VAL-D'OR, QUÉBEC--(Marketwired - Aug. 1, 2013) - Cartier Resources Inc. ("Cartier") (News - Market indicators) announces it has completed its acquisition of the Benoist property from Murgor Resources Inc. ("Murgor") and the Chimo and Nova properties from X-Ore Resources Inc. ("X-Ore"), a wholly-owned subsidiary of Blue Note Mining Inc. The acquisitions are part of Cartier's growth strategy to advance its projects to the advanced exploration, development and mining stages. This strategic positioning allows Cartier to benefit from new opportunities that will establish a robust foundation on which to build the value of the business (chart).
Chimo and Nova properties
On July 23, 2013, Cartier acquired a 100% interest in the Chimo and Nova properties (see press release of July 11, 2013) in exchange for a cash payment of $261,000. The properties are contiguous and located 50 km east of the prolific Val-d'Or gold mining camp, along the Larder Lake-Cadillac Break. The Chimo property comprises two mining leases and the Nova property consists of 38 claims.
From 1964 to 1997, the Chimo mine produced 379,000 ounces of gold (MRNF: DV 86-04 to DV 97-01). Unmined high-grade gold zones have been documented near the historical workings. The Chimo mine closed during a period of low gold prices. "Cartier believes there is good potential for these reported gold zones to constitute additional resources beyond the known resources left behind when the mine closed down," notes Mr. Philippe Cloutier, President and CEO.
Benoist property
On July 29, 2013, Cartier acquired a 100% interest in the Benoist property (see press release of May 23, 2013) consisting of 98 mining claims in exchange for a cash payment of $250,000 and the issuance of 650,000 common shares which will be subject to a hold period of four months and one day under the applicable securities regulations. The Benoist property, which contains the Pusticamica gold deposit, is located 65 km northeast of the town of Lebel-sur-Quévillon.
Recent results from Cartier's drilling program augment historical drill results by confirming continuity and the potential for additional mineralization at depth from 450 to 700 metres below the Pusticamica deposit. Over a distance of 225 metres, nine drill intersections yielded grades ranging from 4.6 g/t Au / 1 m to 24.5 g/t Au / 3 m (the latter from an interval of 65 m at 1.7 g/t Au).
"These drill results allow us to define a target volume for additional mineralization below the Pusticamica deposit, thereby increasing the potential of the project's historical resources," commented Philippe Cloutier, President and CEO.
About Cartier
The company's objective is to set up a dynamic process that will allow it to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development and production. Its VISION is to become a mining producer by developing the company's current and future assets with a schedule consistent with its human and financial resources and in accordance with sustainable development practices.
Quality Assurance/Quality Control
Any scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Gaétan Lavallière, P.Geo., Vice President for Cartier Resources. Mr. Lavallière is a qualified person as defined by National Instrument 43-101
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
