The new resource has an indicated resource of 6.6 million tonnes grading 3.21 grams per tonne for 684,000oz and an inferred resource of 15.2Mt grading 2.77g/t for 1.36Moz at a US$1,612/oz gold price.

The company is working on further optimising the resources, including undertaking ore sorting tests to increase the grade of the pre-concentrated material before milling as well as the recovery rate at the mill to reduce transportation, milling and environmental restoration costs.

"These significant resources of the Chimo Mine property will be accessible via the restoration of existing underground infrastructure located within trucking distance to several mills," said Cartier Resources president and CEO Philippe Cloutier.

Mineralisation at Chimo is comprised of 27 gold zones within 17 gold structures grouped within three corridors.

Cartier's first resource at Chimo in November 2019 contained about 900,000oz.

Shares in Cartier Resources opened 12% up at C36c, valuing the company at $69 million.