Cartier active on Quebec gold results
Cartier Resources Inc. [ECR-TSXV] shares were active Friday after the company released high grade channel sampling results from the 2021 exploration program at its 100%-owned Fenton gold property, which is located 50 kilometres southwest of Chapais, Quebec.
Exploration highlights include channel sections with grades up to 69.1 g/t gold over 2.0 metres.
The shares were unchanged at 14 cents on volume of 661,830, and now trade in a 52-week range of 36.5 cents and 13 cents.
Cartier Resources is a Quebec focused company that is advancing the development of its flagship Chimo Mine project as well as other projects. In a November, 2021, press release, the company said it has a cash position of $6.3 million, with significant corporate and institutional support, including Agnico Eagle Mines Ltd. (AEM-TSX, AEM-NYSE), Jupiter Asset Management and the Quebec investment funds.
The Fenton deposit contains a historical resource estimate of 426,173 tonnes, grading 4.66 g/t gold or 63,885 ounces.  Of that amount, 23,643 ounces are located in the first 50 metres below surface. However, this estimate was made in 2000 and work so far is not sufficient to classify this resource as a current mineral resource.
Some of the deposits historic intersections grade up to 41.4 g/t gold over 4.0 metres within a zone of 13.4 metres grading 14.0 g/t. Several gold showings of semi-massive to massive sulphides are present throughout the property with historical values up to 356 g/t gold over 0.6 metres within a zone grading 42.3 g/t gold over 5.1 metres.
“In 2021, we acquired 100% of the Fenton property and completed the review of historical data as well as completing a focussed channel sampling program and geophysical program,” said Cartier President and CEO Philippe Cloutier.
“These results are an excellent start for 2022 as they continue to build on our understanding of the gold mineralization and orient future exploration work for expanding known gold mineralization and new discoveries,” he said.
On Friday, the company said the Fenton gold structure has a geometry, identified to date, over 325 metres in length by 15 to 25 metres in width. On surface, the Fenton gold structure returned values of up to 69.1 g/t gold over 2.0 metres, including 43.5 g/t gold over 4.0 metres. Also included in Friday’s results is an interval grading 27.4 g/t gold over 8.0 metres.
Cartier said it is expecting to soon receive the results of geophysical surveys. The survey results in combination with channel results from Friday’s press release and the 2021 compilation of historical drill holes data, will be used to generate drill targets, the company said.