Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier") is pleased to announce that the board of directors has approved a 50,000-meter drill program to be conducted over the next fifteen months. The programs are intended to explore the depth and lateral extensions of known high grade gold mineralization and expand the dimensions of the deposits on four of its projects, namely: Chimo Mine, Wilson, Benoist and Fenton.
From 2012 to 2016 Cartier was active in acquiring a pipeline of four advanced gold exploration projects including the acquisition of the past producing Chimo Mine. Management has built on four years of extensive compilation and database mining of these projects and this has led to significant advancements. The following recent highlights attest to this success:
- A strategic investment by Agnico Eagle Mines Limited ("Agnico") as a result Agnico now owns 19.75% of the issued and outstanding Common Shares of Cartier,
- Successful drill program on Chimo Mine project demonstrated continuity of high grade gold mineralization up to 650 meters from shaft; results include 9.9 g/t Au / 4.0 m, 17.7 g/t / 3.0 m and 1.5 g/t Au / 9.0 m,
- Strong cash position of $8.7M dollars,
- Assets in the heart of two major area plays in the Abitibi; the Val-d'Or Mining Camp and Osisko's recent land position of the Urban-Barry Belt.
"This is a significant investment intended to demonstrate the depth and lateral extensions of the existing gold mineralization and historical resources on the projects.", commented Philippe Cloutier, President and CEO, adding, "Our objective is to have these assets graduate to the next level towards new resource estimates and believe this will reward our shareholders."
A brief description of the projects and programs follow and additional information can be found in the company's most recent Corporate Presentation and website.
One drill rig is currently drilling 18 holes for a total of 7,000 meters. The program details were presented in Cartier's March 23rd press release. This program will specifically test the depth extensions of 4 Gold Zones (T1, T2, T3 and M1) which are hosted within the Toussaint and Midrim Gold structures (Figure).
This program is expected to take until late May to complete. Highlights of this project include; recent channel sampling results by Cartier that returned 21.3 g/t Au over 5 meters and drill results by previous companies that returned 33.2 g/t Au over 3.0 meters.
CHIMO MINE PROJECT
Two drill rigs will be employed to complete a total of 25,000 meters. One drill rig will focus depth and lateral extensions of known high grade gold mineralization and expand the dimensions of the gold zones that have been previously outlined (Figure). A second drill rig will focus exclusively on drilling the depth extension along plunge of the main gold zone at Chimo Mine where the bulk of the ounces were extracted. This program should commence in June and is expected to be completed in December.
A 10,000-meter drill program will focus on the new 2016 OreVision anomalies. This new technology can detect mineralization to a depth of up to 500 meters. Over sixteen (16) anomalies were selected as drill targets of which eight (8) have a geophysical signature similar to the Pusticamica gold deposit. The OreVision survey was conducted with parameters capable of detecting the deposits signature. This program is winter program and will be conducted early 2018. One Highlight of this project includes drill results by previous companies that returned 5.6 g/t Au over 53.6 meters including 11.6 g/t Au over 9.3 meters.
FENTON PROJECT - With partner SOQUEM
This program will be operated by Cartier's partner SOQUEM. The budget allows for the completion of a new OreVision or IPower survey over the Fenton deposit and its lateral extensions, in order to refine targets as calibrated from previous geological, geometrical and geophysical features known from all historical work done on the project. Drilling with one machine for a total of 8,000 meters will test the depth and lateral extensions of Fenton deposit (Figure). This program is planned to occur in two phases straddling late 2017 and early 2018. Highlights of this project include results by previous companies that returned channel sampling results grading 9.9 g/t Au over 13.4 meters and a drill intersection such as 8.0 g/t Au over 5.3 meters.
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.