Cartier to reappraise potential of Quebec gold project

Cartier to reappraise potential of Quebec gold project
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Val d’Or – Cartier Resources Inc. [ECR-TSXV] on Friday released results from a geophysical survey and subsequent drilling on the Benoist property, which is located 65 kilometres northeast of Lebel-sur-Quevillon, Quebec.

It said the programs aimed to further develop the potential of the project following the release of a NI 43-101 resource estimate, published on January 29, 2021.  The company has said the Pusticamica Gold Deposit on the Benoist property contains an indicated resource of 1.45 million tonnes at an average grade of 2.87 g/t gold equivalent (AuEq) or 134,400 ounces. On top of that is an inferred resource of 1.45 million tonnes of average grade 2.30 g/t AuEq or 107,000 ounces.

The company has said it was aiming, among other things, to explore the potential around the Pusticamica deposit in a bid to discover additional deposits.

A drill program, carried out between January and September 2021 consisted of 27 holes for a total of 17,000 metres. Of that amount, ten were drilled along the lateral extension of the Pusticamica deposit.

“The Bonoist mineralized system (including the resources of the Pusticamica deposit), as demonstrated by the recent drilling, is present over a strike length of 3.0 kilometres, attains widths of 350 metres and reaches a depth of 1,300 metres. It is still open,” the company said in a press release.

However, the company said drilling in 2021 did not identify additional high-grade zones. “We continue to receive results and will reappraise the Benoist project potential at the completion of all drilling data,’’ said Cartier President and CEO Philippe Cloutier.

Cartier shares eased 5.8% or $0.01 to 16 cents on volume of 539,380. The shares are currently trading in a 52-week range of 36.5 cents and 16.5 cents

Cartier is advancing the development of its flagship Chimo project (45 kilometres east of Val’dOr), and other projects in Quebec. The company recently said a preliminary economic assessment has been launched at Chimo which hosts an indicated resource of 684,000 ounces of gold, plus 1.35 million ounces in the inferred category.

They include the Wilson project, which has been optioned out to Hawkmoon Resources Corp. [HM-CSE] and is located in a region where Bonterra Resources Inc. [BTR-TSXV, BONXF-OTC, 9BR1-FSE] and Osisko Mining Inc. [OSK-TSX] are developing very significant gold discoveries.

Bonterra has so far outlined an indicated resource of 202,000 ounces and an inferred resource of 897,000 ounces at Gladiator deposit, a feat that Hawkmoon hopes to emulate at its flagship Wilson property

Wilson is situated on the Abitibi Greenstone Belt, about 15 kilometres east of Lebel-sur-Quevillon and consists of 42 unpatented mining claims covering 1,600 hectares. Several mining companies have conducted work programs on the property.

Under the agreement with Cartier, Hawkmoon can earn a 100% interest by delivering cash payments of $1.0 million cash, issuing 5.0 million shares and spending $6 million on exploration, including 24,000 metres of drilling. The payments and work commitments are to be completed over a period of five years.

Cartier said it has a solid cash position exceeding $6.3 million and significant corporate and institutional support.


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