Cartier Resources drills 15.7 g/t gold over 3 metres at Chimo, Quebec
Cartier Resources Inc. [ECR-TSXV; 6CA-FSE] reported drill results constituting the new VG gold zone, located north of the West Nordeau deposit of the Chimo mine project. The project, comprising the Chimo mine and East Cadillac properties, is 100%-owned by Cartier and located at 45 km east of the Val d’Or mining camp.
Highlights of press release – New gold-bearing VG zone, including the following results: 15.7 g/t gold over 3.0 metres, including 75.9 g/t gold over 0.5 metres and 10.5 g/t gold over 0.5 metres; 14.2 g/t gold over 1.0 metres; 6.4 g/t gold over 2.0 metres; and 10.7 g/t gold over 0.8 metres.
New VG zone demonstrates potential of 15-km gold strike of the Chimo mine project.
The VG zone, currently made up of five high-grade gold drill intersections, is located between 75-metre and 150-metre depths. A drill intersection with similar gold grades is also present below the VG zone, at a depth of 300 metres, down plunge of the mineralized zones of the project. High-grade gold intersections are also present respectively at 275 metres to the west and 550 metres to the east of the VG zone, defining the VG structure over a strike length of 850 metres.
“The gold results from this new VG zone demonstrate the potential of the gold deposits, showings and intersections located along the 15-kim favourable strike of the Chimo mine project,” commented Philippe Cloutier, president and CEO.
Reminder of the highlights of the Chimo mine project – Recent positive preliminary economic assessment: After-tax net present value (discounted at 5%) of $388-million and 20.8% internal rate of return; average annual production of 116,900 ounces of gold at a milled average of 4.6 g/t gold for a 9.7-year mine life; payback period of 2.9 years; long-term gold price of US$1,750/oz; exchange rate of US$1 to 77 cents; capex (capital expenditure) of $341-million; average all-in sustaining cost of US$755/oz.
Recent mineral resource estimate: 720,000 ounces of gold in the indicated resource category; 1,633,000 ounces of gold in the inferred resource category.
The main portion of the Chimo mine project, 3.7 km long east-west, 1.6 km high and 500 metres thick north-south, consists to date of 20 gold structures, including 31 gold zones; 53% of diluted and recoverable ounces of gold are contained in two gold structures (5B and 5N); 46% of diluted and recoverable ounces of gold are contained in five gold zones (5BE, 5NE1-5NE2, 5B and 5NE).
Cartier Resources is based in Val d’Or, Quebec. The company’s projects are all located in Quebec. The company has a cash position exceeding $2.6-million and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.