Cartier Resources drills 11.2 g/t gold over 2 metres at Chimo, Quebec
Cartier Resources Inc. [TSXV-ECR; FSE-6CA] reported results from the continuing drill program for the Chimo mine project, Quebec. The project comprises the Chimo mine and East Cadillac properties. Cartier began exploring 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.
Highlights – New type of high-grade gold mineralization for VG9 target: 11.2 g/t gold over 2.0 metres, including 20.2 g/t gold over 1.0 metres and 9.1 g/t gold over 1.0 metre.
The VG9 target mineralization begins at surface. These results are found within the Larder Lake-Cadillac Fault zone, well known for its many important mines in Canada, comprising several types of mineralization which are found at varying distances from each other.
The high-grade gold mineralization intersected is located within the Larder Lake-Cadillac Fault zone, recognized over a 20-kilometre strike length of the Chimo mine project. The current drill program is currently exploring 54 targets over half (10 km) of the project’s gold discovery potential.
Furthermore, this new type of mineralization is found in sedimentary rocks where gold concentrations are, for this project, generally higher than those found in volcanic rocks. The longitudinal section of the VG9 target illustrates the high values obtained.
“These results present a second type of gold mineralization for the Chimo mine project, demonstrating the significant potential of this project; located over more than 20 km of the Larder Lake-Cadillac Fault zone,” commented Cartier’s president and CEO, Philippe Cloutier, P.Geo. The estimated true widths of the mineralized intersections are approximately 70-85% of the reported lengths.
The Chimo mine project: Positive PEA (preliminary economic assessment), after-tax: NPV 5% (net present value, 5% discount rate) of $388-million and IRR (internal rate of return) of 20.8%. MRE: 720,000 ounces of gold in indicated resources and 1,633,000 ounces of gold in inferred resources.
Founded in 2006, Cartier Resources is an exploration company based in Val d’Or. 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.