Cartier Resources drills 3.2 g/t gold over 15 metres of at Chimo mine, Quebec
Cartier Resources Inc. [ECR-TSXV] reported drill hole results from the West Nordeau and West Chimo mine sectors. Drilling in the West Nordeau sector aims to increase resources in a future estimate (MRE5), while drilling in the West Chimo mine sector aims to discover new gold zones in a little-explored sector, located proximal to the underground infrastructures. The Chimo mine property, which is 100%-owned by Cartier, is located 45 km east of the Val d’Or mining camp, Quebec.
West Nordeau sector/5N gold structure/5NE2 gold zone returned 3.2 g/t gold over 15.0 metres, including 6.0 g/t gold over 3.0 metres and 2.3 g/t gold over 7.0 metres, including 6.9 g/t gold over 1.0 metre.
West Chimo mine sector/6N1 gold structure returned 25.7 g/t gold over 0.8 mteres; 6.0 g/t gold over 2.0 metres, including 11.7 g/t gold over 0.6 metres; and 9.6 g/t over 1.0 metre.
“Although drilling was suspended on June 2 due to forest fires in Quebec, numerous assay results are still pending from the laboratory. This suspension of drilling coincides with the achievement of the objectives of the first phase of 25,000 m, located between 100 metre and 800 metre depths. The results will be used to carry out the next phase located between 800 metre and 1.6 km depths,” commented Philippe Cloutier, president and CEO.
West Nordeau sector: Drilling intersected new values of 3.2 g/t gold over 15.0 meytres, including 6.0 g/t gold over 3.0 metres, as well as 2.3 g/t gold over 7.0 metres including 6.9 g/t gold over 1.0 metre. These new results, located between 450 metres and 575 metres depth, increase the depth extension of the 5NE2 gold zone by 175 metres.
West Chimo mine sector: The new values of 2.8 g/t gold over 4.0 metres, including 9.6 g/t gold over 1.0 metre are located at 800 metres depth. These values increase the depth extension of the 6N1W gold zone by 350 metres, the summit portion of which is located only 20 metres from the existing underground infrastructures.
The West Chimo mine sector is just beginning to be explored and two new gold zones have already been discovered there in the winter of 2023 (5BW and 6N1W). Drilling of one of these gold zones (6N1W) already shows gold values to a depth of 800 metres. With additional drilling, this new zone near existing infrastructures would be part of the next resource estimate (MRE5). The estimated true thickness of the mineralized intersections represents approximately 75-95% of the measured length.
Recent positive preliminary economic assessment: Posttax net present value 5% of CDN$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 $1,750 (U.S.) per ounce, exchange rate of CDN$1.00 being equal to US$0.77; Capital expenditures of CDN$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 19 gold structures including 30 gold zones.
Fifty-three per cent of diluted and recoverable ounces of gold are contained in two gold structures (5B and 5N). Forty-six per cent of diluted and recoverable ounces of gold are contained in five gold zones (5BE, 5NE1-5NE2, 5B and 5NE).