Cartier Resources Inc. reports that it has recommenced Phase III drilling on the Chimo Mine property, situated 45 km east of Val-d'Or.
Two drills are exploring the geometric extensions of Zones 5B4-5M4-5NE gold discovery, following outstanding results last June (5.6 g/ton Au over 8.5 m, including 9.9 g/ton Au over 3.0 m and 8.3 g/ton Au over 2.5 m, all included in a mineralized envelope of 27.8 m grading 2.5 g/ton Au).
This program includes 7,000 m of directional drilling and targets about 12 intersections in the gold zones, through two pilot holes.
Drilling on Zones 5B4-5M4-5NE, recently led to the development of new gold resources and currently represents the best exploration potential on the property. This potential is in addition to the current resource estimate of the North and South Gold Corridor as well as the drilling of Zone 6N1.
Philippe Cloutier, President and CEO, Cartier Resources Inc.
The Chimo Mine property’s mineralization includes 25 gold zones within 16 gold structures categorized into three gold-bearing corridors. On November 5th, the company publicized its first resource estimate for the Chimo Mine property.
The resource estimate was generated on the Central Gold Corridor that hosts Zones 5B, 5B2, 5B4, 5C, 5M, 5M2, 5M3, 5M4, 5N, 5NE, and 6N1. Based on a gold price of US$ 1,292 per ounce and a cut-off grade of 2.5 g/ton Au, the estimated resource yielded:
- 461,280 ounces of gold in the designated resource group from 3,263,300 tons at an average grade of 4.40 g/ton Au
- 417,250 ounces of gold in the inferred resource group from 3,681,600 tons at an average grade of 3.53 g/ton Au
A resource estimate is ongoing for the Northern Gold Corridor that includes Zones 1A, 1B, 2B, 2, 2W, 3, 3E, 3W, 4B, and 4B2, and also for the Southern Gold Corridor that includes Zones 6, 6B, 6P, and 6P2.
Furthermore, about 4,000 m of drilling is being scheduled to investigate the peripheral extensions of Zone 6N1, which is merely 125 m away from the underground infrastructure.
Chimo Mine Project Highlights
- Cartier holds a 100% interest in the property, for which 1% Net Smelter Return (NSR) royalty has been granted to IAMGOLD Corporation. No rights of first refusal (“buy-back”) have been decided.
- The property, which is accessible throughout the year, is situated near 6 mils in the Val-d’Or area.
- Fourteen gold zones were put to use 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 includes a network of drifts spanning 7 km, distributed over 19 levels and linked by a 5.5 m x 1.8 m three-compartment shaft with a depth of 920 m. Twenty sublevels and raises are also present. The headframe and the surface installations were undone in 2008, but the 25 kV power line and the sandpit remain in place.
- The latest drilling of Phases I, II, and III, finished to date by Cartier on the Chimo Mine property, comprises 109 holes totaling 49,251 m. This work showed the continuity of the main 5B and 5M gold zones under the current mining infrastructure, investigated the extensions of 19 gold zones peripheral to the main zones and investigated the extensions of the 7 gold zones that were prioritized, which facilitated the discovery of the Zones 5B4-5M4-5NE and promoting the potential of Zone 6N1. These areas possess the exceptional potential to deliver future discoveries.