Cartier Cuts 6.0 g/t Gold over 3.0 m and Expands Zone 6P2 at Chimo Mine
VAL-D’OR, Québec, May 16, 2018 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V:ECR) ("Cartier" or the Corporation) is pleased to announce the new results available from its 34,000-meter ongoing drilling campaign on the Chimo Mine property, located 45 km east of Val-d'Or. The results include an intersection grading 6.0 g/t Au over 3.0 m and were intersected between 425 and 550 m depth in the extension of Zone 6P2, located southwest of the property. The results from this group of holes show that Zone 6P2 has been expanded over a considerable area along the plunge of the mineralization (refer to FIGURE).
All of the results from this area are presented in the table below. They include results from Zone 6P hosted in Structure 6P situated 75 meters north of Zone 6P2 as well as an intersection from Zone 1A situated over 600 meters to the north.
Table: results from Zones 6P2, 6P and 1A:
|Drill Hole||From |
|Length (m)||Au |
|Gold Zone||Gold Structure|
Lengths are expressed along drill core axis. The true thickness was not determined.
« Zone 6P2 has only been partially explored, however, these new results have expanded the mineralized area and the potential remains open at depth. Part of a Phase II drill program, which will begin shortly, will test this potential. » commented Philippe Cloutier, President and CEO of Cartier.
All other analytical results from the three drills operating on the Chimo Mine property are pending.
The reader should view the 3D VIDEO, available on Cartier’s website. The 3D video helps visualize the different gold-bearing structures on the Chimo Mine property as well as key components that are the mine infrastructures, the gold-bearing zones, the gold intersection areas left unmined as well as the 281 targets of the ongoing drill program. The 6P2 Mineralized Structure is shown in the video.
Chimo Mine Project Highlights
- The Chimo Mine produced 379 012 ounces of gold (MERN DV 85-05 to DV-97-01).
- Cartier owns 100% interests of the property.
- Year-round access by road, proximal to custom mills.
- Gold ore was mined intermittently from 14 zones by 3 different producers from 1964 to 1997.
- Mine infrastructure consists of a network of drifts distributed on 19 levels, 80 m to 870 m deep, connected by a 3-compartment shaft 965 m deep. The headframe and surface facilities were dismantled in 2008 but the electrical line and the sand pit are still present.
- Ongoing drilling program of 34,000 m (2017 – 2018): 8,000 on deep targets below the historic mine and 26,000 m on depth and lateral extensions of numerous gold zones. The overall drilling program consist of:
- 23 Gold Zones;
- 68 Drill Holes on 177 extensions of known gold zones;
- Up to 281 Au-host structures traversed by drilling.
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 2017, the Fraser Institute again ranked Quebec as one of the best jurisdiction in the world for investment attractiveness.
Cartier Investment Highlights
- The Corporation has a strong cash position with $13M in the bank and important corporate and institutional investors including Agnico Eagle Mines, JP Morgan UK and the Quebec investment funds.
- Cartier’s strategy is to focus on gold projects that are relatively advanced with significant potential for resource expansion laterally and at depth.
- The Corporation holds a portfolio of advanced stage 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 targets identified similar to the deposits that have been outlined on each project.
- The Chimo Mine project is a historic gold producer. Three other projects, namely Wilson, Benoist and Fenton, hold historic resource estimates.
- In 2018, a 34,000-m drill program, aims to grow value on the Chimo Mine project.
Quality Assurance / Quality Control
All lengths, mentioned in this press release, were measured along the drill core. The NQ core samples are crushed up to 80% passing 8 mesh sieves and then pulverized up to 90% passing a 200-mesh sieve. Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of sterile 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 atomic absorption. For samples containing visible gold, 1000 g of rock are directly analyzed by the "Metallic Sieve" method.
The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P. Geo., Ph. D. and Vice President for Cartier Resources. Mr. Lavallière is a qualified person as defined by National Instrument 43-101.
|For more information, please contact: |
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
|Investor Relations: |
Relations Publiques Paradox
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A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/7a687a23-cf21-479d-8be4-f829031c4210