Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Cartier Resources has released resource estimates for the North and South corridors within its wholly owned Chimo Mine property, 45 km east of Val-d’Or, Quebec.
Indicated resources for the North Corridor are at 505,300 tonnes at 5.35 g/t gold, for a total of 86,860 oz. with further inferred resources of 715,700 tonnes grading 4.59 g/t gold containing 105,710 gold oz.
In addition, the South Corridor area is host to a further 249,000 indicated tonnes at 4.63 g/t gold totalling 37,060 oz. and inferred resources of 480,600 tonnes grading 4.84 g/t gold for 74,840 oz.
When combined with the Central Corridor resource estimate from last November, the Chimo Mine property is now host to a total of 4 million indicated tonnes grading 4.53 g/t gold
When combined with the Central Corridor resource estimate from last November, the Chimo Mine property is now host to a total of 4 million indicated tonnes grading 4.53 g/t gold containing 585,190 oz. and combined inferred resources of 4.9 million tonnes at 3.82 g/t gold for a total of 597,800 gold oz.
“These additional resources, situated near surface and accessible by existing infrastructure (are) a considerable advantage to launching a mine project,” Philippe Cloutier, the company’s president and CEO, said in a release.
Cloutier added that two drill rigs are in the field for drilling of two zones within the Central Corridor, where continuous mineralization has been traced down to a depth of 1,300 metres.
The Chimo Mine mineralization is found within the three corridors – all three remain open.
The resource zones within the Central portion are both within the infrastructure of the past-producing Chimo mine and 450 metres eastward; two of these are scheduled for drilling to grow the resources at depth.
There are six mills near the Chimo Mine property, which produced a total of 379,012 gold oz. between 1964 and 1997. There are over 7 km of underground drifts at the site over 19 levels, connected by a three-compartment shaft down to a depth of 920 metres.
To date, Cartier has drilled 121 holes for a total of 55,890 metres at Chimo Mine. The company holds four key projects within Quebec’s Abitibi greenstone belt.
(This article first appeared in the Canadian Mining Journal)
