gold

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.

Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (“Denarius Metals” or “the Company”) announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three months ended March 31, 2023. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Denarius Metals completed a Rights Offering in March 2023 and then followed up in early April with a Private Placement, raising total gross proceeds of CA$15.7 million (equivalent to approximately $11.6 million) that will be used to continue its exploration drilling campaigns, metallurgical testing and other technical work at its flagship Lomero Project in the Iberian Pyrite Belt in Southern Spain, to meet its obligations under the Definitive Agreement related to the Toral Project in Northern Spain and for working capital and general corporate purposes. As at March 31, 2023, the Company’s cash position was $5.8 million. On April 4, 2023, the Company added an additional $5.5 million to its cash position when it closed its Private Placement.

The Company used a total of $3.4 million of its cash in the first quarter of 2023 to continue its investing activities related to its expenditures on its exploration and evaluation assets and related plant and equipment, up from a total of $2.2 million in the first quarter of 2022.

In February 2023, the Company completed the Phase 2 surface validation and in-fill drilling program at its Lomero Project which had commenced in October 2022. Comprised of 42 drill holes, mainly in-fill holes, totaling approximately 13,225 meters, the Phase 2 drill assays validated the lateral and horizontal continuity of the massive sulphide and semi-massive sulphide mineralized lenses and confirmed the presence of higher-grade mineralized zones within the broader resource envelope. For the balance of 2023, activities at the Lomero Project will be focused on completion of a preliminary economic assessment (“PEA”) that will incorporate an updated Mineral Resource Estimate (“MRE”) based on the Phases 1 and 2 drill assays, additional engineering studies to support the future development of the project and execution of the planned 6,000 meters greenfield drilling program aimed at increasing the tonnage of the MRE update.

At the Toral Project, the first rig arrived on site and commenced drilling in March 2023 as part of a 12-month work program agreed to with Europa Metals Ltd. (“Europa”) pursuant to the Company’s arrangement to acquire an initial 51% ownership interest in the project. The current drilling program, which is supported by a second rig that arrived on site and commenced drilling in April, comprises 11 planned drill holes for a total of up to 7,000 meters comprising a combination of confirmatory and in-fill drilling within the Toral Project’s known indicated resource area outlined to date. On May 19, 2023, Europa announced the first assay results from this drilling program which displayed a thick, well mineralized intersection in keeping with the existing holes in the area.

In March 2023, the Company released a maiden Inferred MRE for its Zancudo Project in Colombia of 2.8 million tonnes grading 6.5 g/t gold and 112 g/t silver totaling 0.6 million ounces of gold and 10.0 million ounces of silver. This initial MRE confirms the historically significant high gold-silver grade potential of this project, as it remains open for further expansion in all directions. In addition, mineralization still exists outside the estimated block, but further exploration will be needed to improve the geological confidence to a sufficient level to define Mineral Resources.

The Company is making solid progress advancing the preparatory work at its the Zancudo Project with access road construction, site preparations and permitting all underway. The Company expects to start up mining operations later this year with a local contract miner targeting the existing mine workings and veins of the historic producing Independencia Mine while the Company carries out in-fill drilling to upgrade the current MRE and for mine planning purposes. The Company’s investment to start up operations at the Zancudo Project is initially being funded by the approximately $2.2 million cash payment received from Aris Mining Corporation in February 2023 in connection with the mutual agreement to terminate the license agreement at the Guia Antigua Project in Colombia.

In April 2023, the Company announced it was successful in its work over the last year to receive approval from the Mining Department in Huelva for a three-year extension of the Rubia Permit at its Lomero Project and the granting of an initial three-year permit for the neighboring Palomarejo exploration area, which is on trend and has a similar geological setting as the Company’s Lomero-Poyatos deposit.

The Company reported a net loss for the first quarter of 2023 of $3.1 million ($0.11 per share), including a $1.9 million non-cash loss related to the Company’s termination of the Guia Antigua Project license as noted above, compared with a net loss of $0.8 million (0.04 per share) in the first quarter last year.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

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 release.

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results and Mineral Resource estimates. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated April 21, 2023 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com

Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces that it has filed on SEDAR the NI 43-101 technical report of the Preliminary Economic Assessment (“PEA”) titled “NI 43-101 Technical Report and Preliminary Economic Assessment for the Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada”, prepared in accordance with National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43-101”).

