was carried out on 10 mineralized structures intersected by 15,380 m of drilling, producing 3,107 different gold intersections.
7. A high grade cap of 36 g/t Au (Structures 1A and 1B), of 96 g/t Au (Structure 2), of 112 g/t Au (Structure 3), of 35 g/t Au (Structure 4B) and of 55 g/t Au (Structures 6, 6B, 6C, 6P and 6P2)  was applied on all assay results.
8. Underground openings (open and backfilled-cemented stopes, drifts, raises and shafts) were modeled from transversal and longitudinal sections as well as detailed historical geological and mining plans. Historical underground production has been subtracted from the resource estimate.
9. This mineral resource estimate has been prepared using the software GEOVIA GEMS 6.8.2.   GeoticMine has been used for 3D modeling of topographic and bedrock surfaces, mined sites and various underground openings as well as the interpretation of gold structures.  Each structure has been defined by individual meshes.  The Leapfrog Geo 5.4 software was used in the modification of the solids of the structures generated by the GéoticMine intersects.  Statistical studies and a variography were performed with Snowden Supervisor v.8.12 and Microsoft Excel software.  The grade interpolation was performed using the inverse distance to the square methodology, based on 1.0 m composites and 5.0 m x 2.5 m x 5.0 m blocks.
10. The mineral resource estimate presented here is classified as Inferred and Indicated.  The Indicated Mineral Resource category is defined by interpolation using research ellipsoid parameters presented in the table below :

11. The number of metric tons has been rounded to the nearest hundred and the metal content is presented in troy ounce (ton x grade / 31.1035) rounded to the nearest tenth.
12. InnovExplo Inc. is not aware of any environmental, permit, mining claim or legal, tax, socio-political, commercial or other relevant matter not mentioned in this news release, which could have a significant impact on the mineral resource estimate.
13. The table of the sensitivity of the cut-off grade for the North and South Gold Corridors gold resources are presented below:

The table above illustrates the sensitivity of this mineral resource estimate to different cut-off grades for an underground operation scenario with reasonable outlook for economic extraction.  The reader is cautioned that the figures provided in this table should not be interpreted as a statement on mineral resources.  Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.

About Chimo Mine Project

• Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation.  No rights of first refusal (” buy-back ”) have been granted.
• The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.
• Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
• The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m with 3 compartment shaft for a depth of 920 m.  The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
• The drilling, completed to date by Cartier on the Chimo Mine property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected.  This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE and to develop the potential of Zone 6N1.  These areas have excellent potential to deliver future discoveries.

Qualified Persons

The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P. Geo., Ph. D., Vice President and Ronan Déroff, P. Geo, M. Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101.  Mr. Lavallière approved the information contained in the press release.

The independent qualified person for the issuer, responsible for the estimation of mineral resources of the North and South Gold Corridors, as defined in NI 43-101, is Mrs. Claude Savard, P. Geo., of InnovExplo Inc.  The independent qualified person for the issuer, responsible for the estimation of mineral resources of the Central Gold Corridor, as defined in NI 43-101, is Mr. Christian D’Amours, P. Geo., B. A. Sc., President of GeoPointCom Inc.  Mrs. Savard and Mr. D’Amours declare that they have read this press release and that the scientific and technical information relating to the estimate of the resources presented herein is compliant.

Quality Assurance / Quality Control

The analytical results, derived from Cartier’s drilling, were obtained from samples measured along the drill core.  The estimated true thickness averages about 65% to 85% of the measured apparent length. NQ core samples are crushed up to 80% passing an 8 mesh and then pulverized up to 90% passing a mesh of 200 mesh.  Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank samples to ensure quality control.  The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec.  The 50 g pulps are analyzed by fire assay and read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 1000 g of rock are analyzed by the ” Metallic Sieve ” method.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec.  The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favorable geology, attractive fiscal environment and pro-mining government.

• The company has a strong cash position with more than $ 5.5 million, as well as a significant corporate and institutional endorsement including Agnico Eagle Mines and Quebec investment funds.
• Cartier’s strategy is to focus on gold projects with features that offer the potential for rapid growth.
• The Company holds a portfolio of exploration projects located in the Abitibi Greenstone Belt in Quebec; one of the most prolific mining regions in the world.
• The company is focused on advancing its 4 key projects through drilling programs. All of these projects were acquired at reasonable costs in recent years.  All are drill-ready with targets along the geometric extension of known gold deposits.
• Exploration work is currently focused on the Chimo Mine property to maximize value for investors.  The preparation of the next exploration work is underway to carry out drilling programs respectively on the Benoist, Fenton and Wilson properties.

