VAL-D’OR, QUÉBEC–(Marketwired – May 18, 2016) – Cartier Resources Inc (TSX VENTURE:ECR) (“Cartier”) announces the execution of a letter of agreement for the acquisition of the Verneuil West and Verneuil Central properties from Viking Gold Exploration Inc. (“Viking”) and from Golden Tag Resources Ltd (“Golden Tag”). The claims comprising the project are easily accessible using logging roads and are located at latitude 49°2’28” N and at longitude 76°46’32” W. The project comprises 42 claims totalling 1660,48 hectares in NTS map sheet 32F02, in the south part of Verneuil Township, some 15 km east of the Municipality of Lebel-sur-Quévillon (Figure 1).
Cartier has agreed to acquire the properties in consideration of an aggregate purchase price of $72,000 to be paid as follows : i) to Viking an amount of CDN $32,000 in cash and the issuance of 100,000 common shares of Cartier at a deemed price of $0.12 per share ($12,000) and ii) to Golden Tag, an amount of CDN $10,000 in cash and the issuance of 150,000 common shares of Cartier at a deemed price of $0.12 per share ($18,000). Viking will retain the following net smelter return royalties (NSR): i) a 0.50% NSR royalty on the Verneuil West Property, half of which (0.25% NSR) that Cartier may repurchase for an amount of $250,000 and a 0.35 % NSR royalty on the Verneuil Central Property, half of which (0.175% NSR) that Cartier may repurchase for an amount of $175,000. Golden Tag will retain a 0.15 % NSR royalty on the Verneuil Central Property, half of which (0.075% NSR) that Cartier may repurchase for an amount of $75,000. The transaction is subject to Cartier obtaining all required regulatory approvals from the TSX Venture Exchange and execution of a final acquisition agreement, including customary representations, warranties, covenants and conditions for a transaction of such nature.
This new project, which will be referred as the Wilson Project, hosts 6 gold mineralized zones (Moneta Porcupine North, Moneta Porcupine South, Midrim, T&M, Benoit and Parnor), and the Toussaint Gold Deposit (Picture 1). Drilling by Freewest Resources Canada Inc. in the early 1990’s of the Toussaint Deposit outlined a historical resources estimation of 187,706 tonnes with an average grade of 7.1 g/t Au (Freewest Resources Inc., 1994, GM 52557). The qualified person did not complete the work required to classify the resources that are the object of the historical resources estimation in the mineral resource update. Cartier does not consider the resources that are the object of the estimation as being an updated mineral resource. Cartier plans to complete basic field work in the following months and will provide updates accordingly.
«This acquisition bears Cartier’s signature and is in line with our development strategy. It is advantageous for Cartier shareholders as it provides the company with a new advanced exploration project with a significant concentration of gold » commented Philippe Cloutier, President and CEO. «Our review of the previous data suggests that the Toussaint Deposit and gold mineralization is still open laterally and at depth. The project as a whole presents considerable exploration upside for discovering new mineralized zones», concluded Mr. Cloutier.
Quality Assurance / Quality Control
Mr. Gaétan Lavallière, P. Geo., Ph. D., and Vice President for Cartier Resources Inc. is the qualified person as defined by National Instrument 43-101.
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
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