Val d'Or-based Cartier said this week Pusticamica was exhibiting bulk-tonnage characteristics as it reported 134,400oz (at 2.87gpt) indicated and 107,000oz inferred resources using a US$1,610/oz base gold price assumption.
CEO Philippe Cloutier said the polymetallic (also with copper and silver) deposit geometry pointed to expansion potential. It was "conceptually reasonable to assume" a future crown pillar comprising 500,000-700,000 tonnes grading 3.5-4.5g/t would be added to the resource model.
Cartier said it was optimistic it could quickly grow the resource as it did at the nearby flagship Chimo project (about 1.2Moz indicated and inferred) where it is targeting 2Moz in a new resource estimate.
The Benoist property is accessible year-round via a forestry road and is near the mills of the Langlois and Bachelor mines, and Osisko Mining's Windfall project. Cartier also has the Wilson (43,000oz) and Fenton (64,000oz) deposits in the district.
Cartier has more than C$13.4 million cash on hand.
Cartier shares (TSXV:ECR) last traded at 24c in Toronto, capitalising the company at $51.5 million (US$40.5 million).