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Be the first with the news that moves the market- Cartier Resources (TSXV:ECR) has resumed drilling at its Chimo Mine Property following approval from the Quebec Government
- The company owns 100 per cent of the property, with a one per cent net smelter royalty granted to IAmGold Corporation
- Drilling rigs will focus on the depth extension of two recently discovered mineralisation zones
- These gold-bearing zones extend from the surface to a depth of 1,300 metres
- To date, the company’s drilling programs at the site consist of 121 holes totalling 55,890 metres
- Cartier Resources (ECR) is currently steady at C$0.17 per share, with a market cap of $32.58 million
Cartier Resources (TSXV:ECR) has resumed drilling at its Chimo Mine Property following approval from the Quebec Government.
Exploration efforts in the region had previously been placed on suspension due to the COVID-19 pandemic, but with restrictions now more relaxed, operations were once again green-lit from May 11.
Cartier owns 100 per cent of the Chimo Mine Property, which sits 45 kilometres east of Val-d’Or. A one per cent net smelter return has also been granted to IAmGold Corporation.
To date, drilling programs completed by the company consist of 121 holes totalling 55,890 metres, with 20,792 gold samples collected.
This work has demonstrated the continuity of the primary 5B and 5M gold zones, which resulted in the exploration of several other extensions.
Subsequently, this allowed for the discovery of Zones 5B4-5M4-5NE and 5CE, which are thought to have excellent potential for the delivery of future discoveries.
With the recommencement of drilling, Cartier plans to operate two drill rigs, which will focus on the depth extension of Zones 5B4-5M4-5NE and 5CE. This cluster of gold-bearing deposits extends from the surface to a depth of 1,300 metres.
In addition, internal engineering studies and tests of industrial mineralisation sorting are currently under way.
This will assess the possibility forecast reduction, while increasing gold ounce recuperation. As such, this has the potential to significantly improve the mineral resource of the property.
President and CEO of Cartier Resources, Philippe Cloutier said the company is well positioned to take on the Chimo drill program.
“With a solid position of C$5.5 million in cash, Cartier can pursue its drill program and internal engineering studies and industrial sorting of mineralisation tests with a goal of increasing the resource on the property,” he added.
Pursuant to the resumption of operations and recommendations from the Department of Public Health, Cartier has implemented a range of safety protocols at the site.
Designed to monitor the ongoing COVID-19 situation, these will apply to all employees, contractors, consultants, suppliers and the community at large.
Cartier Resources (ECR) is currently steady at $0.17 per share, as of 11:55am EDT.
