Yesterday Cartier Resources (ECR.V) put out some fairly promising results from their VG9 drill target that included 11.2 g/t Au over 2 meters and 9.1 g/t Au over 1m. In a short video explaining the results, CEO Philippe Cloutier outlined the rest of the drill program for the end of the year which will compromise 160 holes, 100 of which are already complete. Upcoming targets include VG10, East Bateman, North Contact, among others.
I sent Philippe an e-mail asking about historical drilling for these targets, and received the below visual:
Along with a map of the potential targets on the property.
Given the historical data available, the natural question that follows is what is different this time? Why did the previous drillers, with this data, not develop these targets into something bigger (e.g. a mine)?
I spoke with Philippe briefly about this. The gist (as I understood it):
- Though the area has been drilled by roughly a dozen groups over 60 years, Cartier is the first group to have consolidated a large land package in the area.
- Cartier’s advantage is the experience and knowledge that comes from drilling 781 drill holes in the region. The expertise gained from these holes enables them to better understand the structures in the Cadillac Fault area (e.g. “better plunge and vectors at depth”).
In short, past groups could not follow up as accurately as Philippe believes Cartier can. Cartier has mapped 50 targets in 11 areas and is currently doing a 160-hole program. The results of this drilling are now gradually being released (100 holes have already been drilled). Results from the VG10 target should be coming near the end of the month.
On another topic, the company will have approx. $1 million in the bank after this drilling season.
I am hopeful the upcoming results will provide some boost to the languishing share price (fingers crossed).
Disclosure: I am a shareholder of Cartier Resources. I have received permission from Philippe Cloutier to present a summary of our talk.
Disclaimer: The information from the above summary is subject to error, my own misinterpretation, and should not be used as a basis for investment decisions. This content is for informational purposes only and should not be construed as financial advice. The views expressed are those of the author, who is not liable for any losses or damages arising from any actions taken based on the information provided in this blog. Investing and trading involve risk; you are solely responsible for your decisions.