TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”), is pleased to announce that 91 additional claims have been staked at the Big Easy Property in eastern Newfoundland to bring total holdings including the original acquisition (see press releases September 28, 2017, October 31, 2017 and November 22, 2017) to 369 claims covering 92.3 km2 (Figure 1). A 56-line kilometre Induced Polarization/Resistivity Survey (IP/Res) will commence shortly with a 1,000m drilling program to follow on key targets outlined from this survey. Cartier Iron has secured the historical drill core at a facility in Clarenville. All diamond drill core is being re-logged to better resolve structure and distribution of alteration and mineralization.
Tom Larsen, President & CEO of Cartier Iron commented: “We are pleased to be moving forward with this program. In addition, we are pleased to announce the hiring of Jeff Burke, P.Geo. as Exploration Manager for Big Easy. Jeff worked closely with Dr. Bill Pearson on the former Hope Gold Mine for Coastal Gold and brings good expertise in the Avalon zone.
Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron commented: “The IP/Res survey has been designed by our Chief Geophysicist, Dr. Chris Hale, P.Geo. to test the full strike extent between the Big Easy and ET showings and obtain good depth penetration. Our approach is to step back and explore the full extent of the epithermal system. Drill testing of the best IP/Res anomalies will follow.
Big Easy is a remarkably preserved and extensive low sulphidation epithermal gold-silver system in the Neoproterozoic Avalon Zone. There is some 5+km strike potential in the original property which has had only limited drilling. The expanded property covers up to a 17km strike length. Geologically the mineralization has similarities to that of the Haile Mine in South Carolina which is hosted in volcanic and sedimentary rocks of the Carolina Slate Belt that share a geological affinity with rocks of the Avalon Zone.”
A detailed compilation of all available regional and property airborne magnetic information (Figure 2) indicates that the Big Easy showing occurs on a prominent magnetic boundary between a series of volcanic rocks to the east and sedimentary rocks of the lower Musgravetown Group to the west. The Big Easy showing itself is hosted within epiclastic rocks. The magnetic anomaly pattern shows elongated contact-parallel magnetic units as well as several more equant, magnetic anomalies that are interpreted as intrusives. The relationship between these intrusives and the Big Easy epithermal system is not yet clear but they may have provided the heat source to drive the epithermal emplacement of mineralization. The ET showing appears to be along a major northeast-southwest trending fault within the same volcanic-intrusive package.
Historic diamond drilling of 31 holes totalling 6,497 metres on the property primarily at Big Easy has outlined an extensive mineralized zone approximately 300 to 400 metres wide that has a prospective strike length of 5+kilometres and is open to the north and south. Significant historic drill results include 6.05 g Au/t and 174 g Ag/t over 1.5m (Hole BE-11-13), 7.65 g Au/t over 1.0m (Hole BE-11-07), 0.80 g Au/t over 11.25m (Hole BE-12-10), 1.30 g Au/t over 8.7m (Hole BE-12-12) and 3.54 g Au/t and 511 g Ag/t over 2.0m (Hole BE 16-22) (Newfoundland and Labrador, Department of Natural Resources, Mines Branch Assessment File Reports on the Property).
Qualified Person
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. Please note that the drill results presented above for the Property are historical in nature and have not been verified hence should not be relied upon. An independent geological consultant has been retained to prepare an NI 43-101 Technical Report on the 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 is evaluating 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.
Please visit Cartier Iron's website at www.cartieriron.com.
For further information please contact:
Thomas G. Larsen
Chief Executive Officer
(416) 360-8006
Jorge Estepa
Vice-President
(416) 360-8006
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”.
The maps accompanying this announcement are available at:
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http://www.globenewswire.com/NewsRoom/AttachmentNg/fcf19dd6-3be7-4476-9b1e-114859f12a42