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Cartier Resources (ECR.V) released the results of the first two holes of its planned 600-hole, 100,000-meter drilling program at its Cadillac project in Quebec. The results were good, with a headline grade of “16.7 g/t Au over 2.1 m”. Just as CEO Philippe Cloutier very much expected them to be. With gold at $3700 an ounce, the market is paying attention.
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 Preliminary Economic Assessment (“PEA”) is a significant milestone for junior exploration companies, essentially it promotes them into a select group of “valued asset” owners in the mining industry. It is a third-party assessment of the economic viability of the project’s resource estimates which a company has completed to date and it is an outline of the steps to be taken to reach commercial production.
Over on Substack, I write about Cartier Resources (ECR.V). Philippe Cloutier is racking up the gold ounces at the old Chimo Mine site in Quebec. While we’re waiting for news, here’s the background. Cartier Resources: A Golden Layer Cake
Cartier Resources (ECR.V) is a multi-project exploration company operating in Quebec’s prolific Abitibi Greenstone Belt. CEO Philippe Cloutier spoke to me on the phone a few days ago.