Business
Cartier Resources Cuts Two New Zones at Chimo Mine Project
Highlights of press release (FIGURE 1): New 5BW Gold Zone (‘’West Chimo Mine’’ Sector): 16.8 g/t Au / 1.0 m, 6.0 g/t Au / 1.0 m and 1.2 g/t Au / 16.0 m New 6N1W
About this update from Cartier Resources Inc.
[{"type":"text","content":" Highlights of press release (FIGURE 1): New 5BW Gold Zone (‘’West Chimo Mine’’ Sector): 16.8 g/t Au / 1.0 m, 6.0 g/t Au / 1.0 m and 1.2 g/t Au / 16.0 m New 6N1W Mineralized Zone (‘’West Chimo Mine’’ Sector): 13.2 g/t Au / 0.5 m and 6.0 g/t Au / 1.0 m within 42.0 m grading 0.9 g/t Au New intersections increasing the dimension of gold zones of ‘’East Chimo Mine’’ Sector: 13.0 g/t Au / 1.0 m, 9.7 g/t Au / 1.0 m included in 6.5 g/t Au / 2.0 m Two drills are currently operating on the property Reminder of the highlights of project: Recent positive Preliminary Economic Assessment* (FIGURE 2): Post-Tax NPV5% of CAD$388M and 20.8% IRR Long term gold price of US$1,750/oz, Exchange rate of CAD $1.00 = US $0.77 Payback period of 2.9 years and mine life of 9.7 years Capex of CAD$341M, average all-in sustaining cost of US$755/oz Average annual production of 116,900 oz at a milled average of 4.6 g/t Au Recent Mineral Resource Estimate** (FIGURE 3): 720,000 ounces of gold in the indicated resource category 1,633,000 ounces of gold in the inferred resource category * NI43-101 Preliminary Economic Assessment for Chimo Mine Project, Québec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Eric Hinton, P.Eng. of A-Z Mining Professionals, Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, April13nd, 2023. ** 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 22nd, 2022. VAL-D’OR, Quebec, May 04, 2023 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announce drill hole results from the program that is in progress at the Chimo Mine Project, where a recent (“PEA”) demonstrated its economic viability. The Chimo Mine property, which is 100% owned by Cartier, is located 45 km east of the Val-d'Or mining camp. “The new results show the discovery potential of the ‘West Chimo Mine’ sector which has seen very little drilling to date; as well as the remainder of the property where gold-bearing zones remain to be further drilled in order to increase their dimensions with a view to fully optimize the resource growth potential of the project,” commented Philippe Cloutier, President and CEO. “West Chimo Mine” Sector (FIGURE 1): T...