5M4-5NE

April 07, 2020 07:45 ET | Source: Cartier Resources Inc.

photo-release

5B4-5M4-5NE longitudinal section – April 7th, 2020 drill results

5B4-5M4-5NE longitudinal section – April 7th, 2020 drill results

Highlights (FIGURE 1):

• Mineralized intersection of 5.0 g/t Au over 10.9 m included within 26.1 m grading 2.5 g/t Au at a distance of 250 m below the new Zones 5B4-5M4-5NE in the East Sector;
• Discovery of a 4^th gold zone within the East Sector, named Zone 5CE, which returned 11.9 g/t Au over 2.0 m;
• The “NI 43-101 Technical Report and Mineral Resource Estimate, Chimo Mine Project, Central Gold Corridor, Val-d’Or, Quebec, Canada”, completed by GeoPointCom Inc and dated December 17^th 2019, showed Zones 5B4-5M4-5NE having 28,400 ounces of gold in the indicated resource category and 137,140 ounces of gold in the inferred resource category;
• The results of this press release, factored with those of the press release dated February 18, 2020, increase the dimensions and, by the greater density of mineralized intersections, the potential for expansion of resources estimated to date for the new Zones 5B4-5M4-5NE.

VAL-D’OR, Quebec, April 07, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces values of 5.0   g/t   Au over 10.9 m included within 26.1 m grading 2.5 g/t Au intersected at a distance of 250 m below Zones 5B4-5M4-5NE of the Chimo Mine gold property located 45 km east of Val-d’Or, Quebec.

Values of 9.5 g/t Au over 2.0 m, included within 15.8 m grading 2.0 g/t Au, were also obtained 350 m below the new Zones 5B4-5M4-5NE (FIGURE 1). Thirty meters (30 m) south of Zones 5B4-5M4-5NE, a new zone, named Zone 5CE, was intersected and returned an intersection grading 11.9 g/t Au over 2.0 m.

“These new results indicate that the gold mineralization of interest is open in all directions below Zones 5B4-5M4-5NE drilled to date from the surface up to a depth of 1.3 km” commented Philippe Cloutier, President and Chief Executive Officer.

The details of the new results are as follows:

Drill Hole	Drill Hole Collar Coordinates (m) UTM (E/N/Elev.)	Collar Azimuth  (°) Dip (°)	From (m)	To (m)	Length (m)	Au (g/t)	Gold Zone	Gold Structure
CH19-54B	332623/5320281/-268	200/-71	1123.5	1134.4	10.9	5.0	5B4	5B
Included within			1109.0	1135.1	26.1	2.5
CH19-54E	332580/5320159/-537	194/-55	1189.0	1191.0	2.0	9.5
Included within			1189.0	1204.8	15.8	2.0
CH19-55E	332512/5320299/-649	186/-60	1384.5	1386.5	2.0	5.1
Included within			1369.6	1386.5	16.9	1.1
CH19-54E	332580/5320159/-537	194/-55	1162.5	1167.5	5.0	3.4	5NE	5N
CH19-54A	332595/5320207/-459	196/-59	1166.0	1169.0	3.0	3.1
CH19-54E	332580/5320159/-537	194/-55	1256.0	1258.0	2.0	11.9	5CE	5C

The lengths of the mineralized intersections are expressed in lengths measured along the drill core. The estimated true thickness of the mineralized intersections represents approximately 70 to 85% of the measured length.

Recall that in the NI 43-101 Technical Report, dated December 17^th 2019, using a gold price of US $ 1,292  /ounce and a cut-off grade of 2.5 g/t Au the Central Gold Corridor resource estimate for the Chimo Mine property (FIGURE 1), reported :

• 461,280 ounces of gold in the indicated resource category from 3,263,300 tonnes at an average grade of 4.40 g/t Au;
• 417,250 ounces of gold in the inferred resource category from 3,681,600 tonnes at an average grade of 3.53 g/t Au.

