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Cartier Iron Corp. Signs Letter Agreement to Acquire Chilean Gold Property
TORONTO, June 16, 2017 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”), is pleased to announce that it has signed a Let
About this update from Cartier Silver Corporation
[{"type":"text","content":"TORONTO, June 16, 2017 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”), is pleased to announce that it has signed a Letter Agreement to earn 55% of Incienso Property (“Incienso Property” or the “Property”), located in the Coquimbo District, III Region, Chile. The Letter Agreement pertains to 31 mining concessions owned by a Chilean private corporation, Compañia Minera La Rubia S.A., that total 4,112 hectares (41.1 square km). The Property is located approximately 23 km from the coastal city of La Serena in III Region, Chile in an active exploration area, and borders Anglo American plc concessions to the West; Minera Mandalay concessions to the east; and Teck-Cominco concessions to the north and north-east. The terms of the Letter Agreement are summarized in Table 1: Table 1: Terms of the Letter Agreement Stage Event Cartier La Rubia Cash Exploration Common Interest Interest Payments Spend Shares Earned Retained US$ US$ Issued 1 Sign Letter of Intent 0 % 100 % $ 15,000 2 Sign Definitive Agreement and Receive Exchange Approval 0 % 100 % $ 50,000 3 First year after Stage 2 0 % 100 % $ 50,000 $ 500,000 250,000 4 Second year after Stage 2 0 % 100 % $ 75,000 $ 500,000 250,000 5 Third year after Stage 2 0 % 100 % $ 125,000 $ 500,000 250,000 6 Fourth year after Stage 2 55 % 45 % $ 150,000 $ 500,000 250,000 Totals $ 465,000 $ 2,000,000 1,000,000 The Incienso Property hosts a series of mesothermal-epithermal veins in diorite, tonalite, and granodiorite host rock intrusions. Veins are present in two principal orientations that parallel local structural discontinuities. The northwest-southeast set of veins varies between 0.7 m to 3.0 m in true width, and have been mapped across surface exposures for up to 2.0 km. The northeast-southwest vein set has similar widths but appears to be more restricted in extent and surface exposure. Rudimentary underground development has been carried out on two of the vein zones; however, only a small amount of material has been mined, judging by the size of waste-dumps at the portals. There are six primary exploration zones, separated by elevation and by the vein system(...