Cartier Iron Signs Letter Agreement on Chilean Gold Property
2017年6月16日 - 8:00PM
Cartier Iron Corporation (CSE:CFE) (“Cartier Iron”
or the “Company”), is pleased to announce that it has signed a
Letter Agreement to earn 55% of Incienso Property (“Incienso
Property” or the “Property”), located in the Coquimbo District, III
Region, Chile. The Letter Agreement pertains to 31 mining
concessions owned by a Chilean private corporation, Compañia Minera
La Rubia S.A., that total 4,112 hectares (41.1 square km). The
Property is located approximately 23 km from the coastal city of La
Serena in III Region, Chile in an active exploration area, and
borders Anglo American plc concessions to the West; Minera Mandalay
concessions to the east; and Teck-Cominco concessions to the north
and north-east.
The terms of the Letter Agreement are summarized
in Table 1:
Table 1: Terms of the Letter
Agreement
Stage |
Event |
Cartier |
La Rubia |
Cash |
Exploration |
Common |
|
|
Interest |
Interest |
Payments |
Spend |
Shares |
|
|
Earned |
Retained |
US$ |
US$ |
Issued |
1 |
Sign Letter of Intent |
0 |
% |
100 |
% |
$ |
15,000 |
|
|
2 |
Sign Definitive Agreement and Receive Exchange Approval |
0 |
% |
100 |
% |
$ |
50,000 |
|
|
3 |
First year after Stage 2 |
0 |
% |
100 |
% |
$ |
50,000 |
$ |
500,000 |
250,000 |
4 |
Second year after Stage 2 |
0 |
% |
100 |
% |
$ |
75,000 |
$ |
500,000 |
250,000 |
5 |
Third year after Stage 2 |
0 |
% |
100 |
% |
$ |
125,000 |
$ |
500,000 |
250,000 |
6 |
Fourth year after Stage 2 |
55 |
% |
45 |
% |
$ |
150,000 |
$ |
500,000 |
250,000 |
Totals |
|
|
|
$ |
465,000 |
$ |
2,000,000 |
1,000,000 |
The Incienso Property hosts a series of
mesothermal-epithermal veins in diorite, tonalite, and granodiorite
host rock intrusions. Veins are present in two principal
orientations that parallel local structural discontinuities. The
northwest-southeast set of veins varies between 0.7 m to 3.0 m in
true width, and have been mapped across surface exposures for up to
2.0 km. The northeast-southwest vein set has similar widths but
appears to be more restricted in extent and surface exposure.
Rudimentary underground development has been carried out on two of
the vein zones; however, only a small amount of material has been
mined, judging by the size of waste-dumps at the portals.
There are six primary exploration zones,
separated by elevation and by the vein system(s) upon which they
are focused. Table 2 shows results from channel/chip samples
obtained across selected veins from Goldberg (2010)1. Sample widths
are true widths.
“We are very happy to be involved with the
Incienso Property”, remarked Cartier CEO Tom Larsen, “and are
looking forward to evaluating the Property with Minera La Rubia
S.A. for real mining potential as we aggressively embark on a
2-month due diligence period.”
Table 2: Summary of Historic*
Channel/Chip Samples (after Goldberg, 20101)
Sector |
Elevation |
Vein |
Host |
Vein Samples |
|
m |
Set |
Rock |
Goldberg (2010) |
Campamento |
610 |
NE-SW |
Granodiorite |
3.94 g/t Au over 2.7m |
|
|
|
|
1.25 g/t Au over 2.8m |
|
|
|
|
14.0 g/t Au over 1.5m |
Incienso Inferior |
883 |
NW-SE |
Granodiorite |
2.44 g/t Au over 0.5m |
|
|
|
|
43.4 g/t Au over 1.3m |
|
|
|
|
8.9 g/t Au over 0.5m |
El Torro |
887 |
Unknown |
Granodiorite |
42.9 g/t Au over 1.0m |
|
|
|
|
41.3 g/t Au over 0.6m |
|
|
|
|
25.0 g/t Au over 1.0m |
Incienso Superior |
994 |
NW-SE |
Granodiorite |
1.1 g/t Au over 2.0m |
|
|
|
|
18.1 g/t Au over 1.70m |
|
|
|
|
53.5 g/t Au over 1.55m |
|
|
|
|
70.6 g/t Au over 1.30m |
|
|
|
|
218.4 g/t Au over 1.40m |
Picado Blanco |
939 |
NW-SE |
Diorite |
1.90 g/t Au over 1.20m |
|
|
|
|
1.84 g/t Au over 0.30m |
|
|
|
|
18.4 g/t Au over 0.7m |
Zanja Superior |
1072 |
NW-SE |
Diorite |
11.8 g/t Au over 0.20m |
|
|
|
|
2.1 g/t Au over 0.50m |
|
|
|
|
3.68 g/t Au over 0.50m |
*This data was sourced from an historic report. |
According to the Letter Agreement, Cartier Iron has
sixty days to execute a due diligence program prior to negotiating
a Definitive Agreement. This work is expected to commence in early
July, 2017, and will include a legal-title search with systematic
property-wide reconnaissance mapping and resampling of surface and
underground vein exposures.
1 Guerra, E. (2010). Informe de Avance Geologico
Prospecto el Incienso. Goldberg Ltda, Las Condes, Santiago, Chile.
Private Report, Minera La Rubia S.A., La Serena, Chile
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 Chile. The Company's iron ore projects include the
Gagnon Holdings in the southern Labrador Trough region of
east-central Quebec.
The technical information in this news release
was prepared by Jim Steel MBA P.Geo. a Qualified Person under NI
43-101 standards.
Please visit Cartier Iron's website at www.cartieriron.com.
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”.
For further information please contact:
Thomas G. Larsen
Chief Executive Officer
(416) 360-8006
Jorge Estepa
Vice-President
(416) 360-8006
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