VAL-D’OR, QUEBEC–(Marketwired – Jan. 11, 2018) – Cartier Resources Inc. (TSX VENTURE:ECR) (“Cartier”) is pleased to announce that 4 drill rigs are currently in operation on the Chimo Mine property, located 45 km east of Val-d’Or, to complete 20,000 m of drilling in the coming months. The program is intended to explore the depth and lateral extensions of 23 known gold zones in order to expand their dimensions (VIDÉO 3D).
In 2017, Cartier completed 56 holes totaling 21,000 m on the Chimo Mine, Wilson and Cadillac Extension properties and 8,000 m on the Fenton property which is in partnership with SOQUEM. Of this drilling, more than 3,000 assay results are still pending. The 11,000-m drilled on the Chimo Mine property demonstrates the continuity of gold mineralization in three areas. Similarly, the 8,000-m drilled on the Wilson property prioritized 2 out of 4 gold zones where a 10,000-m drilling program will be completed in 2018.
Alongside these activities, Cartier has built a solid financial position starting in 2018 with $ 16,000,000 in its coffers. During 2017 Cartier has:
- Attracted Agnico Eagle Mines Limited as a strategic investor. Agnico, re-invested to maintain its strategic position of investment in Cartier by holding 17% of the issued and outstanding common shares;
- Interested 3 new institutional investors to buy a total of 15% of issued and outstanding common shares;
- Convinced the Québec institutional funds to increase their participation in 13% of issued and outstanding common shares.
“The Company is active in the heart of 2 major areas of interest in Abitibi, namely the Val-d’Or Mining Camp and the recent Osisko area play in the Urban-Barry – Lebel-sur-Quévillon – Chapais belt.”, commented Philippe Cloutier, President and CEO, adding, “This year we are focussing on two of our assets, where drilling in the lateral and deep extensions of the gold mineralization has confirmed the continuity of the mineralization.”
Quality Assurance / Quality Control
The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P. Geo., Ph. D. and Vice President for Cartier Resources. Mr. Lavallière is a qualified person as defined by National Instrument 43-101.
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
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