Posted in | News | Gold | Mining Infrastructure

Cartier Updates 2024 Drilling Program at Chimo Mine Project

Cartier Resources Inc. ("Cartier" or the "Company") has issued an update on the progress of its 2024 Drilling Program for the Chimo Mine Project. The Project includes the Chimo Mine and East Cadillac properties, with the latter acquired on April 7th, 2022. Exploration of this new area began on January 4th, 2024. Both properties are fully owned by Cartier and are strategically situated 45 km east of the Val-d’Or mining camp.

Cartier Updates 2024 Drilling Program at Chimo Mine Project
Chimo Mine Project 2024 Drilling Program. Image Credit: Cartier Resources

The program’s goal is to drill 165 holes totaling 25,000 m to explore new gold zones close to the Chimo Mine resources area within the Larder Lake—Cadillac faults corridor. Drilling focuses on the top 50 past performance outcomes out of 780 drill holes completed between 1937 and 2021. The Favorable Gold Strike, investigated by this program, spans 10 km in length, with Cartier acquiring 75 % of it in April 2022.

Phase I of the program focused on drilling operations in the wetlands of the project, which are more accessible during the winter months. Phase II drilling activities will now proceed in forested areas across the remaining portion of the property until the conclusion of 2024.

Beyond confirming the Project’s potential for high-grade gold mineralization at shallow depths along strike of the core Chimo Mine Gold System, the operational performance of the Program in frozen terrain, in exceptionally mild temperatures, was higher than expected. We are confident that high-grade gold structures continue even further east and west of the Chimo Mine resources,” commented Cartier’s President and CEO.

About the Chimo Mine Project

Positive PEA, after tax: NPV5 % of CA$388M and 21 % IRR

MRE: 720,000 ounces of gold in Indicated Resources and 1,633,000 ounces of gold in Inferred Res

Source: https://ressourcescartier.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.