Val-d’Or, September 10th, 2019 – Cartier Resources Inc. (TSX-V: ECR) ("Cartier")
has awarded GeoPointCom the mandate to complete an initial resource estimate and a supporting NI 43-101 technical report for its 100% owned flagship Chimo Mine gold project located 45 kilometers east of Val-d’Or, Quebec.
Over the last few months, GeoPointCom has worked closely with Cartier personnel, particularly Mr. Ronan Déroff, P. Géo., Senior Geomatician, to build a 3D model of gold mineralization and underground infrastructure of the Chimo Mine property. This work structured the information to accelerate data modeling by GeoPointCom in order to produce a resource estimate of the main gold structures on the property.
« We believe this work now warrants an initial resource estimate and a supporting NI 43-101 technical report for the Chimo Mine project » commented Philippe Cloutier, President and CEO.
Chimo Mine Project Highlights
- The Chimo Mine produced 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
- Cartier owns 100% interests of the property and no right of first refusal ('' buy-back '') have been granted.
- Year-round access by road, proximal to 6 custom mills.
- Gold mineralized material was mined intermittently from 14 zones by 3 different producers between 1964 and 1997.
- Mine infrastructure consists of a 7 km network of drifts distributed on 19 levels, connected by a 3-compartment shaft 965 m deep. The headframe and surface facilities were dismantled in 2008 but the electrical line and the sand pit are still present.
- Phases I II and III, carried out by Cartier on the Chimo Mine project, consisted of 109 holes for a total of 49,251 m. This work demonstrated the continuity of the main 5B and 5M gold zones beneath the existing mining infrastructures, explored the extensions of 19 gold zones peripheral to the main zones and further explored the extensions of the 7 prioritized gold zones; which led to the discovery of Zone 5NE as well as to expand the potential of Zones 6N1 and 5M4. These three zones offer excellent potential for additional discovery.
Cartier Resources was founded in 2006 and is based out of Val-d'Or, Quebec. Quebec has consistently ranked high as one of the best mining jurisdictions in the world primarily based on its mineral rich geology, attractive tax environment, and pro-mining government. In 2018, the Fraser Institute again ranked Quebec as one of the best jurisdictions in the world for investment attractiveness.
- The Corporation has a strong cash position with over $5.0M in the bank and important corporate and institutional investors including Agnico Eagle Mines, JP Morgan UK and the Quebec investment funds.
- Cartier’s strategy is to focus on gold projects that have an exploration potential for rapid expansion.
- The Corporation holds a portfolio of exploration projects in the Abitibi Greenstone Belt in Quebec – one of the most prolific mining regions in the world - the commodity focus is gold.
- The Corporation is focused on advancing its four key projects through drill programs. All of these projects were acquired at very reasonable valuations over the past few years. All of them are drill-ready with targets identified similar to the deposits that have been outlined on each project.
About GeoPointCom – Chistian d’Amour
GeoPointcom is a consulting firm in geostatistics and resource estimation. Since its founding in 2000, GeoPointcom has worked on 160 different projects from 19 independent companies covering 33 mining properties in 6 different countries. The majority of these mandates were geostatistical studies, 3D modeling and resource / reserve estimates. In some cases, the mandates included training on the use of Gemcom or Datamine software applied to the particularities of the client's projects.
Quality Assurance / Quality Control
The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P. Geo., Ph. D. and Vice-President for Cartier Resources. Mr. Lavallière is a qualified person as defined by National Instrument 43-101.
The independent qualified person for the issuer responsible for the completion of the mineral resource estimate as defined by National Instrument 43-101 is Mr. Christian D'Amours, P. Geo., President of GeoPointCom. Mr. D'Amours, declares that he has read this press release and that the scientific and technical information presented therein is in conformity.
For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
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