Work on expanding resources of the Chimo Mine Project is in progress underway via :

• The resources estimate in progress of the North Gold Corridor and South Gold Corridor (FIGURE 2) ;
• The completion of the 10,000 m exploration drill program, using 2 drills, along the geometric extensions below the new Zones 5B4-5M4-5NE and peripheral to the new Zone 5CE (FIGURE  1).  Drilling is temporarily suspended as part of the Covid-19 situation but are ready to restart as soon as the government authorize it.
• Carrying out internal engineering studies and industrial sorting of mineralization tests aimed at optimizing resources and ongoing exploration drilling.

About Chimo Mine Project

• Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation.  No rights of first refusal (” buy-back ”) have been granted.
• The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.
• Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
• The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m 3 compartment shaft with a depth of 920 m.  The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
• The drilling, completed to date by Cartier on the Chimo Mine property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected.  This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE (FIGURE 1) and to develop the potential of Zone 6N1.  These areas have excellent potential to deliver future discoveries.

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.

• The Corporation has a strong cash position with over $ 5.7 M in the bank and important corporate and institutional investors including Agnico Eagle Mines and the Quebec investment funds.

• Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.

• The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec; one of the most prolific mining regions in the world.

• Exploration work is currently concentrated on the Chimo Mine property to optimize the value for investors.  Preparations for the next exploration work are underway to carry out drilling programs on Benoist, Fenton and Wilson properties respectively.

Qualified Persons

The scientific and technical informations of the Company and the Chimo Mine Project, included in this new release, have been prepared and reviewed by MM. Gaétan Lavallière, P.Geo., Ph.D., Vice President and Ronan Déroff, P.Geo, M.Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101.  Mr. Lavallière approved the information contained in this press release.

The independent qualified person for the issuer, responsible for the estimation of mineral resources, as defined in NI 43-101, is Mr. Christian D’Amours, P. Geo., B.A.Sc., President of GeoPointCom.

Quality Assurance / Quality Control

The analytical results, derived from Cartier’s drilling, were obtained from samples measured along the drill core. The estimated true thickness averages about 65% of the measured apparent length. NQ core samples are crushed up to 80% passing an 8 mesh (3.33 mm) and then pulverized up to 90% passing a mesh of 200 mesh (0.07 mm). Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé (Quebec). The 50 g pulps are analyzed by fire assay and read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 1,000 g of rock are analyzed by the ” Metallic Sieve ” method.

For more information, please contact: Philippe Cloutier, P.Geo. President and CEO Telephone: 819 856-0512 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/5874affe-3f68-47db-ba91-a79d0328be93

Highlights (FIGURE 1):

• 1 g/t Au over 11.5 m including 22.0 g/t Au over 2.0 m, 550 m below Zones 5B4-5M4-5NE; demonstrating the continuity of mineralization to a depth of 1.3 km;

• The December 17^th 2019 Resource Estimate (NI 43-101 Technical Report and Mineral Resource Estimate, Chimo Mine Project, Central Gold Corridor, Val-d’Or, Quebec, Canada) showed Zones 5B4-5M4-5NE having 28,400 ounces of gold in the indicated resource category and 137,140 ounces of gold in the inferred resource category;

• The results of this press release illustrate the potential for expansion, at depth, of the resources estimated for Zones 5B4-5M4-5NE over an additional distance of at least 550 m.

Val-d’Or, February 18^th, 2020 – Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces values ​​of 7.1 g / t Au over 11.5 m including 22.0 g / t Au over 2.0 m intersected at a distance of 550 m below Zones 5B4-5M4-5NE of the Chimo Mine gold property located 45 km east of Val-d’Or, Quebec.

Values ​​of 7.0 g / t Au over 2.0 m, included within a section grading 2.6 g / t Au over 16.1 m, were also obtained 300 m below Zones 5B4-5M4-5NE (FIGURE 1). The continuity of mineralization makes it possible to plan drill targets over long distances and repeat the intersections.

“The potential for resource expansion is open in all directions below the new Zones 5B4-5M4-5NE, testifying to the importance of the mineralized system and its continuity” commented Philippe Cloutier, President and Chief Executive Officer.

The details of the new results are as follows:

The lengths of the mineralized intersections are expressed in lengths measured along the drill core. The estimated true thickness of the mineralized intersections represents approximately 65 to 80% of the measured length.

Recall that in the December 2019 NI 43-101 Technical Report, using a gold price of US $ 1,292 / ounce and a cut-off grade of 2.5 g/t Au the Central Gold Corridor resource estimate for the Chimo Mine property (FIGURE 1), reported:

• 461,280 ounces of gold in the indicated resource category from 3,263,300 tonnes at an average grade of 4.40 g/t Au;

• 417,250 ounces of gold in the inferred resource category from 3,681,600 tonnes at an average grade of 3.53 g/t Au.