This NI 43-101 compliant report produced by InnovExplo Inc. for Cartier presents the results of the Preliminary Economic Assessment (“PEA”) for the Chimo Mine Property and the West Nordeau Gold Deposits, located along the Larder Lake – Cadillac fault, 45 km east of Val-d’Or, Quebec, Canada. The report is available on SEDAR and on the Company’s website.

“The positive results of the study demonstrate the economic viability* at the PEA-level for the project as well as several optimization opportunities related to the characteristics of the Project. Two drills are in operation on the property and the results continue to increase the size of the gold zones with a view to continuing to increase the project’s resources,” commented Philippe Cloutier, President and CEO. Adding, that: “strategic solutions are being studied to further push the development of the project.”

*: Cautionary Statement – The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of inferred mineral resources. Inferred mineral resources are considered to be too speculative to be used in an economic analysis except as allowed for by NI 43-101 for PEA studies. There is no guarantee that inferred mineral resources can be converted to indicated or measured mineral resources, and as such, there is no guarantee the project economics described herein will be achieved.

The study presents an underground mining operation with 280 employees that uses conventional longitudinal and transverse longhole stoping at a mining rate of 4,500 tpd. Mined mineralized material will be sorted using automated sensor-based sorting technology with an expected concentration ratio of 1.85 and a recovery rate of 91.9%.

The sorted mineralized material would then be processed in a concentrator using a gravity separator followed by a carbon-in-leach process with a capacity of 3,000 tpd for an estimated recovery rate of 93.1%. The current plan of operations assumes an average annual production of 116,900 oz for a mine life of 9.7 years.

Financial Analysis

The project requires CAD$341M of initial capital and CAD$160M of sustaining capital. Average cash costs of US$647/oz and all-in sustaining cost of US$755/oz are expected over the mine life. The financial analysis was performed using a 5% discount rate, a long-term gold price of US$1750/oz, and an exchange rate of CAD$1.00:US$0.77. On a post-tax basis, the project demonstrates an NPV_5% of CAD$388M, an IRR of 20.8% and a payback period of 2.9 years. On a pre-tax basis, the project demonstrates an NPV of CAD$672M, an IRR of 27.4% and a payback period of 2.5 years.

A summary of project economics is presented in Table 1.

Table 1: Summary of Project Economics

Sensitivity analysis was performed to see the impact on post-tax 5% NPV and post-tax IRR by variating the gold price, operating costs, and capital costs. The results of the sensitivity analysis are presented in Table 2, Table 3 and Table 4, the base case is highlighted in the tables.

Table 2: Gold Price Sensitivity

Table 3: Capital Cost Sensitivity

Table 4: Operating Cost Sensitivity

Mineral Resources
The mineralization of the Chimo Mine Gold System consists of 29 gold zones that are part of 19 gold structures, themselves grouped into 3 gold corridors. The resources in effect as of August 22, 2022 for this gold system, combining the resources of the Chimo Mine property with those of the West Nordeau deposit, are presented below in Table 5. (FIGURE 1):

Table 5: Mineral Resource Estimate

NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R. Beauvais, P.Eng., InnovExplo Inc., August 22^nd, 2022.

