- Cartier Resources Inc. (ECR) announced the results of its fourth mineral resource estimate for the Chimo Mine gold system in Quebec
- Indicated resources are 720,000 ounces averaging 3.14 grams of gold per tonne
- Inferred resources are 1.63 million ounces averaging 2.75 grams of gold per tonne
- The company will spend $137.5 million to set up mineralized corridors for gold production
- Cartier Resources Inc. (ECR) is unchanged trading at $0.10 per share as of 12:33 p.m. ET
Cartier Resources Inc. (ECR) announced the results of its fourth resource estimate for the Chimo Mine gold system in Quebec.
The gold areas now have an indicated resource of 7.12 million tonnes with an average grade of 3.14 grams of gold per tonne for a total of 720,000 ounces of gold. For the inferred resource, the company expects 18.47 million tonnes at an average grade of 2.75 grams of gold per tonne for 1.63 million ounces of gold.
“The results of the efforts primarily in drilling and resource estimates are intended to be integrated as quickly as possible into the preliminary economic studies of the Chimo Mine project to demonstrate its economic viability,” Philippe Cloutier, President and CEO, said.
According to Cartier, the Chimo Mine gold system has 28 defined gold zones that are part of 19 gold structures.
The company stated its recent acquisition of the West Nordeau deposit, located near the resources of the Chimo Mine property, has made it possible to integrate all the similar resources with a possibility of extraction.
The company expects to spend $83 million to set up in the north and south corridors and $54.5 million on the central corridor for gold production.
Cartier Resources Inc. (ECR) is unchanged trading at $0.10 per share as of 12:33 p.m. ET.
