Cartier Resources Inc. (TSX.V: ECR)
Announces the results of the mineral resource estimate of the Central Gold Corridor of the Chimo Mine property, located 45 km east of Val-d’Or, Quebec, Canada.
CARTIER PUBLISHES ITS FIRST MINERAL RESOURCE ESTIMATE OF THE CENTRAL GOLD CORRIDOR ON THE CHIMO MINE PROPERTY
- The Central Gold Corridor resource estimate for the Chimo Mine property (FIGURE 1) was produced using a gold price of US $ 1,292 per ounce and a cut-off grade of 2.5 g/t Au:
- 3,263,300 tonnes at an average grade of 4.40 g/t Au for a total of 461,280 ounces of gold in the indicated resource category;
- 3,681,600 tonnes at an average grade of 3.53 g/t Au for a total of 417,250 ounces of gold in the inferred resource category;
- Work on expanding resources is underway via:
- The estimate of the resources of the North Gold Corridor and South Gold Corridor;
- The preparation of exploration drilling of the geometrical extensions below the new Zones 5B4-5M4-5NE, which will start on November 20th using 2 drill rigs (FIGURE 1).
Val-d’Or, November 5th, 2019 – Cartier Resources Inc. (TSX-V: ECR) (“Cartier”)
Announces the results of the mineral resource estimate of the Central Gold Corridor of the Chimo Mine property, located 45 km east of Val-d’Or. The estimate, completed and made available on November 4th, 2019, was prepared by Mr. Christian D’Amours, P. Geo., B. A. Sc. from GeoPointCom Inc., an independent Qualified Person as defined by NI 43-101.
” These resources, with existing underground infrastructure, are key elements of the Company’s short-term growth strategy,” commented Philippe Cloutier, President and Chief Executive Officer, adding that ” this represents only a portion of the potential of the Chimo Mine property. The resource estimates for the North and South Gold Corridors are in progress and are in addition to, the potential that can be outlined via drilling soon to be launched below Zones 5B4-5M4-5NE, which reported excellent results last June. ”
The table of the sensitivity of the cut-off grade on the gold resources (FIGURE 1) is presented below:
|MINE CHIMO PROJECT – CENTRAL GOLD CORRIDOR|
|Indicated Resources||Inferred Resources|
|Cut-Off grade (g/t Au)||Metric ton (t)||Grade (g/t Au)||Troy Ounce (oz)||Metric ton (t)||Grade (g/t Au)||Troy Ounce (oz)|
The table above illustrates the sensitivity of this mineral resource estimate to different cut-off grades for an underground operation scenario with reasonable outlook for economic extraction. The reader is cautioned that the figures provided in this table should not be interpreted as a statement on mineral resources. Quantities and estimated grades for different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the resource model to the choice of a specific cut-off grade.
Mineralisation of the Chimo Mine property consists of 25 gold zones within 16 gold structures, that are grouped into three gold bearing corridors (FIGURE 1). The results of this release present only the resource estimate of the Central Gold Corridor, consisting of Zones 5B, 5B2, 5B4, 5C, 5M, 5M2, 5M3, 5M4, 5N, 5NE and 6N1. Zones 5B, 5B2, 5C, 5M, 5M2 and 5N are located, in part, within the infrastructure of the former Chimo mine, while Zone 6N1 is located 125 m to the south and Zones 5B4 – 5M4 – 5NE are located 450 m to the east.
Zones 5B4-5M4-5NE, recently developed and particularly through the excellent results of June 2019, have led to the development of new resources in the eastern part of the property. This new area, with strong discovery potential under Zones 5B4 – 5M4 – 5NE (FIGURE 1), will be drilled again starting November 20th, 2019.
The resource estimate for the Northern Gold Corridor consisting of Zones 1A, 1B, 2B, 2, 2W, 3, 3E, 3W, 4B and 4B2 and the Southern Gold Corridor, consisting of Zones 6, 6B, 6P and 6P2, is in progress.
Additional notes on resource estimates
- These mineral resources are not mineral reserves because their economic viability has not been demonstrated. The amount and content of inferred resources reported in this mineral resource estimate is uncertain and there can be no assurance that some or all of the Inferred Mineral Resources may be converted to indicated mineral resources with further exploration drilling.
- The mineral resource estimate is in accordance with the current standards and guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and NI 43-101 for the publication of mineral resources.
- Resources are presented in situ for an undiluted underground operation scenario and considered to have reasonable outlook for economic extraction.
- A cut-off grade of 2.5 g/t Au was used to estimate mineral resources from calculations made with the following key parameters:
- gold price of US $ 1,292 / oz
- exchange rate of US $ 1.3 / CAN per troy ounce
- cost of mining and hoisting $ 90 / t
- transportation cost of $ 20 / t
- milling cost of $ 25 / t
- recovery percentage of 90%