TORONTO, June 05, 2018 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE:CFE) (“Cartier Iron”), is pleased to announce that the company has filed an independent National Instrument 43-101 Technical Report (the “NI 43-101 Technical Report”) for the Big Easy Exploration Property, Clarenville Area, Newfoundland and Labrador Canada. The NI 43-101 Technical Report, prepared by Mercator Geological Services Limited, summarizes all historical work on the property and has an effective date of April 20, 2018. Big Easy is located approximately 20 kilometres northwest of the town of Clarenville, about 200 kilometres northwest of St. John’s, Newfoundland.
The NI 43-101 Technical Report recommends a two-phase exploration program as follows:
- Phase 1, comprises Induced Polarization/Resistivity (IP/Res) surveys, historical drill re-logging and a surface exploration program currently underway at an estimated cost of $500,000; and
- Phase 2, consists of a 5,000-metre diamond drill program to test known mineralized areas and IP/Res targets, and, after completion of recommended additional geophysical and surface exploration programs, to test exploration potential of newly generated targets. Estimated cost of the recommended Phase 2 program, which is contingent on successful completion of Phase I, is $2,000,000.
Tom Larsen, President & CEO of Cartier Iron commented: “This report provides an excellent summary of historical work at Big Easy. We are proceeding forward with Phase I which has already yielded promising results from the IP/Res survey (see press release May 1, 2018).”
Dr. Bill Pearson, P.Geo., a Qualified Person as defined under National Instrument 43-101 (NI 43-101), has reviewed and approved the scientific and technical content of this press release. The IP/Res survey was designed and supervised by Dr. Chris Hale, P.Geo., Chief Geophysicist for Cartier Iron and a Qualified Person as defined under NI 43-101. Mr. Michael Cullen, P. Geo., a Qualified Person as defined under NI 43-101, and Chief Geologist at Mercator Geological Services Limited, is the author of the Technical Report on the Big Easy Exploration Property.
About Cartier Iron Corporation
Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.
Please visit Cartier Iron’s website at www.cartieriron.com.
For further information please contact:
Thomas G. Larsen
Chief Executive Officer
The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.