Yahoo Finance Cartier Launches 25,000 Meter Drill Program at Chimo Mine Project
Composite Longitudinal Section of Chimo Mine Project Gold System: August 2022 launch of drill program
Highlights :
Fourth phase, 25,000 m drill program in progress at the Chimo Mine Gold System (FIGURE 1) which includes the recent acquisition of the Nordeau West deposit;
NI 43-101 Resource Estimate in progress for Nordeau West deposit, situated 450 m from the Chimo Mine Project NI 43-1011 resources;
NI 43-101 Preliminary Economic Assessment (‘’PEA’’) in progress on the combined resources of the Mine Chimo Project and Nordeau West deposit that will provide increased flexibility to further strengthen the economics of the Chimo Mine Project.
VAL-D’OR, Quebec, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces the launch of the fourth phase of drilling at the Chimo Mine Project, located 45 km east of Val-d’Or. This program, planned with 2 drills over a period of 13 months, consists of 25,000 m of controlled directional drilling. The program aims at increasing the resources of the Chimo Mine Project and the Nordeau Ouest deposit, as well as the potential to discover new gold zones (FIGURE 1).
The recent acquisition of the East Cadillac project integrates all the gold intersections discovered to date form the Chimo Mine Gold System, which is currently known to extend over a distance of 10 km along the Larder Lake - Cadillac fault. The current drilling program explores a 3.7 km segment peripheral to the underground infrastructures of the Chimo Mine, closed at the beginning of 1997 (FIGURE 1).
“Drilling will intersect 4 of the 19 targeted gold-bearing structures at approximately 100 different locations within the Chimo Mine Gold System, as well as additional structures that could reveal new gold-bearing zones,” commented Philippe Cloutier, President and CEO of Cartier Resources.
Surveying of Nordeau West drill holes in July 2022, along with the NI 43-101 Resource Estimate of the deposit, will optimize the position of the drill holes in order to increase the resources over the first 800 m depth. The results of this work will be used to design the drilling pattern at depth below the 800 m, which holds significant discovery potential (FIGURE 1).
The results of efforts deployed primarily on work for the drill program and resource estimates were aimed at being rapidly integrated in the preliminary economic studies of the Chimo Mine Project to demonstrate its economic viability.
About Cartier Resources Inc.
Cartier Resources Inc. was founded in 2006 and is a Val-d’Or based exploration company. The company’s projects are all located in Quebec, which has consistently ranked as one of the world’s best mining jurisdictions. Cartier is advancing the development of its flagship Chimo Mine Project and actively exploring its other projects. The Company has a strong cash position exceeding $6.5 M and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.
Qualified Persons
The scientific and technical information on the Company and the Chimo Mine Project in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P. Geo., Ph. D, Cartier’s Vice - President, and Mr. Ronan Déroff, P. Geo, M. Sc., Cartier’s Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavallière approved the information contained in this press release.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/18050127-83ea-4220-90d2-aa302fbd7e23
