Cartier Resources is reactivating the Chimo Mine
The Mining Company continues to pursue its company strategy with this move.
Cartier Resources was founded in 2006 and is based in Val-d'Or, Quebec. The province of Quebec has always been recognized as one of the best mining jurisdictions in the world. This is primarily due to the favorable geology, attractive tax environment, and mining-friendly government. Since 2012, Cartier Resources has focused on revitalizing "brownfields" projects. In fact, the company bought existing projects in the prolific Abitibi gold district in northern Quebec.
Their plan was to expand the known gold resources through exploration. Cartier was looking for projects that had high grade gold intercepts and low grade or constant grade capacity that were owned by juniors who had very little money and were in difficult financial circumstances. "We have bought four deposits and we have added value from exploration. And we have created new ounces of gold and that will be delivered soon for our investors and older local producers," said President and CEO, Philippe Cloutier.
The property, accessible all year round, is located near several concentrators in the Val d'Or region. Historically, the Chimo mine produced just under 400,000 ounces. And in December 2019, the initial resource estimate put it at 880,000 ounces of gold, which were combined, indicated and inferred. "And by May 2020 we had up to 1.2 million ounces of gold." We hope to hit the 2 million ounce mark and then do a preliminary economic study, "said Cloutier. The company is also planning a large drill program on the Benoist property. "2021 will be about bringing Benoist up to date and repeating what we did on Chimo, but in a much more dynamic and aggressive manner on this gold deposit," said Cloutier. In addition, drilling on the Fenton and Wilson properties will follow the Benoist program.