Cartier Resources (TSXV: ECR) has released a maiden resource for the Central Gold Corridor on its Chimo mine property, 45 km east of Val-d'Or, Quebec.
Indicated resources stand at 3.26 million tonnes grading 4.4 grams gold per tonne for 461,280 contained oz. gold. Inferred resources add 3.68 million tonnes grading 3.53 grams gold per tonne for 417,250 contained oz. gold.
The maiden resource was based on 3,429 drill holes totalling 279,670 metres.
Mineralization at the Chimo mine property, made up of 12 contiguous claims covering 3 sq. km, consists of 25 gold zones within 16 gold structures grouped into three gold-bearing corridors: North, Central and South.
This maiden estimate represents resources from the Central Gold Corridor. Estimates for the Northern and Southern Corridors are in progress.
The Chimo property hosted a past-producing mine on the Larder Lake-Cadillac Fault, at the southeast end of the Val-d'Or mining camp. The mine produced a total of 379,012 oz. gold between 1964 and 1997 from three companies.
The company holds a 100% interest in the property, and Iamgold (TSX: IMG; NYSE: IAG) has a 1% net smelter return royalty on the project.
At press time, Cartier was trading at 15.5 ? per share with a 52-week range of 10.5 ? to 21.5 ?. The company has 177 million common shares outstanding for a $27.5-million market capitalization.