Cartier Resources – Comprehensive Update On The Chimo Mine Project And Multiple Drill Targets Over 15 Kilometers Of Favorable Gold Strike
Philippe Cloutier, President and CEO of Cartier Resources (TSX.V:ECR – OTC:ECRFF), joins us to highlight the key takeaways from the Preliminary Economic Assessment (PEA) released earlier this year, and the prospectivity to expand resources with multiple exploration targets along 15kms of favorable gold strike at the now consolidated Chimo Mine Project, in Quebec.
Key Highlights from the PEA for Chimo Mine Project
- Long term gold price of US$1,750/oz, Exchange rate of CAD $1.00 = US$0.77
- Post-tax NPV5% of CAD$388M and IRR of 20.8%
- Post-tax payback period of 2.9 years and mine life of 9.7 years
- Capex of CAD$341M
- Average all-in sustaining cost of US$755/oz
- Average annual production of 116,900 oz
- 4,500 tpd underground operation
- Average sorted grade of 4.55 g/t Au for mill feed
- Processing plant with capacity of 3,000 tpd and rate of recovery of 93.1%
Since acquiring the O3 Mining ground mid-2022 the Company has consolidated the West Nordeau and East Cadillac Property along with the Chimo Mine resources. This resource which now highlights 7,128,000 tonnes at an average grade of 3.14 g/t Au for a total of 720,000 ounces of gold in the Indicated category and 18,475,000 tonnes at an average grade of 2.75 g/t Au for a total of 1,633,000 ounces of gold in the Inferred category.
Additionally the exploration team at Cartier completed a 25,000 meter drill program that launched in august of 2022 through June of 2023, which is not included in the current resources. Philippe also explains that in the coming 25,000 meter drill program for 2024, that there are opportunities both at depth and 50 anomalous drill intersections at 10 key target areas along the Chimo Gold Corridor, part of the prolific Larder Lake – Cadillac Fault Zones.
If you have any follow up questions for Philippe about Cartier Resources, then please email me at Shad@kereport.com.