QUEBEC –
Cartier Resources has released a maiden resource for the Central Gold Corridor on its Chimo mine property, 45 km east of Val-d’Or.
Indicated resources stand at 3.26 million tonnes grading 4.4 g/t gold for 461,280 oz. of contained gold. Inferred resources add 3.68 million tonnes grading 3.53 g/t gold per tonne for 417,250 oz. of contained gold.
The maiden resource was based on 3,429 drill holes totalling 279,670 metres.
Mineralization at the Chimo mine property, made up of 12 contiguous claims covering 334 hectares, consists of 25 gold zones within 16 gold structures grouped into three gold bearing corridors: North, Central and South.
This maiden estimate represents only resources from the Central gold corridor. Estimates for the Northern and Southern corridors are in progress.
The Chimo property hosted a past producing mine on the Larder Lake-Cadillac Fault, at the southeast end of the Val-d’Or mining camp. The mine produced a total of 379,012 oz. of gold between 1964 and 1997 for three companies.
The company holds a 100% interest in the property, and
Iamgold has a 1% net smelter return royalty on the project.
At press time, Cartier was trading at 15.5¢ per share within a 52-week range of 10.5¢ to 21.5¢. The company has 177 million common shares outstanding for a $27.5-million market capitalization.
This story originally appeared on www.NorthernMiner.com.
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