Cartier Resources: Gold at a Past Producing Mine
Gold exploration in the Abitibi Greenstone Belt
Cartier Resources is focused on gold exploration in the Abitibi Greenstone Belt. The Company was founded in 2006 and is based out of Val-d’Or, Quebec. Markedly, Quebec has consistently ranked high as one of the best mining jurisdictions in the world. This is primarily based on its mineral rich geology, attractive tax environment, and pro-mining government.
Further, Cartier is focusing on advancing its four key projects through drill programs. All of these projects were also acquired at very reasonable valuations over the past few years. All of them are drill-ready with geometric targets identified similar to the deposits outlined on each project.
Exploration work is currently concentrated on the Chimo Mine property in order to optimize the value for investors. Moreover, preparation for the next exploration work is underway to carry out drilling programs on the Benoist, Fenton and Wilson properties respectively.
The Chimo Mine
Cartier holds a 100% interest in the property for which 1% NSR (” Net Smelter Return ”) royalty has been granted to IamGold Corporation. No rights of first refusal (” buy-back ”) have been granted.
The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m 3 compartment shaft with a depth of 920 m. The headframe and the surface installations were dismantled in 2008 but the 25 kV power line and the sandpit are still in place.
In addition, the drilling, completed to date by Cartier on the Chimo Mine property, consists of 121 holes totaling 55,890 m and 20,792 gold samples collected. This work demonstrated the continuity of the main 5B and 5M gold zones under the existing mining infrastructure, explored the extensions of 19 gold zones peripheral to the main zones and explored the extensions of the 7 gold zones that were prioritized; which allowed the discovery of the Zones 5B4-5M4-5NE and 5CE and to develop the potential of Zone 6N1. Furthermore, these areas have excellent potential to deliver future discoveries.
“We’ve produced a first resource estimate. We reported gold intersects at depth.” says President and CEO, Philippe Cloutier.
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