VAL-D’OR, Quebec, Jan. 21, 2021 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces that it has commenced drilling on the Benoist Property, located 65 km northeast of Lebel-sur-Quévillon in the province of Québec. The program follows the maiden NI 43-101 Resource Estimate published December 17th 2020 (FIGURE). Two drill rigs with directional drilling crews will be employed to complete the four-phase program for a total of roughly 30,000 m.
- The Pusticamica deposit has the characteristics required for a bulk tonnage approach as evidenced, among other things, by the geometry of the deposit, polymetallic mineralization and the results of the maiden resource estimate on which the drilling program is based.
- The NI 43-101resource estimate for the Pusticamica Gold Deposit on the Benoist Property1 was produced using a gold price of US $ 1,610 per ounce and a cut-off grade of 1.5 g/t AuEq:
- 1,455,400 tonnes at an average grade of 2.87 g/t AuEq for a total of 134,400 ounces of gold in the indicated resource category;
- 1,449,600 tonnes at an average grade of 2.30 g/t AuEq for a total of 107,000 ounces of gold in the inferred resource category.
- Drilling aims to expand the resource of the Pusticamica deposit and discover new deposits peripheral to the known mineralization (FIGURE).
Note 1 – The estimate, completed and made available on December 16, 2020, was carried out by Ms. Christine Beausoleil P. Geo. and Claude Savard P. Geo. of InnovExplo Inc., independent qualified persons within the meaning of NI 43-101. The full report is expected to be filed on or before January 29th2021 on SEDAR
The current controlled directional drilling program consists of 4 phases totaling approximately 30,000 m. These phases are as follows:
- Phase I: Delimit by drilling the extension of the mineralization of the Pusticamica deposit between 350 and 650 m depth;
- Phase II: Delimit by drilling the extension of the mineralization of the Pusticamica deposit between 650 m and 1,300 depth;
- Phase III: Explore the potential peripheral to the Pusticamica deposit to discover additional deposits. A total of 5 potential sectors will be drilled. The targets, located between 150 and 450 m, consist of “OreVision IP” -type anomalies, with a geophysical signature similar to that of the Pusticamica deposit. All of these anomalous sectors are found inside the Favorable Auriferous Corridor known over a strike length of 2,200 m. Three of these anomalous sectors are directly located in the eastern and western extensions of the Pusticamica deposit (FIGURE).
- Phase IV: Define the upper part (30 m to 350 m) of the deposit to increase the resources and collect mineralization aimed at carrying out technical tests to optimize the value of the project from the metallurgical aspects as well as industrial sorting of the mineralization.
« Cartier is making progress on several fronts at the moment and we anticipate positive results on the Chimo Mine project as well as the recently launched Benoist drill program. We believe this course of action will reward our shareholders in the coming months. » commented Philippe Cloutier, President and CEO.
Features of the Benoist Project
- The Benoist Property hosts the Pusticamica gold deposit, which also contains copper and silver concentrations.
- This mineralization has all the typical characteristics sought by Cartier and as at the Chimo Mine Project could rapidly outline high-tonnage mineralization.
- Cartier holds a 100% interest in the property for which 2.5% net smelter return (“NSR”) royalties have been awarded of which 2.0% is redeemable at any time for CAN $ 2M.
- The property, which is accessible year-round via forestry road 3000, is located near the mills of the Langlois and Bachelor mines and the future mill of Osisko Mining’s Windfall Project.
- Work to date on the property consists of 93 drill holes totalling 32,356 m, resulting in 14,243 samples collected over a sampled length of 14,647 m.
Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec. The province has consistently ranked as one of the world’s best mining jurisdictions, primarily because of its favourable geology, attractive fiscal environment and pro-mining government.
- The Company has a strong cash position with more than $12.9 million and a significant corporate and institutional endorsement, including Agnico Eagle Mines, Jupiter Asset Management, and Quebec investment funds.
- Cartier’s strategy is to focus on gold projects with features that offer the potential for rapid growth.
- The Company holds a portfolio of exploration projects in the Abitibi Greenstone Belt of Quebec, one of the world’s most prolific mining regions.
- The Company’s focus is to advance its four key projects through drilling programs. All of the projects were acquired at reasonable costs in recent years and are drill-ready with targets along the geometric extensions of gold deposits.
- Exploration work is currently focused on the Chimo Mine and Benoist properties to maximize value for investors. The Company is preparing the next phase of exploration work, which will entail drilling programs on Fenton and Wilson properties.
The scientific and technical information in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P. Geo., Ph. D., Cartier’s Vice-President, and Mr. Ronan Déroff, P. Geo., M.Sc., Cartier’s Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavallière approved the information contained in this press release.
Cartier wishes to update its exploration activities in relation to the recent COVID 19 preventive measures announced by the Government of Quebec on January 6, 2021. Currently, two drills are in operation on the Benoist property. Cartier and its contractors on site have implemented strict measures and adhere to the sanitary recommendations of the public health experts in order to prevent any outbreaks and ensure the health and safety of site personnel and surrounding communities.
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ca6d98f-3610-402c-a453-b4c50fe2607d