ECR:CC - Cartier Resources: Advancing a Past Producing Mine in Quebec
2024-03-27 17:08:02 ET
Existing projects in the prolific Abitibi Gold district in Northern Quebec
Cartier Resources was founded in 2006 and is based in Val-d’Or, Quebec. The province of Quebec has consistently ranked as one of the best mining jurisdictions in the world. This is primarily because of its favourable geology, attractive fiscal environment and pro-mining government.
Since 2012, Cartier Resources has been focused on reviving “brownfields” projects. In fact, the company bought existing projects in the prolific Abitibi Gold district in Northern Quebec. Their plan was to increase the known gold resources through exploration .
Cartier was looking for projects that had high-grade gold intersections and low grade or constant grade capacity to them and that were held specifically by juniors that had very little cash and that were in a financially distressed situation. "We were able to buy four deposits and we've added value with exploration. And we've generated new ounces of gold and that is soon to be delivered for our investors and senior producers locally," says President and CEO, Philippe Cloutier.
The Chimo Mine
The property, accessible year-round, is located near several concentrators in the Val d’Or region. Historically, the Chimo Mine produced just under 400,000 ounces. And in December, 2019, the first resource estimate chalked it up to combined, indicated and inferred of 880,000 ounces of gold. "And then by May 2020, we had up to 1.2 million ounces of gold. "We hope to hit the 2 million ounce mark and then a preliminary economic study," Cloutier.
Future Plans
The company is also planning a major drilling program for the Benoist Property. "2021 is going to be all about bringing Benoist up to speed and repeating what we've done on Chimo, but in a much more dynamic and aggressive manner on this gold deposit," says Cloutier. Further, drilling on the Fenton and Wilson properties will follow the Benoist program.
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