Reviewed by Lexie CornerMay 15 2024
Cartier Resources Inc. ("Cartier" or the "Company") has issued an update on the progress of its 2024 Drilling Program for the Chimo Mine Project. The Project includes the Chimo Mine and East Cadillac properties, with the latter acquired on April 7th, 2022. Exploration of this new area began on January 4th, 2024. Both properties are fully owned by Cartier and are strategically situated 45 km east of the Val-d’Or mining camp.
Chimo Mine Project 2024 Drilling Program. Image Credit: Cartier Resources
The program’s goal is to drill 165 holes totaling 25,000 m to explore new gold zones close to the Chimo Mine resources area within the Larder Lake—Cadillac faults corridor. Drilling focuses on the top 50 past performance outcomes out of 780 drill holes completed between 1937 and 2021. The Favorable Gold Strike, investigated by this program, spans 10 km in length, with Cartier acquiring 75 % of it in April 2022.
Phase I of the program focused on drilling operations in the wetlands of the project, which are more accessible during the winter months. Phase II drilling activities will now proceed in forested areas across the remaining portion of the property until the conclusion of 2024.
“Beyond confirming the Project’s potential for high-grade gold mineralization at shallow depths along strike of the core Chimo Mine Gold System, the operational performance of the Program in frozen terrain, in exceptionally mild temperatures, was higher than expected. We are confident that high-grade gold structures continue even further east and west of the Chimo Mine resources,” commented Cartier’s President and CEO.
About the Chimo Mine Project
Positive PEA, after tax: NPV5 % of CA$388M and 21 % IRR
MRE: 720,000 ounces of gold in Indicated Resources and 1,633,000 ounces of gold in Inferred Res