A PIVOTAL YEAR FOR THE CHIMO MINE PROJECT
THE RIGHT TEAM, ASSETS AND CASH IN THE RIGHT PLACE AT THE RIGHT TIME
Cartier Resources Inc., is based in Val-d’Or, Quebec, Canada. The province has consistently ranked as one of the best mining jurisdictions in the world, primarily because of its favorable geology, attractive fiscal environment and pro-mining government.
- The company has a strong cash position with more than $ 13.8 million, as well as a significant corporate and institutional endorsement including Agnico Eagle Mines and Quebec investment funds.
- Exploration work is currently focused on the Chimo Mine Property to maximize value for investors. Cartier holds a 100% interest in the property
- Is accessible year-round and located near 6 mills in the Val-d’Or area.
- The past-producing Chimo Mine extracted gold from fourteen gold zones by 3 producers between 1964 and 1997 for a total production of 379,012 ounces of gold (MERN DV 85-05 to DV-97-01).
- The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m with 3 compartment shaft for a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
- The drilling, completed to date by Cartier on the Chimo Mine Property, consists of 124 holes totaling 58,054 m and 21,867 gold samples collected. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE and to develop the potential of Zone 6N1. These areas have excellent potential to deliver future discoveries.
- The property hosts three gold-bearing corridors (North, Central and South) that to date host the following mineral resources, calculated using a gold price of US $1,300 per ounce and a cut-off grade of 2.5 g/t Au:
- 4,017,600 tonnes at an average grade of 4.53 g/t Au for a total of 585,190 ounces gold in the indicated category;
- 4,877,900 tonnes at an average grade of 3.82 g/t Au for a total of 597,800 ounces gold in the inferred category.
- To date, two internal engineering studies have been completed with positive conclusions. Two other internal engineering studies are underway, along with an internal study to prepare for a new mineral resource estimate on the Chimo Mine Property.
- Work on the update of the Resource Estimate for the Central, North and South Gold Corridors including the depth extension of the new Gold Zones 5B4-5M4-5NE.
- The preparation of the next exploration work is underway to carry out drilling programs respectively on the Benoist, Fenton and Wilson properties.