Cartier Signs Share Purchase Agreement With O3 Mining
For immediate release
Cartier Signs Share Purchase Agreement With O3 Mining
Val-d’Or, April 7th, 2022 – Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) is pleased to announce
the execution of a definitive share purchase agreement with O3 Mining Inc. (“O3 Mining”) for the
acquisition by Cartier of all of the issued and outstanding shares of Chalice Gold Mines (Qu ebec)
Inc. (“Chalice Quebec”), a wholly-owned subsidiary of O3 Mining, which owns a 100% interest in
the East Cadillac property contiguous with Cartier’s Chimo Mine property in the Val-d’Or Gold
Camp, Quebec, Canada, (the “Transaction”).
The purchase price payable by Cartier to O3 Mining for the acquisition of Chalice Quebec is
46,273,265 common shares of Cartier (the “Cartier Shares”), representing approximately 17.5% of
the pro forma outstanding common shares of Cartier upon the completion of the Transaction.
Completion of the Transaction remains subject to certain closing conditions, including the final
approval of the TSXV.
Transaction Highlights : Consolidation of Cartier’s Chimo Mine property with O3 Mining’s East
Cadillac property for a total land position of 29,754 hectares of highly prospective ground in the
eastern part of the prolific Val-d’Or gold camp (the “Project”), refer to Figure 1 and Figure 2.
Advantages: Eliminate s boundaries, increases resource and potential for additional ounces,
Increased flexibility to strengthen project economics and favor project development and its
construction:
✓ Cartier will hold 100% interest in largest land position east of Val-d’Or:
o Immediate increase of the resource base to 714,400 oz in the indicated category
and 1,527,400 oz of gold in the inferred category (refer to note 1);
o Initial budget designed to increase resources and explore additional potential;
o Significantly increases exploration territory and potential for new discoveries.
✓ Enhanced capital markets profile and exposure;
✓ Platform for further district consolidation;
✓ New partnership formed with O3 Mining.
note 1: The resources are presented as described in the technical report titled “NI 43-101 Technical
Report and Mineral Resource Estimate for the Chimo Mine Project, Quebec, Canada, Christine
Beausoleil, P. Geo. and Claude Savard, P. Geo., InnovExplo Inc., March 2021” as well as in the
Technical Report titled: “2019 Technical Report & Mineral Resources Estimate : East Cadillac Gold
Project, Val-d’Or, Québec, John Langton, P. Geo., Vincent Jourdain, P. Eng., MRB & Associates,
April 30th 2019”.
On closing of the Transaction, Cartier and O3 Mining will enter into an investor rights agreement
(the “Investor Rights Agreement ”) pursuant to which O3 Mining will be entitled to designate one
director for appointment to the board of directors of Cartier. The Investor Rights Agreement will also
include, among other t hings, pre -emptive and top -up rights in favour of O3 Mining, a standstill
provision for a period of 2 years and a share transfer restriction provision effective for a period of 3
years.
A technical committee will be formed and comprised of one (1) nominee of Cartier and one (1)
nominee of O3 Mining with a purpose to provide strategic advice and guidance to Cartier on
exploration and development activities for the Project, and provide a forum for Cartier and O3
Mining to share their views on the exploration, development and advancement of the Project.
Philippe Cloutier, CEO of Cartier, commented: “The acquisition will provide Cartier with largest land
holding along the prolific Larder Lake - Cadillac Fault east of Val-d’Or as well as a solid resource
base with significant growth potential. The Simon West, Nordeau West and Nordeau deposits,
immediately adjacent to the gold resources of the Chimo Mine property, will provide short term
targets to significantly increase our gold resources.”
About Cartier
Cartier Resources Inc., which was founded in 2006, is an exploration company based in Val -d’Or.
Cartier’s projects are all located in Quebec, which regularly ranks among the best mining
jurisdictions in the world. Cartier is advancing the development of its flagship Chimo Mine project
and actively exploring its other projects. Cartier has a solid cash position exceeding $ 5.5M and
significant corporate and institutional support s, notably with Agnico Eagle Mines, O3 Mining and
the Quebec investment funds.
Qualified Persons
The scientific and technical information 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.,
Senior Geologist, Project Manager and Geomatician, both “qualified persons” as defined in National
Instrument 43 -101 - Standards of Disclosure for Mineral Projects ( “NI 43 -101”). Mr. Lavallière
approved the information contained in this press release.
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Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information ” within the meaning of the applicable
Canadian securities legislation that is based on expectations, estimates, projections, and
interpretations as at the date of this news release. The information in this news release about
Cartier completing the Transaction and any other information herein that is not a historical fact may
be “forward-looking information”. The forward-looking information is based on certain assumptions,
which could change materially in the future. Any statement that involves discus sions with respect
to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases such as "expects", or "does not
expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate",
"plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such
words and phrases or stating that certain actions, events or results "may" or "could", "wou ld",
"might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be
forward-looking information and are intended to identify forward -looking information. This forward-
looking information is based on reasonable assumpti ons and estimates of management of Cartier
at the time it was made, involves known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements to be materially different from any
future results, perfor mance or achievements expressed or implied by such forward -looking
information. Such factors include, among others, risks relating to the restart of operations; further
steps that might be taken to mitigate the spread of COVID -19; the impact of COVID -19 related
disruptions in relation to Cartier’s business operations including upon its employees, suppliers,
facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation
to travel, and other financial market and social im pacts from COVID-19 and responses to COVID
19. Although the forward -looking information contained in this news release is based upon what
management believes, or believed at the time, to be reasonable assumptions, Cartier cannot
assure shareholders and prospective purchasers of securities that actual results will be consistent
with such forward-looking information, as there may be other factors that cause results not to be as
anticipated, estimated or intended, and neither Cartier nor any other person assumes responsibility
for the accuracy and completeness of any such forward -looking information. Cartier does not
undertake, and assumes no obligation, to update or revise any such forward-looking statements or
forward-looking information contained herein to r eflect new events or circumstances, except as
may be required by law.
For more information, please contact:
Philippe Cloutier, P.Geo.
President and CEO, Cartier Resources
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.
Mine
LEGENDE
0 25 km12.5
Larder Lake - Cadillac Fault
117
Road
Closed Mine
Gold Zones