Highlights:
With simple adjustments, the shaft on the Chimo Mine Property could extract 1.7 million metric tons per year (4,921 mt/day).This study is one of four engineering studies carried out in tandem with a preparatory study for a new mineral resource estimate on the Chimo Mine Property to reveal its full value.
VAL-D’OR, Québec, Sept. 22, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) reports the results of an engineering study on the hoisting capacity of the underground mining infrastructure on the Chimo Mine Property. This property, owned 100% by Cartier, is located 45 km east of the Val-d’Or mining camp.The study reveals that the components of the internal shaft structure could be used to hoist skips with a loading capacity of 20 metrics tonnes each, travelling at a cruising speed of 2,200 feet/minute (40 km/h). This hoisting rate would raise 492 mt/hour of rock to the surface for a total of 4,921 mt/day in 10 hours of hoisting operations per 24-hour day or 1.7 M mt/year.To date, two internal engineering studies have been completed with positive findings, including the study that is the subject of this press release. Two other internal engineering studies are still underway, as well as an internal preparatory study for a new mineral resource estimate on the Chimo Mine Property.No PEA, PFS or FS has been completed and disclosure of results from this internal study does not support or imply the technical feasibility and/or economic viability of the project.  In addition, while current mineral resource estimates have been completed on separate zones on the property, mineral resources that are not mineral reserves do not have demonstrated economic viability.Table of current and future features of the shaft infrastructure on the Chimo Mine Property:About the Chimo Mine ProjectCartier holds a 100% interest in the property for which a 1% NSR royalty (Net Smelter Return) was granted to IAMGOLD Corporation. No right of first refusal (“buy-back”) was granted.The most recent mineral resource estimate for the Chimo Mine Property (FIGURE), detailed below, uses a gold price of US $1,300 per ounce and a cut-off grade of 2.5 g/t Au:
Note 1: Cartier Files NI 43-101 Technical Report on SEDAR for First Mineral Resource Estimate of the Central Gold Corridor on the Chimo Mine Property, GéoPointCom Inc., December 18, 2019.
Note 2: Cartier Files NI 43-101 Technical Report on SEDAR for the Mineral Resource Estimate of the Central, North and South Gold Corridors on the Chimo Mine Property, GéoPointCom Inc., June 17, 2020.The property, accessible year-round, is located near several concentrators in the Val d’Or region.Fourteen gold zones were mined by three producers between 1964 and 1997 for a production of 376 217 ounces of gold (MERN DV 85-05 to DV-97-01). The mining infrastructure consists of a network of 7 km of drifts on 19 levels, connected by a shaft with a depth of 914 m. The bridge and surface facilities were dismantled in 2008 but the 25 kV power line and sandpit are still in place.Cartier’s drilling programs to date on the Chimo Mine Property amount to 124 drill holes for 58,054 m and 21,867 gold samples collected.
About CartierCartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec. The province of Quebec has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favourable geology, attractive fiscal environment and pro-mining government.The Company has a strong cash position with more than $13.9 million and significant corporate and institutional endorsements, including Agnico Eagle Mines, Meridian Global, and Quebec investment funds.Cartier’s strategy is to focus on gold projects with features that offer potential for rapid growth.The Company holds a portfolio of exploration projects in the Abitibi Greenstone Belt of Quebec, one of the most prolific mining regions in the world.The Company is focused on advancing four key projects through drilling programs. These projects were acquired at reasonable costs in recent years and are drill-ready, with targets along the geometric extensions of known gold deposits.Exploration work is currently focused on the Chimo Mine Property to maximize value for investors. The Company is also planning a major drilling program for the Benoist Property. Drilling on the Fenton and Wilson properties will follow the Benoist program.
Qualified PersonsThe scientific and technical information of the Company and the Chimo Mine Project, included in this press release, have been 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 by NI 43-101. Mr. Lavallière approved the information contained in the press release.Author of the Engineering StudyThe study on the hoisting capacity of the mining infrastructure on the Chimo Mine Property was prepared by Mr. Paul Bonneville, P. ing., Mining Manager, President and Director of PRB Mining Services Inc.Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release. 


Bay Street News