- CSAMT survey underway in the central anomaly and Big Easy showing area to define additional targets for drilling along strike and at depth
- Cartier Iron completes 100% gain on Big Easy property
TORONTO, Aug.25, 2021 (GLOBE NEWSWIRE) – Cartier Iron Corporation (CSE: CFE) (“Cartier Iron” or the “Company”) is pleased to announce that it has commenced the planned 10,000m diamond drilling program at the Big Easy Low Sulfurization Gold-Silver Project near Clarenville, Newfoundland. Drilling will initially focus on the Central Anomaly where previous drilling (see June 8, 2021 press release) confirmed a large zone of silicification up to 200m wide with epithermal gold and silver mineralization. This additional drilling will make it possible to explore more in depth this very promising zone which extends for at least 600 m laterally. Table 1 lists the initial planned drill holes and Figure 1 shows the location of the chargeability anomaly with the planned drill holes. Drilling is also planned to test the chargeability / resistivity anomalies identified on the Sleigh Pond grid in the southern part of the property as described in the press release of June 8, 2021 and as illustrated in Figure 1. The Sleigh Pond program will likely take place in the winter of 2022. The drilling program is managed by Mercator Geological Services and drilling is performed by Logan Drilling Group.
Cartier Iron commissioned Clearview Geophysics of Brampton, Ontario to perform Controlled Magneto-telluric Audio Source (CSAMT) reconnaissance in the central anomaly – Big Easy showing area, as shown in Figure 1. The part field of this survey has been completed and the data is currently being processed. It is expected that this survey will provide further information on the depth and depth extent of potential epithermal mineralization.
Tom Larsen, CEO of Cartier Iron, said: “We are delighted to begin diamond drilling at Big Easy. Our previous work has described a number of very promising targets along extensive structures with large zones of silicification with gold-silver mineralization. With the closing of the $ 5.2 million financing on July 7, 2021, we are now well positioned to conduct an aggressive exploration program on our 100% owned Big Easy property.
Cartier Iron Chief Technical Advisor Dr. Bill Pearson, P.Geo. Said, “Preparation for the drilling program has progressed fairly quickly with all the required permits in place. We look forward to receiving the results of the CSAMT survey in the coming weeks. These will be validated against our previous geophysical and drilling results and incorporated into three-dimensional models of Big Easy mineralization to show how known targets extend at depth and potentially to produce new targets for drilling along. The direction.
CSAMT is a geophysical technique that measures the conductivity of underground materials using electromagnetic waves from a remote transmitter. Electrical and magnetic sensors are used to characterize the distortions in the flow of underground currents that result from changes in conductivity. In audio frequencies, this technique makes it possible to measure relatively resistive rocks from 250m to 1000m in depth. The Big Easy showing and central anomaly drill results suggest the epithermal system may be stronger at greater depth, which is why CSAMT was chosen to look deeper than the limit of about 200 m from previous polarization / induced resistivity (IP / Res) surveys.
Approximately 20 linear km were surveyed over twelve (12) lines spaced 200 m apart to extend coverage southward from the Big Easy showing to the IP / Res target of the central anomaly where drilling in 2018 and 2021 confirmed strong weathering and significant gold values. The silicification that accompanies the placement of gold in epithermal systems typically results in an extremely low conductivity volume that can be mapped in three dimensions using CSAMT data.
Cartier Iron completes the acquisition of a Big Easy property
Pursuant to the Big Easy Ownership Acquisition Agreement, as amended (the “Acquisition”), the Company issued the final tranche of one million common shares to the sellers of property. The issuance of shares, combined with the prior realization of the minimum required exploration expenditure of $ 2 million, fulfills all of the Company’s obligations pursuant to the acquisition, under which it holds a 100% interest. in Big Easy, the sellers hold a net 3% smelter royalty, which can be reduced to 2.5% through two-step payments totaling $ 500,000 on or before November 21, 2022.
Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron and Qualified Person (“QP”) as defined in National Instrument 43-101 (“NI 43-101”), has reviewed and approved the content of this press release. The diamond drilling program will be carried out under the supervision of Peter Webster, P.Geo. geological services from Mercator. Mr. Webster is a qualified person within the meaning of NI 43-101. The CSAMT surveys were conducted by Clearview Geophysics under the direction of Joe Mihelcic, P.Eng., P.Geo., A Qualified Person under NI 43-101. Dr Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design and will assist in the interpretation of the data processed by Clearview Geophysics. MM. Hale and Gilliatt are qualified persons within the meaning of NI 43-101. Analytical work for the diamond drilling program will be performed by Eastern Analytical Ltd. in Springdale, Newfoundland. The Company uses an industry standard QA / QC program for all analytical work.
Cartier Iron would like to thank the Government of Newfoundland and Labrador for its support for the Junior Exploration Assistance program.
Table 1: Proposed initial diamond drill holes, central anomaly target
|Proposed HRD||UTM E||UTM N||Azimuth||Soak||Proposed length (m)|
Note: Holes cannot be drilled in the order shown. The first drill hole will be BE-21-37. The kernel size will be NQ.
About Cartier Iron Corporation
Cartier Iron is an exploration and development company focused on the discovery and development of significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the epithermal gold belt of the Burin Peninsula in the Avalon zone of eastern Newfoundland.
Please visit the Cartier Iron website at www.cartieriron.com.
|For more information, please contact:|
|Thomas G. Feedback||Jorge Estepa|
|Chief Executive Officer||Vice president|
|(416) 360-8006||(416) 360-8006|
The CSE has not reviewed or accepts responsibility for the adequacy or accuracy of this release. Statements contained in this press release that are not historical facts are “forward-looking statements” and readers are warned this all Phone statements are not guarantees of future performance, and this real developments Where results, may vary materially of those in these “prospects declarations ”.
Figure 1: Plan map showing the locations of chargeability anomalies in the central anomaly and Sleigh Pond areas with the locations of the originally planned drill holes
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