 Work on expanding resources of the Chimo Mine Project is in progress underway via:

• The resources estimate in progress of the North Gold Corridor and South Gold Corridor (FIGURE 2);

• The completion of the 10,000 m exploration drill program, using 2 drills, along the geometric extensions below the new Zones 5B4-5M4-5NE (FIGURE 1);

• Carrying out internal engineering studies aimed at optimizing resources and ongoing exploration drilling.

About Chimo Mine Project

• Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation. No rights of first refusal (” buy-back ”) have been granted.

• The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.

• Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).

• The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m 3 compartment shaft with a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.

• The recent drilling of Phases I, II and III, completed to date by Cartier on the Chimo Mine property, consists of 113 holes totaling 50,001 m. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE (FIGURE 1) and to develop the potential of Zone 6N1. These areas have excellent potential to deliver future discoveries.

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 $ 6,8M in the bank and important corporate and institutional investors including Agnico Eagle Mines and the Quebec investment funds.

• Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.

• The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world – 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 geometric targets identified similar to the deposits that have been outlined on each project.

Qualified Persons

The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P.Geo., Ph.D., Vice President and Ronan Déroff, P.Geo, M.Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101. Mr. Lavallière approved the information contained in the press release.

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

Philippe Cloutier, CEO of Cartier Resources (V.ECR), understands that investors want a company to do what it says it is going to do. At the Chimo Mine project in Quebec, Cartier developed a plan which Cloutier was confident would position the past-producing mine for a new life as a gold producer.

The Chimo Mine had been closed in 1997 because the price of gold had plummeted. As Cloutier is fond of pointing out, “Chimo did not close because they ran out of gold.” The problem was that the price of gold had cratered.

For Cloutier, the challenge of the Chimo Mine has been to prove up the value of the gold that remained as well as demonstrating that there was “new” gold surrounding the old workings of the mine. While the shaft and drifts of the old mine are flooded they could be dewatered and recommissioned for far less than it would cost to sink a new 900-meter shaft. If the gold was there.

Back in 2014 Cartier began looking at the historic mining data for Chimo. By December 2016 Cartier was able to announce the successful results of a drill program which tested an extension of one of the gold zones on Chimo Mine project.  Soon thereafter it attracted a strategic investment from a local and global Gold producer – Agnico Eagle. That sponsorship brought in all the funding Cartier needed to get the job done. To date, Cartier has drilled over 50,000 meters in a three-phase program.  The program has tested over 25 known gold zones and was successful in prioritizing 7 zones of which 3 are now the focus of drilling.   The second part of Phase III is currently in progress with hopes to expand the dimensions of three new zones.  These significant programs extended the gold mineralization below the original mine workings and explored and confirmed mineralization of new zones and structures some distance away from the original shaft. Mid- 2019 drilling was suspended in order to produce  an initial 43-101 compliant resource. On November 5, 2019, Chimo announced that in the Central Gold Corridor of the Chimo Mine it had a resource of 461,280 ounces indicated and 417,250 ounces of gold inferred in the Central Gold Corridor. In that resource estimate, a gold price of $1292 USD/oz was used and the cut off grade was 2.5 gpt.

The history is important because it illustrates Cartier’s methodical, conservative and realistic approach to building ounces.

“We’re optimistic,” said Cloutier. “While the market takes it’s time to turn Cartier is focussing on doing the work required to better understand and rate the value of the Chimo Mine project.”

Cartier is continuing to do the work. “First off, we have just awarded to an independent firm the mandate to commence work on a second 43-101 Resource Estimate which will include the drilling results from the Northern and Southern Gold Corridors,” said Cloutier. “This will add to the ounces identified in the Central Gold Corridor. We’re hoping this will  raise it to over 1 million ounces.:

“We also have two drills testing an area just 450 meters east of the shaft where the first Resource Estimate generated ounces in the inferred category,” said Cloutier. “The results from those zones should lead to a third resource estimate”.  With that work, Cartier thinks it could clear the 1.5 million ounce mark.

While drilling continues, Cartier has also launched internal engineering studies. In the press release in which it officially filed its 43-101 Resource Estimate, Cartier included a table to illustrate how using various cut-off grades impacts tonnage and grade of the mineralization:

“Mineralization at the Chimo Mine project is in large part hydrothermal and that affects large volumes of rock at a constant grade and in lesser part related to veins,” said Cloutier.

