Cartier Awards Chimo Mine Project PEA to InnovExplo
For immediate release
Cartier Awards Chimo Mine Project PEA to InnovExplo
Val-d’Or, November 4, 2021 – Cartier Resources Inc. (TSX -V: ECR) (“Cartier”) is pleased to
announce that it has awarded to InnovExplo Inc. (“InnovExplo”) which will work in collaboration with
the firm PRB Mining Services Inc., the mandate to prepare a Preliminary Economic Assessment
(“PEA”) in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) for its 100% owned Chimo Mine Project situated along the Cadillac -Larder
Lake Fault, 45 km east of Val-d'Or.
“We are pleased that our Chimo Mine Project has reached this important milestone and believe it
will demonstrate the significant potential of this key asset in the rich Val -d’Or mining district ”
commented Philippe Cloutier, President and CEO of Cartier Resources.
Highlights of the Chimo Mine Project
➢ The project hosts a resource consisting of (FIGURE) :
o 6,616,000 tonnes at an average grade of 3.21 g/t Au for a total of 684,000
ounces of gold in the Indicated category and;
o 15,240,000 tonnes at an average grade of 2.77 g/t Au for a total of 1,358,000
ounces of gold in the Inferred category.
This mineral resource estimate for the Mine Chimo property was completed and made
available on the effective date of March 22, 2021. The mineral resource estimate was
carried out by Ms. Christine Beausoleil, P. Geo. of InnovExplo Inc., an independent
qualified person within the meaning of NI 43-101. The technical report is titled " NI 43-101
Technical Report and Mineral Resource Estimate f or the Chimo Mine Project, Quebec,
Canada ", bearing the date of signature of the May 6 th, 2021 and is available on SEDAR
and on the Company's website . The resource estimate is constrained using DSO
(“Deswik Stope Optimizer”) with a cut-off grade of 2.0 g/t Au for the North and South Gold
Corridors and 1.5 g/t Au for the Central Gold Corridor and using a price of gold of USD
1,612 US / oz.
➢ There is significant infrastructure on site including a 920 m deep three-compartment shaft
and a 25 kV power line.
➢ The property is accessible year-round and is strategically located in the Val -d’Or mining
camp and near third party-owned ore processing facilities.
➢ Cartier’s drilling to date on the Chimo Mine Property consists of 124 holes totalling
58,054 m and 21,867 samples collected for gold analysis.
➢ The property contains fourteen gold zones that were exploited by three producers between
1964 and 1997 for a total production of 379 000 ounces of gold.
➢ There is potential to increase the resources below and peripheral to the 27 gold zones
currently identified on the property (FIGURE).
➢ Cartier holds a 100% interest in the property for which Triple Flag Precious Metals holds a
1% NSR (“Net Smelter Return”) royalty.
About Cartier Resources Inc.
Cartier Resources Inc. was founded in 2006 and is a Val-d’Or based exploration company. The
company’s projects are all located in Quebec, which has consistently ranked as one of the world’s
best mining jurisdictions. Cartier is advancing the development of its flagship Chimo Mine Project
and actively exploring its other projects. The Company has a strong cash position exceeding $6.5
million and a significant corporate and institutional endorsement, including Agnico Eagle Mines,
Jupiter Asset Management and Quebec investment funds.
About InnovExplo Inc.
InnovExplo Inc. is a consulting firm providing services in mineral exploration, mining geology,
mineral resources, mining engineering and sustainable development. Since its founding in 2003,
InnovExplo Inc. 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.
Qualified Persons
The scientific and technical information on the Company and the Chimo Mine Project in this news
release was prepared and reviewed by Mr. Gaétan Lavallière, P. Geo., Ph. D, Cartier’s
Vice - President, and Mr. Ronan Déroff, P. Geo, M. Sc., Cartier’s Senior G eologist, Project
Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavallière approved
the information contained in this press release.
Alain Carrier, P.Geo., M.Sc., and Denis Gourde, Eng. of InnovExplo Inc., qualified persons
independent of the issuer have read this press release and confirm that the scientific and technical
information relating to the Chimo Mine property presented herein is compliant. The mineral
resource estimate of the Chimo Mine Chimo as of the effective date of March 22, 2021 was
completed by InnovExplo Inc. under the responsibility of Christine Beausoleil, P.Geo., a qualified
person independent of the issuer.
For more information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
www.ressourcescartier.com
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for
the adequacy or accuracy of this press release.