The company reported an intersection of 2m grading 20.4 grams per tonne within 18m grading 2.7g/t.
The current drilling campaign commenced in December 2019 and has provided numerous mineralised intersections over an area measuring 550m-by-200m below zones 5B4-5M4-5NE. Some 8,811m in 15 holes have been drilled in this area since December 2019 and demonstrate the continuity of mineralisation to a depth of more than 1.3km.
"We have been working on the project for three years and done the heavy lifting with almost 60,000m drilled within 500m of the shaft, completed two resource estimates showing 1.2 million ounces and we are working a third targeting a minimum 1.7Moz, and then we will go into a preliminary economic assessment (PEA) when finished," president and CEO Philippe Cloutier told Mining Journal.
With C$9.4 million in its treasury Cloutier and Chimo pushing towards PEA Cloutier aims to repeat the exploration model at the company's Benoist project to the north, which has an historical non-compliant resource of just under 100,000oz. "We plan to do exactly what did at Chimo: drill for extensions on known mineralisation around the deposit and on deep seated IP anomalies to unlock its value," he said.
Shares in Cartier Resources are trading at C30c, valuing the company at $64 million.