The table speaks for itself. However, a 1.5 Au gpt cut-off grade has to be justified and that justification could be, in part, given when the various technical aspects of the project are “mathed-out” and factored together.  This is all made better if you use the current price of gold of say, $1550 rather than the $1292 from the first 43-101.

“We are working on several fronts that should produce valuable news flow,” said Cloutier. “Our goal is as always to reward shareholders for their support and confidence they have had in us.”

The engineering studies and additional Resource Estimates will also put Cartier in a position to realistically evaluate the Chimo Mine project as an asset. Which is important as there are a number of parties interested in buying a project with gold ounces and a potentially very low CAPEX.

Cloutier’s eye is always on maximizing shareholder value and to do that he has to know what a reasonable value is to put on the Chimo Mine project. “We have loyal shareholders and money in the bank,” said Cloutier. “we are preparing for 2020 to be a pivotal year for Chimo.”

Hard work, delivering on plans and a conservative approach to valuation mean that the Chimo Mine is ready to be acquired if the right offer comes in. While Cloutier would like to see the company’s hard work and its shareholders’ patience rewarded, he is in no hurry. If the Chimo Mine project makes economic sense at USD $1295 gold, then it will make even more sense if gold goes to USD $2000.

You can visit the Cartier Resources website here.

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

Highlights (December 18^th 2019 press release) :

• The Central Gold Corridor resource estimate for the Chimo Mine property (FIGURE 1) was produced using a gold price of US $ 1,292 / ounce and a cut-off grade of 2.5 g/t Au:
  • 461,280 ounces of gold in the indicated resource category from 3,263,300 tonnes at an average grade of 4.40 g/t Au;
  • 417,250 ounces of gold in the inferred resource category from 3,681,600 tonnes at an average grade of 3.53 g/t Au.
• Work on expanding resources is underway via:
  • This resources estimate of the North Gold Corridor and South Gold Corridor (FIGURE 2);
  • The completion of the 10,000 m exploration drill program, using 2 drills, along the geometric extensions below the new Zones 5B4-5M4-5NE (FIGURE 1);
  • Carrying out internal engineering studies aimed at optimizing resources and ongoing exploration drilling.

« The positive results, obtained to date from the project, lead us to develop a more global optimization vision of the project» commented Philippe Cloutier, President and CEO.

Chimo Mine Project Characteristics

• Cartier holds a 100% interest in the property for which 1% NSR (”Net Smelter Return”) royalty has been granted to IAMGOLD Corporation. No rights of first refusal (”buy-back”) have been granted.
• The property, which is accessible year-round, is located near 6 mills in the Val-d’Or area.
• Fourteen gold zones were exploited by 3 producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
• The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m 3 compartment shaft with a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
• The recent drilling of Phases I, II and III, completed to date by Cartier on the Chimo Mine property, consists of 113 holes totaling 50,001 m. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE (FIGURE 1) and to develop the potential of Zone 6N1. These areas have excellent potential to deliver future discoveries.

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 $7,2M in the bank and important corporate and institutional investors including Agnico Eagle Mines and the Quebec investment funds.

• Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.

• The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world – 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 geometric targets identified similar to the deposits that have been outlined on each project.

About InnovExplo

InnovExplo is a consulting firm offering services in mining exploration, mining geology, mineral resources, mining engineering, environment and sustainable development. Since its foundation in 2003, InnovExplo has worked on 450 different mandates for 170 junior mining exploration companies and producing companies. The firm has produced over 300 geological or engineering reports for projects affecting almost all of the spheres of activity of a mining project, from exploration to operation, mainly including the drafting of technical reports in accordance with NI 43-101.

Qualified Persons

The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P.Geo., Ph.D., Vice President and Ronan Déroff, P.Geo, M.Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101. Mr. Lavallière approved the information contained in the press release.

The independent qualified person for the issuer, responsible for the estimation of mineral resources for the North and South Gold Corridors on the Chimo Mine property, as defined in NI 43-101, is Mrs. Claude Savard, P.Geo. Senior Geologist with InnovExplo. Mrs. Savard declares that she has read this press release and that the scientific and technical information relating to the estimate of the resources presented herein is compliant.

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/882b16fa-b652-4e93-9250-360006fb22a8