Additional notes on the resource estimate

1. These mineral resources are not mineral reserves because their economic viability has not been demonstrated. The quantity and grade of Inferred Resources reported in this Mineral Resource Estimate is uncertain in nature and there can be no assurance that any or all of the Inferred Mineral Resources can be converted to Indicated Mineral Resources with further exploration drilling.
2. The mineral resource estimate of complies with the standards and guidelines in effect of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) as well as the NI 43-101 standard for the publication of mineral resources.
3. The requirement of a reasonable prospect of eventual economic extraction is met by having a minimum modeling width for mineralized zones, a cut-off grade based on reasonable inputs and an economic binding volume that lends itself to a potential scenario of underground extraction for undiluted in-situ resources. The constrained volume was achieved with the Deswik Stope Optimizer (” DSO “) using a minimum mining volume of 10 m in width in the longitudinal orientation of the gold zones, by 10 m in height and 2 m in thickness varying up to a maximum of 25 m x 100 m x 15 m. The optimization was carried out using the respective cut-off grade of each of the gold corridors for the indicated and inferred resources. The results of the DSO were then used for the resource estimate statement.
4. The resource estimate is presented for potential underground scenarios at a cut-off grade of 2.0 g/t Au for the North and South Gold Corridors and 1.5 g/t Au for the Central Gold Corridor. The cut-off grade reflects the geometry and actual width of each of the gold corridors. The cut-off grade was calculated using the following main parameters:
   • Gold price of US $ 1,612 / oz;
   • Exchange rate of US $ 1.34 / CAD $ per troy ounce;
   • Costs relating to the Central Gold Corridor for:
     • Definition drilling of CAD $ 3 / t;
     • Development, mining, transport and milling of CAD $ 50.75 / t;
     • Environmental restoration of CAD $ 0.75 / t;
   • Costs relating to the North and South Gold Corridors for:
     • Definition drilling of CAD $ 6 / t;
     • Development, mining, transport and milling of CAD $ 75.50 / t ;
     • Environmental restoration of CAD $ 1.50 / t;
   • For the Chimo Mine property (1% NSR): Triple Flag Precious Metals royalty cost of CAD $ 20.96 / troy ounce;
   • For the West Nordeau deposit (3% GMR): Globex Mining Enterprises Inc. royalty cost of CAD $ 64.80 / troy ounce;
   • General and administrative costs of 12 $ CAD / t.
5. For the Chimo Mine property, the estimate was carried out on 17 3D solids corresponding to the structures constituting the Northern Gold Corridor (structures: 1A, 1B, 2, 3 and 4B), South (structures: 6, 6B, 6C, 6P and 6P2) and Central (structures: 5B, 5B2, 5C, 5M, 5M2, 5N and 6N1) of the Chimo Mine property whose minimum actual thickness is 2.40 m and the average thickness is 7.42 m. For the West Nordeau deposit, 8 structures were modeled using a minimum real thickness of 2.4 m, including 5 structures for the North Gold Corridor and 3 structures for the Central Gold Corridor. The contents of the samples analyzed are used when they are available otherwise in the absence of analytical content, a value of zero is assigned.
6. The density value of 2.90 g/cm³ (to 3.10 g/cm³) supported by measurements, was applied to all gold structures.
7. The estimate for the Chimo Mine property was made from a database made up, as of September 1, 2020, of 3,658 holes totaling 290,419 m drilled, 18,612 deviation measurements as well as 81,413 samples analyzed for gold and collected over a core length of 88,035 m representing 30% of the core length drilled. This database contains 2,383 blank and standard samples, inserted for QA/QC by Cartier between November 1, 2016 and September 1, 2020. This database was validated before starting the resource estimate. The estimate was carried out on 17 mineralized structures, intersected by 67,103 m of drilling, having produced 8,611 different gold intersections.

   The estimate of the West Nordeau deposit was made from a database consisting, as of July 12, 2022, of 154 drill holes totaling 55,097 m drilled, 6,873 deviation measurements as well as 18,973 samples analyzed for the gold and collected over a core length of 19,785 m representing 36% of the core length drilled. This database contains 820 blank and standard samples, inserted for QA/QC by previous operators: Chalice Gold Mines Limited and O3 Mining Inc. between March 11, 2017 and March 17, 2020. This database was validated before starting the resource estimate. The estimate was carried out on 8 mineralized structures, intersected by 4,982 m of drilling, having produced 802 different gold intersections.

8. High grade capping was carried out from statistical analysis data at each of the gold structures for values varying between 30 g/t Au and 120 g/t Au from the grade of the composites, also using the grade adjacent material or a value of zero when adjacent material has not been analyzed.
9. The underground openings (open or backfilled-cemented mine sites, drifts, raises and shafts) were modeled from transverse and longitudinal sections as well as detailed historical geological and mining plans. Historical underground production has been subtracted from the resource estimate.
10. The Chimo Mine resource estimate was performed using GEOVIA GEMS 6.8.2. Software, from capped and composited analyses, constrained by the modeled structures. The ordinary kriging method was used to interpolate the block model composed of blocks of dimension 5.0 m x 5.0 m x 5.0 m. For the West Nordeau deposit, gold resources were estimated using Leapfrog Edge v.2021.2.5 software from capped and composite analyses, constrained by the modeled structures. The ordinary kriging method was used to interpolate a model with sub-blocks (size of a parent block = 5.0 m x 5.0 m x 5.0 m).
11. The mineral resource estimate presented here is classified as indicated and inferred resources. The indicated category is defined by a minimum of 3 drill holes located within a 25 m radius and the inferred category is defined by a minimum of 2 drill holes located within a 65 m radius, where there is reasonable continuity of geology and gold grades.
12. Ounce troy is metric tons multiplied by grade (g/t) and divided by the constant of 31.10348. The number of tonnes has been rounded to the nearest thousand. Any discrepancy in the totals is due to rounding effects. The rounding complies with the recommendations of NI 43-101.
13. The qualified persons are not aware of any problem related to the environment, permits, mining titles or related to legal, fiscal, socio-political, commercial issues or any other relevant factor not mentioned in this press release, that could have a significant impact on the 2022 mineral resource estimate.

