Business
Cartier Iron Suspends Work at Big Easy Gold Project, Newfoundland and Resumes Focus on its 55%-Owned Lac Penguin Iron Deposit, Gagnon, Quebec
TORONTO, April 26, 2019 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE: CFE) (“Cartier Iron” or the “Corporation”), announces that the Corporation is suspend
About this update from Cartier Silver Corporation
[{"type":"text","content":" TORONTO, April 26, 2019 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE: CFE) (“Cartier Iron” or the “Corporation”), announces that the Corporation is suspending work on the Big Easy Gold Project (“Big Easy” or the “Property”) near Clarenville, NL, and is resuming focus on its 55%-owned Lac Penguin Iron Deposit, Gagnon, Quebec. Big Easy hosts an extensive, but little explored, low sulphidation epithermal gold system that occurs on a prominent boundary between volcanic and sedimentary rocks in the Neoproterozoic Avalon Zone. The Induced Polarization/Resitivity (IP/Res) survey completed in winter 2018 outlined a four kilometre long chargeability anomaly extending from the Big Easy to the ET showings. This anomaly is open along strike to the north and south (see press releases May 1, 2018 and August 30, 2018). Cartier Iron completed a reconnaissance diamond drill program of 4 holes totalling 1,249m in fall 2018. Hole BE18-30 intersected a major new anomalous alteration zone grading 0.11 g Au/t and 2.65 g Ag/t over 180.4m core length on the western edge of the Central chargeability anomaly. The results from the drill program confirmed that the Central chargeability anomaly reflects an extensive zone of epithermal alteration and mineralization that is up to 200m wide with a depth extent of at least 250m (see press releases December 20, 2018 and January 16, 2019). The zone is open along strike and downdip. The grades are consistently anomalous throughout the entire section of this hole suggesting the potential for a well mineralized core zone in the strongest part of the chargeability anomaly. The holes completed only tested the western and eastern edges of the Central anomaly due to the constraints of the bog which overlies the anomaly. The Central Anomaly sits on the north-eastern margin of a “Protected Public Water Supply” area centred on the Clarenville, NL area. This area is considered to be in the drainage basin for the Shoal Harbour River, which is the potable water supply for the town of Clarenville and environs. Drilling can be done within a “Protected Public Water Supply Area” but requires extensive additional permitting. While moving the drill sites out of the Area mitigates the additional permitting, it adds additional meterage to planned drill holes and drilling from the west is much less effective in...