Highlights:
- New type of high-grade gold mineralization for the VG10 Zone (FIGURE 1):
- 142.2 g/t Au / 0.5 m included within 74.4 g/t Au / 1.0 m
- 137.4 g/t Au / 0.5 m included within 69.5 g/t Au / 1.0 m
- 24.1 g/t Au / 0.5 m
- 12.8 g/t Au / 0.5 m included within 8.0 g/t Au / 1.2 m
- The VG10 Zone starts at surface and 60% of the drill holes intersected visible gold
- These new results are situated 280 m from the VG9 target along the VG Structure
- An interval grading 22.3 g/t Au / 1.0 m was intersected on a new structure located 50 m of the VG10 Zone
- These results, found within the Larder Lake – Cadillac Fault Zone, will be followed-up soon with the addition of a second drill rig.
VAL-D’OR, Québec, Aug. 27, 2024 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSXV: ECR, FSE: 6CA) (“Cartier” or the “Company”) announces results from the ongoing drill Program for the Chimo Mine Project (FIGURE 2). The Project comprises the Chimo Mine and East Cadillac properties, the latter of which was acquired on April 7, 2022. Cartier began exploring of this part of the East Cadillac property on January 4, 2024. Both properties are 100% owned by Cartier and strategically located 45 km east of the Val-d’Or mining camp.
The high-grade gold results intersected for the VG10 Zone are presented in tables 1 and 2 below, as well as on FIGURE 1 and FIGURE 2. Amongst the 15 drill holes completed to date on this Zone, 60% of the intersections contain visible coarse gold cluster of grains within sedimentary rocks where gold concentrations are generally high, for this Project.
The VG10 Zone, which starts at surface, is situated 280 m from the VG9 Target (FIGURE 1) along the New VG Structure (August 15 2024 Press Release). Both high-grade gold zones and the 22.3 g/t Au / 1.0 m intersection, reported on a new structure 50 m south of the VG Structure (FIGURE 1), open a new sector with potential for significant discoveries for the Project.
The ongoing Program is exploring, with 164 drill holes, 54 targets over 10 of the 20 km strike length of the Larder Lake – Cadillac Fault Zone that has been identified for the Project.
« A second drill will soon be added to the current Program in order to continue the discovery of new potential sectors while allowing follow-up on the high grades obtained to date » commented Cartier’s President and CEO.
Table 1: Details of the new results
| Hole | Coordinates UTM (m) |
Azimuth (°) / Plunge (°) |
From (m) |
To (m) |
Au (g/t) |
Length (m) |
Gold Zone |
Gold Structure |
| CH24-152 | 333523/5319839/351 | 169/-60 | 99.5 | 100.0 | 142.2 | 0.5 | VG10 | VG |
| Included within | 99.0 | 100.0 | 74.4 | 1.0 | ||||
| CH24-154 | 170/-70 | 116.5 | 117.0 | 137.4 | 0.5 | |||
| Included within | 116.0 | 117.0 | 69.5 | 1.0 | ||||
| CH24-153 | 192/-69 | 108.5 | 109.0 | 24.1 | 0.5 | |||
| CH24-149 | 333602/5319802/350 | 200/-48 | 68.7 | 69.2 | 12.8 | 0.5 | ||
| Included within | 68.0 | 69.2 | 8.0 | 1.2 | ||||
| CH24-150 | 176/-45 | 131.0 | 132.0 | 22.3 | 1.0 | New Target |
VG |
The lengths of the mineralized intersections are expressed as measured lengths along the drill core.
The estimated true widths of the mineralized intersections are approximately 70% to 95% of the reported lengths.