Mining
The PEA presents an underground mining operation that uses conventional longitudinal and transverse longhole stoping at a mining rate of 4,500 tpd over a 9.7-year mine life. A total of 15.8 Mt of mineralized material at an average grade of 2.7 g/t in will be extracted from four different mining sectors (FIGURE 2):

• Chimo Mine Main with 44% of ounces to be mined,
• Chimo Mine Extension (below Chimo Mine) with 11% of ounces to be mined,
• East Chimo Mine with 31% of ounces to mine and,
• West Nordeau with 14% of ounces to be mined.

The different sectors of the mine will be accessed via ramps and drifts to allow the efficient circulation of mobile mining equipment and to satisfy ventilation requirements. The historic three-compartment mineshaft of 914m depth will be rehabilitated to accommodate the installation of a vertical conveyor. Mined mineralized material from the upper portions of the mine will be sent down to the base of the vertical conveyor using material passes and mined material from the lower portions of the mine will be hauled using underground diesel trucks to the same level.

Mineralized material will then be crushed using a jaw crusher and transported to the surface via the vertical conveyor before being sorted using sensor-based sorting technology. Sorted waste will be returned from surface using a network of waste passes and mixed with cement to be used as backfill.

The mine will be owner-operated, and the mining fleet will be purchased via a lease financing agreement. Supporting underground infrastructure includes, one main pumping station, two ventilation and heating systems and one crushing station.

Processing

Mineralized material from the underground operation would be sorted using automated industrial sorting technology based on RGB and XRT sensors before being transported to the processing plant. The sorter is expected to operate with a concentration ratio of 1.85 a recovery rate of 91.9%. The flow sheet (FIGURE 3) selected for the study, is based on historical metallurgical work which was used in the present study to estimate the recovery rate estimated at 93.1%. The plant is expected to process 2,400 tpd on average over the life of mine but has a processing capacity of 3,000 tpd.

The process plant is a standard carbon-in-leach (CIL) technology with a gravity concentration for gold recovery. The plant includes crushing, grinding, gravity concentration, classification, leach and CIL, and detoxification before deposition into a tailings storage facility. The diagram of the treatment process is illustrated in (FIGURE 3).

Infrastructure and Tailings
The infrastructure includes earthworks, power utilities, water and the buildings/structures supporting the exploitation of the resource. A vertical conveyor will be used for primary hoisting of the resource from underground. It dumps to a run-of-mine stockpile that feeds a crusher/sorter system that is estimated to reject 45% of the hoisted material. The rejects are sent underground through a fill raise and distributed underground for stope support. The upgraded material is stored in a dome where it becomes feed to the processing plant. A confinement area will be constructed to accommodate thickened tailings. FIGURE 4 presents the proposed site layout for the Chimo Mine project.

Capital and Operating Costs

The project requires CAD$341M of initial capital as broken down in Table 6 and CAD$160M of sustaining capital. Closure costs are estimated at CAD$3M with equipment salvage value estimated at CAD$5M. Operating costs are estimated at CAD$107 per tonne milled. Average cash costs of US$647/oz and all-in sustaining cost of US$755/oz are expected over the mine life. The financial model also includes CAD$25M in working capital requirements.

Table 6: Capital Cost Breakdown

Conclusions and Recommendations

The PEA has demonstrated the economic viability* at the PEA-level for the Chimo Mine Project.

The recommendations describe the work for continued development of the Project. This work includes exploration drilling, delineation, and definition of mineralized zones in order to increase the resources as well as their level of confidence. Recommendations also include industrial sorting tests of mineralized material, metallurgical tests, engineering optimization (trade-off) studies and environmental baseline characterization work.

