Cartier cuts 11.0 g/t Au over 2.8 m in the EN2 Structure of the Chimo Mine Project

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Cartier cuts 11.0 g/t Au over 2.8 m in the EN2 Structure of the Chimo Mine Project Back to video

Highlights:

• New results from the EN2 Structure:
  • 11.0 g/t Au / 2.8 m including 17.9 g/t Au / 1.0 m

VAL D’OR, Quebec, April 30, 2024 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSXV: ECR, FSE: 6CA) (“Cartier” or the “Company”) announces additional results from its ongoing drilling program (FIGURE 1) for the Chimo Mine Project (FIGURE 2). The project comprises the Chimo Mine and East Cadillac properties, the latter of which was acquired on April 7, 2022. Cartier began exploring this new part of the project in 2024. Both properties are 100% owned by Cartier and located 45 km east of the Val-d’Or mining camp.

The mineralized intervals, intersected 1.7 km southeast of the Chimo Mine resources*, occur within the EN2 Structure at a depth of 65 m.

Cartier’s President and CEO, Philippe Cloutier, commented, « The 2024 drilling results (FIGURE 1) confirm the project’s potential for high-grade gold along a favourable trend measuring 2.4 km to date. »

Table 1: Details of the new results

The lengths of the mineralized intersections are expressed as measured lengths along the drill core.
The estimated true widths of the mineralized intersections are approximately 60% to 90% of the reported lengths.

About the Chimo Mine Project:

• Positive PEA**, after tax: NPV_5% of CA$388M and 21% IRR
• MRE*: 720,000 ounces of gold in Indicated Resources and 1,633,000 ounces of gold in Inferred Resources

* NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R. Beauvais, P.Eng., InnovExplo Inc., August 22, 2022.

** 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, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, May 29, 2023.

About Cartier Resources Inc.

Founded in 2006, Cartier Resources Inc. is an exploration company based in Val-d’Or, Quebec, Canada. The Company’s projects are located in Quebec, which consistently ranks among the world’s best mining jurisdictions. Cartier is actively advancing the development of its flagship Chimo Mine Project and exploring its other projects. The Company has a solid cash position of $3.1 million and significant corporate and institutional support, including Agnico Eagle Mines, O3 Mining and provincial investment funds.

Quality Assurance / Quality Control

For each batch of samples sent to the laboratory, Cartier inserts 5% of the number of samples in the form of certified standards and another 5% in the form of blanks to ensure quality control. The samples are analyzed at the Techni-Lab (Actlabs) laboratory in Ste-Germaine-Boulé, Quebec, Canada. Samples weighing 3 to 5 kg are crushed by the laboratory to 90% passing 10 mesh (2.00 mm), then a 500 g fraction of each sample is pulverized to 90% passing 200 mesh (0.07 mm). The resulting 50 g pulps are analyzed by fire assay with an atomic absorption finish. Samples with results ≥ 1.0 g/t and < 10.0 g/t are re-assayed by fire assay with an atomic absorption finish. Results greater than or equal to 10.0 g/t Au are analyzed by fire assay with a gravimetric finish. For samples containing visible gold, a 500 g subsample of rock is analyzed by the metallic sieve method.

Qualified Persons

The Company’s scientific and technical information in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P.Geo., Ph.D., Vice-President, and Mr. Ronan Déroff, P.Geo., M.Sc., Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in National Instrument 43-101. Mr. Lavallière approved the information contained in this press release.

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e20c2344-e708-4022-8890-c051e84fd02c