Cartier Resources (TSXV:ECR) has announced the results of its ongoing drilling program at the Chimo Mine Project, located 45 km east of the Val-d’Or mining camp. The project, which comprises the Chimo Mine and East Cadillac properties, is 100% owned by Cartier. The company began exploring the East Cadillac property, acquired on April 7, 2022, in 2024.
Philippe Cloutier, President and Chief Executive Officer, commented in a press release: “This third set of high-grade results from the VG Structure since August 2023 puts us on track to start a new drilling phase on the VG Zone to further increase its size and continue the search for other gold zones along the prospective 15 km strike of the project.”
The drilling program yielded high-grade gold intersections in the VG Zone at depths of 35 and 45 meters. The company also reported high gold grades 275 meters to the west and 550 meters to the east of the VG Zone, defining the VG Structure along a strike length of 850 meters.
The Chimo Mine Project has shown promising results, with a positive Preliminary Economic Assessment (PEA) indicating an after-tax Net Present Value (NPV) of CA$388 million at a 5% discount rate and an Internal Rate of Return (IRR) of 21%. The project also has a Mineral Resource Estimate (MRE) of 720,000 ounces of gold in Indicated Resources and 1,633,000 ounces of gold in Inferred Resources.
The company’s projects are located in Quebec, which is consistently ranked among the world’s best mining jurisdictions. Cartier is actively advancing the development of its flagship Chimo Mine Project while also exploring its other projects. The company has a solid cash position of $4.2 million and significant corporate and institutional support, including investments from Agnico Eagle Mines, O3 Mining, and provincial investment funds.
As Cartier Resources Inc. continues its drilling program and exploration efforts at the Chimo Mine Project, the company aims to further delineate the gold mineralization and advance the project towards potential development.
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- 13.2 g/t Au / 2.3Â m including 46.1 g/t Au / 0.5Â m
- 7.5 g/t Au / 2.0Â m including 20.6 g/t Au / 0.5Â m
Table 1:Â Details of the new results
| Hole | Coordinates UTM (m) |
Azimuth (°)/ Plunge (°) |
From (m) |
To (m) |
Au (g/t) |
Length (m) |
Gold Zone | Gold Structure |
| Location: West Nordeau Sector – Confirmation of the VG Gold Zone | ||||||||
| CH24-97 | 333540/5319781/349 | 227/-79 | 47.0 | 49.3 | 13.2 | 2.3 | VG | VG |
| including | 48.3 | 48.8 | 46.1 | 0.5 | ||||
| CH24-98 | 145/-58 | 40.5 | 42.5 | 7.5 | 2.0 | |||
| including | 41.0 | 41.5 | 20.6 | 0.5 | ||||
The widths of the mineralized intersections are presented as downhole lengths.
The true widths of the mineralized intersections are estimated at 55% to 70% of the reported core length interval.
Table 2:Â Details of the historical results
| Hole | Coordinates UTM (m) |
Azimuth (°)/ Plunge (°) |
From (m) |
To (m) |
Au (g/t) |
Length (m) |
Gold Zone | Gold Structure |
| Location: West Nordeau Sector – Confirmation of the VG Gold Zone | ||||||||
| CH23-93 | 333527/5319849/351 | 164/-45 | 97.7 | 100.7 | 15.7 | 3.0 | VG | VG |
| including | 99.7 | 100.2 | 75.9 | 0.5 | ||||
| CH23-88 | 183/-47 | 93.0 | 94.0 | 14.2 | 1.0 | |||
| CH23-92 | 166/-51 | 107.5 | 109.5 | 6.4 | 2.0 | |||
| CH23-84 | 197/-68 | 118.5 | 119.3 | 10.7 | 0.8 | |||
| NW08-12 | 333526/5319848/352 | 176/-77 | 132.7 | 133.3 | 18.8 | 0.6 | ||
The widths of the mineralized intersections are presented as downhole lengths.
The true widths of the mineralized intersections are estimated at 75% to 95% of the reported core length interval.
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