Independence and responsibilities

The PEA was prepared by independent consulting firms with their respective responsibilities broken down in Table 7.

Table 7: Consulting Firms with Respective Responsibilities

Qualified Persons

Corporate

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

Mineral Resources Estimate

The qualified persons independent of the issuer, responsible for estimating the mineral resources of the Chimo Mine property and the Nordeau West deposit (effective as of August 22, 2022), within the meaning of NI 43-101, are Mr. Vincent Nadeau-Benoit, P.Geo., Alain Carrier P.Geo., M.Sc, and Marc R. Beauvais from the firm InnovExplo Inc. Mr. Nadeau-Benoit, Carrier and Beauvais declare that they have read this press release and that the scientific and technical information relating to the mineral resources estimate presented therein is correct.

Preliminary Economic Assessment

The qualified persons independent of the issuer, responsible for the Preliminary Economic Assessment (this Press Release), within the meaning of NI 43-101, are Mr. Marc R. Beauvais, P.Eng. of InnovExplo, Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P. Eng. de Responsible Mining Solutions. Mr. Beauvais, Baril and Sellars declare that they have read this press release and that the scientific and technical information relating to the resource estimate presented therein is correct.

About Cartier
Cartier Resources Inc. was founded in 2006 and is an advanced gold project exploration company based in Val-d’Or. The company’s projects are all located in Quebec, which has consistently ranked as one of the world’s best mining jurisdictions. Cartier is advancing the development of its flagship Chimo Mine Project. The Company has a strong cash position exceeding $3.5 M and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.

For more information, please contact:

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

Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (“Denarius Metals” or “the Company”) announced today that it has received the final assays for 42 drill holes, mainly in-fill holes, totaling approximately 13,225 meters, from the Phase 2 surface validation and in-fill drilling program on its polymetallic Lomero Project in southern Spain. To date, Denarius Metals has completed approximately 41,850 meters of drilling in 128 drill holes, including twinning of historical drill holes. The in-fill phase, totaling 23,920 meters and representing 57% of the total drilling program, is now complete. A final 4,000 meters validation drilling campaign, designed to finish verifying the high-grade underground drill holes drilled in the 1980s by Indumetal/Billiton, is in progress. The full drilling results will be incorporated into the geological model and will be integrated in the Mineral Resource Estimate (“MRE”) update to be completed in conjunction with a preliminary economic assessment (“PEA”) in the second half of 2023.

Key takeaways from the exploration work carried out at the Lomero Project to date include:

• Phase 2 validation and in-fill drill holes completed on the central part of the deposit have mostly intersected significant copper mineralization in massive sulphides, showing better grades than the Cu average grade of the current MRE, ranging from 0.6% up to 1.86% over intervals up to 15.70 meters thick;
• Phase 2 in-fill drill holes completed on the eastern part of the deposit have intersected significant zinc and lead mineralization showing much better grades than the Zn and Pb average grades of the current MRE, ranging for Zn from 1.08% up to 11.01% over intervals up to 6.65 meters thick, and for Pb from 1.55% to 5.05% over intervals up to 6.65 meters thick. In-fill drilling has also, confirmed high zinc and gold grades over widths that widen to depth at the westernmost end of the permit. Zinc and lead mineralization is hosted primarily in the massive sulphide domain and, to a lesser extent, in the semi-massive sulphide domain;
• Validation by directional drilling of the underground drilling program completed in the 1980s by Indumetal/Billiton in short < 60 m horizontal holes from underground stations was successful in returning exceptional high grades from the polymetallic mineralization hosted in the lower part of the historical mine, with drill hole LPDV002 intersecting 10.25 meters grading 0.27% copper, 4.79% lead, 9.82% zinc, 161 g/t Ag and 6.82 g/t Au;
• A PEA-level metallurgical testwork program commenced in April 2023 at Grinding Solution UK’s facilities. The testwork will be completed using two separate composites, one semi-massive sulphide and one massive sulphide, with samples collected from drill cores produced during the Company’s Phase 1 and Phase 2 drill campaigns.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, “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. In addition, the initial drill assays from the validation drilling program in process are very promising and could potentially increase the grades in the current geological model. For the balance of 2023, activities at the Lomero Project will be focused on completion of the PEA, additional engineering studies to support the future development of the project and execution of the planned greenfield exploration program. The greenfield exploration program comprises 6,000 m of drilling aimed at increasing the tonnage of the MRE update based on Phase 1 and Phase 2 drilling, targeting the Las Merinas and Alianza areas located along two main shear zones discovered in 2022 by field mapping, located to the south and to the north of the shear zone that hosts the Lomero-Poyatos deposit and both of which are E-W trending.”

