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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cartier Resources Inc | TSXV:ECR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.075 | 0.07 | 0.075 | 0.075 | 0.075 | 0.075 | 222,504 | 14:30:00 |
″ These additional resources, situated near surface and accessible by existing infrastructure, is a considerable advantage to launching a mine project ″ commented Philippe Cloutier, President and CEO, adding ″ furthermore, two drill rigs are in the field to pursue drilling of Zones 5B4-5M4-5NE and 5CE where continuity of the mineralization has been shown to extend to a depth of 1,300 meters ″.
Mineralization of the Chimo Mine property consists of 27 gold-bearing Zones hosted within 17 gold-bearing Structures that comprise three Gold Corridors. The mineral resources estimated to date on the property are presented in the table below (FIGURE):
Gold CorridorsCut-off Grade2.5 g/t Au | Indicated Resources | Inferred Resources | ||||
Metric Tonnes (t) | Grade (g/t Au) | Troy Ounce (oz) | Metric Tonnes (t) | Grade (g/t Au) | Troy Ounces (oz) | |
Central (1) | 3,263,300 | 4.40 | 461,280 | 3,681,600 | 3.53 | 417,250 |
North (2) | 505,300 | 5.35 | 86,860 | 715,700 | 4.59 | 105,710 |
South (2) | 249,000 | 4.63 | 37,060 | 480,600 | 4.84 | 74,840 |
Total | 4,017,600 | 4.53 | 585,190 | 4,877,900 | 3.82 | 597,800 |
Note 1 : Christian D’Amours, GéoPointCom Inc. (2019)Note 2 : Claude Savard, InnovExplo Inc. (2020)
The resource estimate of the North Gold Corridor, comprised of Zones 1A, 1B, 2B, 2, 2W, 3, 3E, 3W, 4B and 4B2 as well as the South Gold Corridor, comprised of Zones 6, 6B, 6C, 6P and 6P2, were completed from information known to date. However, the exploration potential peripheral to these gold-bearing zones remain open.
The resource estimate of the Central Gold Corridor, comprised of Zones 5B, 5B2, 5B4, 5C, 5M, 5M2, 5M3, 5M4, 5N, 5NE and 6N1 is also completed with information known to date. Zones 5B, 5B2, 5C, 5M, 5M2 and 5N are situated, in part, within the infrastructures of the past producing Chimo Mine whereas Zone 6N1 is situated 125 m south and Zones 5B4-5M4-5NE and 5CE are situated 450 m to the east. The exploration potential peripheral to all these zones is open.
Zones 5B4-5M4-5NE and 5CE, situated 450 m east of the underground infrastructures are being drilled in order to increase the resource over a distance of 550 m below known zones. The length of this cluster of gold-bearing zones is known over 1,300 m.
As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property. The first internal engineering study was completed with positive conclusions.
Additional notes on resource estimates
Composite | Minimum numberof holes | Resource Category | Dimension of serch ellipsoids | ||||||||
Pass | Min | Max | Max/Hole | X Min. (m) | X Max. (m) | Y Min. (m) | Y Max. (m) | Z Min. (m) | Z Max. (m) | ||
1 | 6 | 18 | 2 | 3 | Indicated | 23 | 40 | 13 | 20 | 8 | 8 |
2 | 4 | 18 | 2 | 2 | Inferred | 46 | 70 | 26 | 40 | 16 | 16 |
Cut-off Grade (g/t Au) | Indicated Resources | Inferred Resources | ||||
MetricTonnes (t) | Grade (g/t Au) | Troy Ounces (oz) | Metric Tonnes (t) | Grade (g/t Au) | Troy Ounces (oz) | |
1.5 | 1,361,900 | 3.70 | 162,060 | 2,355,100 | 3.33 | 252,390 |
2.0 | 1,014,200 | 4.37 | 142,600 | 1,650,100 | 4.02 | 213,120 |
2.5 | 754,300 | 5.11 | 123,910 | 1,196,300 | 4.69 | 180,550 |
3.0 | 582,000 | 5.81 | 108,760 | 906,300 | 5.32 | 155,020 |
3.5 | 454,200 | 6.54 | 95,450 | 695,700 | 5.95 | 133,120 |
4.0 | 365,300 | 7.22 | 84,770 | 541,700 | 6.58 | 114,610 |
The table above illustrates the sensitivity of this mineral resource estimate to different cut-off grades for an underground operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in this table should not be interpreted as a statement on mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.
About Chimo Mine Project
Qualified Persons
The scientific and technical information of the Company and the Chimo Mine Project, included in this news release, have been prepared and reviewed by MM. Gaétan Lavallière, P. Geo., Ph. D., Vice President and Ronan Déroff, P. Geo, M. Sc., Senior Geologist, Project Manager and Geomatician, Qualified Persons as defined by NI 43-101. Mr. Lavallière approved the information contained in the press release.
The independent qualified person for the issuer, responsible for the estimation of mineral resources of the North and South Gold Corridors, as defined in NI 43-101, is Mrs. Claude Savard, P. Geo., of InnovExplo Inc. The independent qualified person for the issuer, responsible for the estimation of mineral resources of the Central Gold Corridor, as defined in NI 43-101, is Mr. Christian D'Amours, P. Geo., B. A. Sc., President of GeoPointCom Inc. Mrs. Savard and Mr. D'Amours declare that they have read this press release and that the scientific and technical information relating to the estimate of the resources presented herein is compliant.
Quality Assurance / Quality Control
The analytical results, derived from Cartier's drilling, were obtained from samples measured along the drill core. The estimated true thickness averages about 65% to 85% of the measured apparent length. NQ core samples are crushed up to 80% passing an 8 mesh and then pulverized up to 90% passing a mesh of 200 mesh. Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blank 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 read by atomic absorption, followed by gravimetry for results above 5.0 g/t Au. For samples containing visible gold, 1000 g of rock are analyzed by the '' Metallic Sieve '' method.
About Cartier Resources Inc.
Cartier Resources Inc., founded in 2006, is based in Val-d'Or, Quebec. The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favorable geology, attractive fiscal environment and pro-mining government.
For more information, please contact: Philippe Cloutier, P. Geo. President and CEO Telephone: 819 856-0512 philippe.cloutier@ressourcescartier.com www.ressourcescartier.com |
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e341f8f-4755-46aa-9fa2-4ba527825f52
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