Cartier Resources Inc. [ECR-TSXV] has drilled values of 20.8 g/t gold over 4.0 metres included within 9.4 g/t gold over 11.0 metres, also included within 6.7 g/t gold over 16.0 metres, intersected at a distance of 500 metres below the new zones 5B4-5M4-5NE of the Chimo mine property, located 45 km east of Val d’Or, Quebec.
The results of this press release, factored with those of the April 7, 2020, and February 18, 2020, press releases, increase the potential for expansion of the resource estimate to date for the new zones 5B4-5M4-5NE.
The Chimo mine property hosts three gold-bearing corridors (North, Central and South) that to date host the following mineral resources:
- 4,017,600 tonnes at an average grade of 4.53 g/t gold for a total of 585,190 ounces gold in the indicated category;
- 4,877,900 tonnes at an average grade of 3.82 g/t gold for a total of 597,800 ounces gold in the inferred category.
“These new results indicate that the gold mineralization is open in all directions below zones 5B4-5M4-5NE which have been drilled to date from surface to a depth of 1,300 metres,” commented Philippe Cloutier, President and CEO, adding, “growing the dimensions of the cluster of zones 5B4-5M4-5NE is an important addition to the development potential of the project.”
A 12.8-metre interval grading 1.1 g/t gold was also intersected 250 metres below the new zones 5B4-5M4-5NE. At 30 metres south of zones 5B4-5M4-5NE, the new zone 5CE returned a 19.5-metre interval grading 1.3 g/t gold indicating the presence of a gold-bearing shoot hosting higher grade gold sections.
The estimated true thickness of the mineralized intersections represents approximately 85-90% of the measured length of the drill core.
Zones 5B4-5M4-5NE and 5CE, situated 450 metres east of the underground infrastructures, are being drilled in order to increase the resource over a distance of 550 metres below known zones. The length of this cluster of gold-bearing zones is known over 1,300 metres.
As well, internal engineering studies and tests of industrial sorting of the mineralization are in progress in order to assess possibilities of cost reduction while increasing gold ounce recuperation, which in turn could contribute to increasing the mineral resource of the property. The first internal engineering study was completed with positive conclusions.
Cartier holds a 100% interest in the property for which a 1% NSR (net smelter return) royalty has been granted to IAMGOLD Corp. [IMG-TSX; IAG-NYSE]. No rights of first refusal (buyback) have been granted.
The property, which is accessible year-round, is located near six mills in the Val d’Or area.
Fourteen gold zones were exploited by three producers between 1964 and 1997 for a production of 379,012 ounces of gold (MERN DV-85-05 to DV-97-01).
The mining infrastructure consists of a network of drifts over seven km, distributed over 19 levels and connected by a 5.5-metre by 1.8-metre three compartment shafts for a depth of 920 metres. The head frame and the surface installations were dismantled in 2008 but the 25-kilovolt power line and the sandpit are still in place.
The drilling, completed to date by Cartier consists of 121 holes totalling 55,890 metres and 20,792 gold samples collected. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the seven gold zones that were prioritized; which allowed the discovery of the zones 5B4-5M4-5NE and 5CE and to develop the potential of zone 6N1. These areas have excellent potential to deliver future discoveries.
Cartier Resources has a strong cash position of more than $5.7-million, as well as a significant corporate and institutional endorsement including Agnico Eagle Mines and Quebec investment funds.