VAL-D'OR, QUEBEC--(Marketwire - June 21, 2012) - Cartier Resources Inc. (TSX VENTURE:ECR) ("Cartier") announces that a drill program is currently underway for the Fenton project located 47 km southwest of the municipality of Chapais in the province of Quebec.
"This first program consists of 12 holes totalling 3,000 m and aims to better delineate and increase the volume of gold-bearing mineralization of the Fenton deposit (refer to the March 22nd, 2012 press release) and to locally test targets along its extensions," said Philippe Cloutier, President and CEO. "Some of the holes are also positioned to test potential sectors near known mineralization."
Drilling(1) conducted prior to the SOQUEM-Cartier program included 111 holes totalling 18,464 m on or near the Fenton deposit. Holes were mainly drilled within the first 100 m below the surface. The Fenton deposit is characterized by five gold-bearing zones within the 350 m long mineralized envelope. The previously drilled intersections include:
-- Drill Hole DDH-05: 34.29 g/t Au over 1.2 m, within a wider zone
returning 6.54 g/t Au over 17.8 m
-- Drill Hole GL-81-24: 14.80 g/t Au over 4.6 m, within a wider zone
returning 3.46 g/t Au over 27.7 m
-- Drill Hole GL-81-39: 7.96 g/t Au over 8.0 m (including 12.80 g/t Au over
4.0 m), within a wider zone returning 2.71 g/t Au over 43.6 m
(1) Cartier believes the information is reliable, but has not re-assayed any of the drill cores. Additional drilling will be necessary to confirm the results from previous drilling programs.
"We are waiting for the initial drilling results that will not only help us to better appreciate the deposit's potential, but also to evaluate other targets within the project," said Mr. Cloutier.
SOQUEM-Cartier Partnership
Cartier has an option to earn a 50% undivided interest in the Fenton project by incurring exploration expenditures aggregating $1,500,000 by March 21, 2015. Cartier has a firm commitment to invest $500,000 in exploration work over the first year, and to issue 150,000 common shares to SOQUEM, that is, 50,000 common shares already issued, plus 50,000 common shares on each of the first and second anniversaries of the agreement. SOQUEM will be the operator. After Cartier earns its 50% undivided interest, SOQUEM and Cartier will form a joint venture.
About SOQUEM and Investissement Quebec
SOQUEM is a wholly-owned subsidiary of Ressources Quebec, which is a subsidiary of Investissement Quebec. Investissement Quebec's mission is to promote growth and investment in Quebec, thereby contributing to economic development and job creation in all regions of the province. SOQUEM offers businesses a full range of financial solutions, including loans, loan guarantees, and equity investments to provide support at every stage of their development. It also administers tax measures and oversees prospecting for foreign investment.
About Cartier
The Company's objective is to set up a dynamic process which 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 develop the company's current and future assets into mineral production with a schedule consistent with its human and financial resources and respecting sustainable development practices.
Quality Assurance / Quality Control
The scientific and/or technical information presented in this press release has been reviewed and approved by Mr. Philippe Berthelot, P.Geo., Vice President Exploration for Cartier. Mr. Berthelot is a qualified person as defined by Regulation 43-101.