The Phase 2 surface validation and in-fill drilling program commenced in October 2022 and was completed in February 2023. It was designed to validate some selected historical in-fill holes drilled by Corporacion de Recursos Iberia (CRI) in 2013 within the central sector of the existing mine and then conduct 50×50 m in-fill drilling to confirm the continuity of widths and grades within the massive sulphide and semi-massive sulphide lenses to upgrade the Inferred MRE to the Indicated category. Extension drilling was also carried out in 3 holes totaling 1,815 meters aimed at testing the combined TEM and gravity anomalies that occur down-dip of the main shear-zone hosting the Lomero-Poyatos deposit.

Key Highlights

• Validation and in-fill drill holes completed on the central part of the deposit mostly showed cupriferous mineralization with maximum intersection grades of 1.86% Cu, 21 g/t Ag and 2.85 g/t Au over 6.70 meters (LM22091), 1.23% Cu, 7 g/t Ag and 1.67 g/t Au over 15.70 meters, including 1.65 meter at 1.86% Cu, 15 g/t Ag and 0.61 g/t Au (LM22085), and 1.43% Cu, 16 g/t Ag and 1.34 g/t Au over 6.30 meters (LM22084).
• In-fill drill holes completed on the eastern part of the deposit mostly showed significant zinc and lead mineralization with maximum intersection grades of 6.12% Pb, 11.01% Zn, 95 g/t Ag and 4.01 g/t Au over 2.50 meters (LM22110), 3.43% Pb, 7.54% Zn, 88 g/t Ag and 5.30 g/t Au over 2.30 meters (LM22113), and 3.68% Pb, 3.56% Zn, 127 g/t Ag and 5.62 g/t Au over 1.70 meters (LM22116). Drill hole LM23103 confirms high zinc and gold grades at depth at the westernmost end of the permit, returning 0.32% Cu, 0.95% Pb, 2.04% Zn, 37 g/t Ag and 3.79 g/t Au over 6.65 meters, including 2.15 meters at 0.40% Cu, 1.29% Pb, 2.66% Zn, 52 g/t Ag and 5.09 g/t Au, demonstrating that the deposit remains open to the west.
• Validation by directional drilling of the underground drilling program completed in the 1980’s by Indumetal/Billiton using a series of short < 60 m horizontal holes from underground stations was successful in confirming the high-grade polymetallic mineralization present in the lower part of the historical mine, with drill hole LPDV002 intersecting 10.25 meters grading 0.27% Cu, 4.79% Pb, 9.82% Zn, 161 g/t Ag and 6.82 g/t Au. Polymetallic mineralization is entirely hosted in the massive sulphide domain. Although, the same validation program failed to confirm the unusually wide historical intersections, in consensus with SRK Consulting (U.S.), Inc., the decision was made to continue the program by conventional inclined diamond drilling to speed up drilling, targeting key intersections from the historical program.
• Extension drill hole LM22115, designed to test the combined TEM and gravity anomalies that occur well below the in-fill drilling carried out so far, intersected a wide zone of thin, dense veinlets, hosted by a much wider stockwork interval, showing trace chalcopyrite and coarse pyrite mineralization filling black chlorite-altered schistosity planes, returning low-grade Au mineralization of 16.10 meters at 0.13 g/t Au. This intercept is interpreted to be of a vertically extensive stringer feeder below the massive sulphide and semi-massive sulphide lenses. Drill holes LM22121 and LM22122 didn’t return any significant Au values.
• The ongoing metallurgical test work program is testing two separate composites, one semi-massive and one massive sulphide, aimed at optimizing the base metal floatation on representative composites with the average deposit grade. The test work is expected to be completed by mid- 2023.