Table 2: Details of the previous results
| Hole | Coordinates UTM (m) |
Azimuth (°) / Plunge (°) |
From (m) |
To (m) |
Au (g/t) |
Length (m) |
Gold Zone |
Gold Structure |
| CH24-97* | 333540/5319781/349 | 227/-79 | 48.3 | 48.8 | 46.1 | 0.5 | VG10 | VG |
| Included within | 48.3 | 49.3 | 30.2 | 1.0 | ||||
| CH24-98 | 145/-58 | 41.0 | 41.5 | 20.6 | 0.5 | |||
| Included within | 41.0 | 42.5 | 9.8 | 1.5 | ||||
| CH23-93 | 333527/5319849/351 | 164/-45 | 99.7 | 100.2 | 75.9 | 0.5 | ||
| Included within | 97.7 | 100.7 | 15.3 | 3.0 | ||||
| CH23-92 | 158/-51 | 107.5 | 109.5 | 6.4 | 2.0 | |||
| CH23-88 | 183/-47 | 93.0 | 94.0 | 14.2 | 1.0 | |||
| NW08-13 | 333526/5319948/358 | 171/-76 | 289.9 | 290.3 | 45.9 | 0.4 |
The lengths of the mineralized intersections are expressed as measured lengths along the drill core.
The estimated true widths of the mineralized intersections are approximately 75% to 95% of the reported lengths.
* The estimated true widths of the mineralized intersections are approximately 45% of the reported length.
About the Chimo Mine Project:
With a long-term gold price of US$1,750/oz and an exchange rate of CAD $1.00 = US $0.77
(source PEA dated May 26 2023 **):
- Positive PEA **, after tax: NPV5% of CA$388M and IRR of 20.8%
- MRE *: 720,000 ounces of gold in Indicated Resources and 1,633,000 ounces of gold in Inferred Resources
Table 3: Gold Price Sensitivity, source PEA dated May 26 2023 **
| Gold Price Variation USD/Oz |
Post-Tax NPV 5% | Post-Tax IRR | Post-Tax Payback Period |
| 1300 | 105.1 | 9.7% | 5.5 |
| 1400 | 169.4 | 12.4% | 4.6 |
| 1500 | 233.0 | 15.0% | 3.9 |
| 1600 | 295.3 | 17.4% | 3.4 |
| 1700 | 357.0 | 19.7% | 3.1 |
| 1750 | 387.8 | 20.8% | 2.9 |
| 1800 | 418.5 | 21.8% | 2.8 |
| 1900 | 479.1 | 23.9% | 2.6 |
| 2000 | 539.2 | 25.8% | 2.4 |
| 2100 | 598.8 | 27.7% | 2.2 |
| 2200 | 658.3 | 29.5% | 2.0 |
* NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R. Beauvais, P.Eng., InnovExplo Inc., August 22, 2022.
** NI 43-101 Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, May 29, 2023.
About Cartier Resources Inc.
Founded in 2006, Cartier Resources Inc. is an exploration company based in Val-d’Or, Quebec, Canada. The Company’s projects are located in Quebec, which consistently ranks among the world’s best mining jurisdictions. Cartier is actively advancing the development of its flagship Chimo Mine Project and exploring its other projects. The Company has significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and provincial investment funds.
Quality Assurance / Quality Control
For each batch of samples sent to the laboratory, Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blanks to ensure quality control. The samples are analyzed at the Techni-Lab (Actlabs) laboratory in Ste-Germaine-Boulé, Quebec, Canada. Samples weighing 3 to 5 kg are crushed by the laboratory to 90% passing 10 mesh (2.00 mm), then a 500 g fraction of each sample is pulverized to 90% passing 200 mesh (0.07 mm). The resulting 50 g pulps are analyzed by fire assay with an atomic absorption finish. Samples with results ≥ 1.0 g/t and < 10.0 g/t are re-assayed by fire assay with an atomic absorption finish. Results greater than or equal to 10.0 g/t Au are analyzed by fire assay with a gravimetric finish. For samples containing visible gold, a 500 g subsample of rock is analyzed by the metallic sieve method.
Qualified Persons
The Company’s scientific and technical information in this news release was 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 in National Instrument 43 101. Mr. Lavallière approved the information contained in this press release.
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
FIGURE 2: Chimo Mine Project Ongoing 2024 Drill Program
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a15197bf-84d2-4b20-b59f-10ac39984990
https://www.globenewswire.com/NewsRoom/AttachmentNg/a2c58f0f-8397-40b9-b1bc-2822772d6455
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