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The 2024 drilling program for the Cartier-Chimo mine project has progressed

The 2024 drilling program for the Cartier-Chimo mine project has progressed

Category in: Mining
active : Analysts' comments

Highlights of the press release:

  • The first phase (on frozen ground) of the 2024 drilling program has been completed (Figure 1)
    • 48 wells with a total of 9,347 m
    • 2307 gold samples were collected
    • 66% of results received from the laboratory so far
    • Confirmed today, outside the resources sector*, high-grade gold potential and shallow depth of shaft suitable for the Shimu mine project; At a distance of 2.4 km (blue dot ellipse Figure 1)
  • The second phase (on unfrozen ground) of the 2024 drilling program is underway
    • 115 additional drilling operations totaling 16,000 meters to explore gold potential along an additional 6.0 km of the preferred axis of the Shimo mine project (yellow ellipses Figure 1)

* NI 43-101 Mineral Resource Estimation of the Chimo Mine and West Nordeau Gold Deposit, Quebec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc and Marc R. Beauvais, P.Eng., Inc. InnovExplo, 22 AugustnoDr2022.

Val d'Or, Quebec, May 14, 2024 (GLOBE NEWSWIRE) — Cartier Resources Inc (TSXV: ECR, FSE: 6CA) (“Cartier or the Company”) presents progress on its 2024 drilling program (Figure 1(For Shimo Mine Project)Figure 2). This project consists of the Mine Chimo and East Cadillac properties, the latter of which was acquired on 7 April 2022. Cartier began exploration of this new area on 4 January 2024. The two properties are 100% owned by Cartier and are located 45 km east of the Val-d' mining camp. Or.

The goal of the 2024 drilling program is to explore new gold areas outside the resource sector through 165 holes totaling 25 thousand square metres.* From Shimu Mine; In the Larder-Cadillac Lake fault corridor. Drilling focuses on the top 50 historical results (Figure 3), from 780 drillings dating from 1937 to 2021. The length of the preferred axis, which this program explores, is 10 km, of which Cartier acquired 75% in April 2022.

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The first phase of the program is located in the project's wetlands, which are practically only drilled in the winter. Phase II drilling will continue in forested areas on the rest of the property until the end of 2024.

In addition to confirming the possibility of obtaining a high degree of shallow gold mineralization along the length Chimo mine gold system“The operational performance of the program in frozen terrain, at exceptionally mild temperatures, was above expectations,” commented Philippe Cloutier, President and CEO, adding that we are confident that the high-quality gold structures will continue into the future and Western resources* By Shimo Mine.

About the Shimo Mine Project:

  • s**Positive, after tax: net present value5% With a value of 388 million Canadian dollars and an internal rate of return of 21%
  • Enterprise risk management*: 720,000 ounces of gold from indicated resources and 1,633,000 ounces of gold from inferred resources

* NI 43-101 Mineral Resource Estimation of the Chimo Mine and West Nordeau Gold Deposit, Quebec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc and Marc R. Beauvais, P.Eng., Inc. InnovExplo, 22 AugustnoDr2022.

** NI 43-101 Technical Report and Preliminary Economic Evaluation of Gold Deposits at the Chimo Mine and West Nordeau and the Chimo Mine and East Cadillac Estate, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., and Mr. Florent Barrel of InnovExplo Inc. Bumijim and Mr. Eric Sellars, P.Eng. From Responsible Mining Solutions, May 29y2023.

About Cartier Resources, Inc.
Founded in 2006, Cartier Resources is an exploration company headquartered in Val d'Or, Quebec, Canada. All projects are located in Quebec, which is consistently ranked among the best mining regions in the world. Cartier is actively developing its flagship Mine Chimo project and exploring other projects. The company has a strong cash position of $2.9 million and significant institutional support, including Agnico Eagle Mines, O3 Mining and Qubec investment funds.

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Quality assurance/quality control
Cartier includes 5% of the sample batches sent to the laboratory as certified standards and another 5% as sterile samples to ensure quality control. Samples are analyzed at the Techni-Lab (Actlabs), located in Ste-Germain-Paul, Quebec, Canada. Samples weighing 3 to 5 kg are crushed by the laboratory up to 90% through a 10 mesh (2.00 mm) mesh pass and then 500 grams of sample are crushed up to 90% through a 200 mesh (0.07 mm) mesh pass. The 50g pulp is analyzed by thermal analysis and read by atomic absorption. Samples with results? 1.0 g/t and <10.0 g/t are analyzed again by fire analysis and read by atomic absorption. Results greater than or equal to 10.0 g/t gold are analyzed by thermal analysis with a gravimetric reading. For samples containing visible gold, 500 grams of rock is analyzed by the “mineral sieve” method.

Qualified persons
The Company's scientific and technical information provided in this press release was written and reviewed by Mr. Gatan Lavaliere, P.Geo., Ph.D., Vice President and Mr. Ronan Dhruv, P.Geo., M.Sc. , Senior Geologist, Project Manager and Geomatics Expert, are qualified persons within the meaning of Regulation NI 43-101. Mr. Lavaliere agreed with the information contained in the press release.


The TSX Venture Exchange and its regulatory services provider do not accept any responsibility for the adequacy or accuracy of this press release.

The image accompanying this press release is available at the following link:https://www.globenewswire.com/NewsRoom/AttachmentNg/ca730680-b6f2-4670-b2df-03310aa7e244/en

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