The following table lists the key intercepts from the Phase 2 validation and in-fill drilling program since the issuance of the current MRE with an effective date of July 19, 2022:

Notes:

(1) The holes were drilled at -45 to -80 degrees from the horizontal. Grades are for semi-massive sulphide to massive sulfide intersections and some stockwork and shear zones. Sample interval grades over CuEq >1% are reported. The width is the sample length and is not necessarily the true width of the intersection. All base and precious metal grades are uncut and are not diluted to a minimum mining width.

(2) The following holes returned intervals grading <1% CuEq and so are not listed in the table: LM22092, LM22094, LM22101, LM22102, LM22106, LM22107; LM22108, LM22111, LM22114, LM22115, LM22117, LM22118, LM22121 and LPDV003.

(3) Equivalent copper grade (CuEq%) was calculated using prices of US$1,800/oz gold, US$25/oz silver, US$3.55/lb copper, US$1.00/lb zinc and US$0.90/lb lead. No adjustments were made for recovery as the project is at an exploration stage and metallurgical data to allow for estimation of recoveries is not yet available.

(4) MS: massive sulfides; SM: semi-massive sulfides; STKW: stockwork; DISS: disseminated; SH: shear-zone.

(5) LM22100 partial reassays by ALS are pending (see QAQC below).

Please refer to the attached illustrative images (Attachments 1 to 7) showing (i) the location of drill holes, (ii) the location of the best copper, lead and zinc drill holes and (iii) five cross sections for drill holes LM22084, LM22088, LM22120, LPDV002, LM22115.

Qualified Persons Review

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Lomero-Poyatos samples were prepared by ALS Labs (ISO/IEC 17025:2017 and ISO 9001:2015) at their facilities in Seville, Spain and assayed in Clonmel, Ireland. Gold was assayed by 30 g fire assay with AAS finish, while silver and base metals were analyzed in a multi element analysis of base metal ores and mill products by strong oxidizing digestion and ICP-AES finish. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

As part of its Quality Assurance and Quality Control procedures, Denarius Metals sent 331 pulps and coarse rejects at the end of Phase 2 of drilling to ALS Labs for umpire analysis to check the results from the primary laboratory, AGQ. The results from ALS showed excellent correlation for all elements for Phase 1 drilling. However, certain deviations were observed for the Phase 2 drilling results, in particular for gold fire assay and lead. Following a thorough review of internal laboratory QA/QC procedures, and confirmation assays received from a third laboratory, SGS in Huelva, Spain, the Company decided to send 100% of sample pulps from the massive and semi massive sulphide zones, plus 50% of the stockwork zones, from the Phase 2 drilling to ALS for check assays. In addition, 20% of massive sulphide samples, 10% of semi-massive sulphide samples, and 5% of stockwork samples from Phase 1 of drilling were sent to ALS for check assays. A total of 514 samples were sent to ALS for check assays.

The check assays received from ALS confirmed that Phase 1 results, as reported by the Company, are reliable. However, the check assays confirmed that there is a bias in the Phase 2 assays of the primary laboratory for gold and lead. Therefore, the AGQ results for Phase 2 were discarded and it was decided only to use results from ALS for Phase 2 drilling. The remainder of the Phase 2 stockwork zone samples are currently being reassayed by ALS for completeness. This affects one significant intersection in hole LM22100 which is reported in the table above as pending reassay results. However, given the low-grade nature of the stockwork mineralization, it is not anticipated the results will demonstrate any material differences. In addition, ALS has been designated as the primary laboratory for all future assays.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

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 release.

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results and Mineral Resource estimates. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated April 21, 2023 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com

Attachment 1 – Location of drill holes reported in this press release (numbered holes).

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Attachment 2 – Location of drill holes showing Cu and Pb/Zn enrichment of the deposit.

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Attachment 3 – Cross section for drill holes LM22084 and LM22088 showing significant Cu mineralization.

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Attachment 4 – Cross section for drill holes LPDV002 and LM22120 showing high Pb/Zn grades associated to high Au grades.

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Attachment 5 – Cross section for drill hole LM22103 showing high Zn and Au grades at westernmost end of the permit.

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Attachment 6 – Cross section for drill hole LPDV002 validating Indumetal/Billiton drill hole L5W2 exceptional high grades.

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Attachment 7 – Geophysical cross section for drill hole LM22115 showing TEM conductivity (bottom) and gravity profile (top). Hole LM22115 tested a thick zone of conductivity which is interpreted to be a stockwork feeder zone.