Cartier Publishes Maiden NI 43-101 Mineral Resource Estimate on the Benoist Property
Highlights:The resource estimate for the Pusticamica Gold Deposit on the Benoist Property was produced using a gold price of US $ 1,610 per ounce and a cut-off grade of 1.5 g/t AuEq:○ 1,455,400 tonnes at an average grade of 2.87 g/t AuEq for a total of 134,400 ounces of gold in the indicated resource category;○ 1,449,600 tonnes at an average grade of 2.30 g/t AuEq for a total of 107,000 ounces of gold in the inferred resource category.Drilling that aims to expand the resource is planned to commence with two rigs in January.VAL-D’OR, Quebec, Dec. 17, 2020 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announces the results of the mineral resource estimate of the Pusticamica Gold Deposit of the Benoist Property, located 65 km northeast of Lebel-sur-Quévillon in the province of Québec. The estimate, completed and made available on December 16, 2020, was carried out by Ms. Christine Beausoleil P. Geo. and Claude Savard P. Geo. of InnovExplo Inc., independent qualified persons within the meaning of NI 43-101.« The Pusticamica deposit has the characteristics required for bulk tonnage approach as evidenced, among other things, by the geometry of the deposit, the polymetallic mineralization and the first results of the property’s resource estimate (FIGURE) » commented Philippe Cloutier, President and CEO.The table below presents the estimated mineral resources to date for the Benoist Property:At this stage, it is reasonable to believe that a crown pillar, somewhere between 500,000 and 700,000 t at grades between 3.5 g/t AuEq and 4.5 g/t AuEq, may be added to the project conditional to the success of a geotechnical drilling program, a rock mechanic study and a resources estimation that follow NI 43-101 and CIM definitions and guidelines. This is based on drilling results and preliminary grade block model covering the crown pillar between 30 m to 100 m below surface. The reader should be cautioned that this potential crown pillar is not a mineral resource estimate and is conceptual in nature. There has been insufficient exploration and engineering works to define this as a mineral resource, and it is uncertain if further exploration and engineering will result in the exploration target being delineated as a mineral resource.The table of the sensitivity of the cut-off grade on gold resources is presented below:The table above illustrates the sensitivity of this mineral resource estimate to different cut-off grades for an underground operation scenario with reasonable prospects for economic extraction. The reader should be cautioned that the figures provided in the Table should not be interpreted as a mineral resource statement. The reported quantities and grade estimates at different cut-off grades are presented in-situ and for the sole purpose of demonstrating the sensitivity of the model.Additional notes on resource estimatesFeatures of the Benoist ProjectThe Benoist Property hosts the Pusticamica gold deposit, which also contains copper and silver concentrations.This mineralization has all the typical characteristics sought by Cartier and as at the Chimo Mine Project could rapidly outline high-tonnage mineralization.Cartier holds a 100% interest in the property for which 2.5% net smelter return (“NSR”) royalties have been awarded of which 2.0% is redeemable at any time for CAN $ 2M.The property, which is accessible year-round via forestry road 3000, is located near the mills of the Langlois and Bachelor mines and the future mill of Osisko Mining’s Windfall Project.Work to date on the property consists of 93 boreholes totalling 32,356 m, resulting in 14,243 samples collected over a sampled length of 14,647 m.
Award of Stock Options
On December 16th, 2020, the Board of Directors granted a total of 2,100,000 stock options to directors, officers, and one employee of the Company. Pursuant to the terms of the stock option plan, each option will entitle the holder thereof to purchase one common share of the Company at a price of $0.235 per share no later than December 15th, 2025.About Cartier
Cartier Resources Inc., founded in 2006, is based in Val-d’Or, Quebec. The province has consistently ranked as one of the world’s best mining jurisdictions, primarily because of its favourable geology, attractive fiscal environment and pro-mining government.The Company has a strong cash position with more than $13.4 million and a significant corporate and institutional endorsement, including Agnico Eagle Mines, Merian Global, and Quebec investment funds.Cartier’s strategy is to focus on gold projects with features that offer the potential for rapid growth.The Company holds a portfolio of exploration projects in the Abitibi Greenstone Belt of Quebec, one of the world’s most prolific mining regions.The Company’s focus is to advance its four key projects through drilling programs. All of the projects were acquired at reasonable costs in recent years and are drill-ready with targets along the geometric extensions of gold deposits.Exploration work is currently focused on the Chimo Mine and Benoist properties to maximize value for investors. The Company is preparing the next phase of exploration work, which will entail drilling programs on the Benoist, Fenton and Wilson properties.Qualified Persons
The scientific and technical information on the Company and the Benoist Project in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P.Geo., PhD, Cartier’s Vice-President, and Mr. Ronan Déroff, P.Geo, M.Sc., Cartier’s Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavallière approved the information contained in this press release.The qualified persons independent of the issuer within the meaning of NI 43-101, responsible for estimating the mineral resources of the Pusticamica gold deposit of the Benoist Property, are Ms. Christine Beausoleil, P.Geo. and Claude Savard, P.Geo., of InnovExplo Inc. Ms. Beausoleil and Ms. Savard declare that they have read this press release and that the scientific and technical information relating to the resource estimate presented therein is consistent.About InnovExplo
InnovExplo is a consulting firm providing services in mineral exploration, mining geology, mineral resources, mining engineering, the environment, and sustainable development. Since its founding in 2003, InnovExplo has worked on 450 different mandates for 170 junior mineral exploration companies and producers. The firm has produced more than 300 geological or engineering reports for projects covering almost all areas of a mining project, from exploration to operations, mainly including the drafting of NI 43-101 technical reports.For more information, please contact:Philippe Cloutier, P.Geo.
President and CEO
Telephone: 819 856-0512
www.ressourcescartier.comNeither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/008673a2-ace5-42c7-beee-25be4a8bc8b3