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Cartier Resources Highlights Gold Potential over 15 km Strike on Chimo Mine Project
VAL-D'OR, Quebec, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) presents an update of the potential for the Chimo Mine Proje
About this update from Cartier Resources Inc.
[{"type":"text","content":" VAL-D'OR, Quebec, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) presents an update of the potential for the Chimo Mine Project (“The Project”), comprising the Chimo Mine and East Cadillac properties, the latter of which was acquired in the spring of 2022. The Project, 100% owned by Cartier, is located at 45 km east of the Val-d'Or mining camp. The favorable context for discovery of Chimo Mine type gold mineralization, as defined by Cartier’s work over the past 10 years, occurs along a 15-km long east-south-east – west-north-west oriented strike. The sector currently contributing to the Project’s recent PEA* and Mineral Resource Estimate** occupy a 3.7 km long segment of which represents only 25% of this favorable strike length (FIGURE 1). The favorable strike is marked by numerous historical drill hole intersections and several deposits, most only drilled to shallow depths, and all coincident within a string of MegaTEM anomalies. The table below presents historical drill hole intersections along favorable strike of the Project. « This 15-km long stretch shows significant potential to increase resources and discover new gold zones on the Project. Drilling programs are ready and the Cartier’s team is currently reviewing multiple scenarios to rapidly showcase the value of the Chimo Mine Project » commented Philippe Cloutier, President and CEO. Table: Historical drill hole intersections along favorable strike of the Project (FIGURE 1) Drill Hole CoordinatesUTM (m) Azimuth (°)/Plunge (°) From(m) To(m) Au(g/t) Length(m) Sector 10 330918/5320314/335 180/-45 109.7 114.9 13.2 5.2 West Simon 07-84-25 330932/5320380/335 180/-45 26.2 31.2 7.9 5.0 NE09-01 334801/5319598/352 180/-70 293.0 299.5 12.3 6.5 Nordeau 08-84-19 334858/5319425/351 182/-53 116.7 119.4 12.9 2.7 NR-87-22 335550/5319359/354 185/-63 185.2 191.1 31.4 5.9 East Nordeau N-6 335507/5319328/355 185/-45 125.6 128.0 23.5 2.4 BA-88-14 338222/5319429/360 180/-40 66.2 71.3 13.0 5.1 East Bateman BA-90-09 338306/5319367/361 180/-65 29.7 33.9 9.3 4.2 The lengths of the mineralized intersections are expressed as lengths measured along the drill core. Reminder of the highlights of the Chimo Mine Project: Recent positive Preliminary Economic Assessment* (FIGURE 2): Post-Tax NPV5% of CAD$388M and 20.8% IRR Average annual production of 116,900 ounces of g...