CARTIER CUTS 3.2 G/T AU OVER 15.0 M AT CHIMO MINE
Cartier Resources Inc. has provided 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 per cent owned by Cartier, is located 45 kilometres east of the Val d'Or mining camp.
Highlights of the press release
West Nordeau sector/5N gold structure/5NE2 gold zone
- 3.2 grams per tonne gold over 15.0 m, including 6.0 g/t Au over 3.0 m;
- 2.3 g/t Au over 7.0 m, including 6.9 g/t Au over 1.0 m.
West Chimo mine sector/6N1 gold structure
- 25.7 g/t Au over 0.8 m;
- 6.0 g/t Au over 2.0 m, including 11.7 g/t Au over 0.6 m;
- 9.6 g/t over 1.0 m.
"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 m and 800 m depths. The results will be used to carry out the next phase located between 800 m and 1.6 km depths," commented Philippe Cloutier, president and chief executive officer.
West Nordeau sector
Drilling intersected new values of 3.2 g/t Au over 15.0 m including 6.0 g/t Au over 3.0 m, as well as 2.3 g/t Au over 7.0 m including 6.9 g/t Au over 1.0 m. These new results, located between 450 m and 575 m depth, increase the depth extension of the 5NE2 gold zone by 175 m.
West Chimo mine sector
The new values of 2.8 g/t Au over 4.0 m including 9.6 g/t Au over 1.0 m are located at 800 m depth. These values increase the depth extension of the 6N1W gold zone by 350 m, the summit portion of which is located only 20 m 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 m. With additional drilling, this new zone near existing infrastructures would be part of the next resource estimate (MRE5*).
The lengths of the mineralized intersections are expressed as lengths measured along the drill core.
The estimated true thickness of the mineralized intersections represents approximately 75 to 95 per cent of the measured length.
Reminder of the highlights of the Chimo mine project
- Recent positive preliminary economic assessment*:
- Posttax net present value 5 per cent of $388-million (Canadian) and 20.8-per-cent internal rate of return;
- Average annual production of 116,900 ounces of gold at a milled average of 4.6 grams per tonne Au 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 $1 (Canadian) being equal to 77 U.S. cents;
- Capital expenditures of $341-million (Canadian), average all-in sustaining cost of $755 (U.S.)/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 kilometres long east-west, 1.6 km high and 500 m 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).
* "NI 43-101 Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada," Marc R. Beauvais, PEng, of InnovExplo Inc., Florent Baril of Bumigeme and Eric Sellars, PEng, of Responsible Mining Solutions, May 29, 2023.
** "NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Quebec, Canada," Vincent Nadeau-Benoit, PGeo, Alain Carrier, PGeo, MSc, and Mr. Beauvais, PEng, InnovExplo Inc., Aug. 22, 2022.
About Cartier Resources Inc.
Cartier Resources was founded in 2006 and is an advanced gold project exploration company based in Val d'Or. The company's projects are all located in Quebec, which has consistently ranked as one of the world's best mining jurisdictions. Cartier is advancing the development of its flagship Chimo mine project. The company has a cash position exceeding $2.5-million and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.