Geophysical Surveys Outline Additional Targets for Low Sulphidation Epithermal Gold-Silver Mineralization Along Major Structures at the Big Easy Gold Project, Newfoundland

• 2,000m diamond drilling program planned to start in mid-January 2021 to test Central Anomaly and new IP targets.
  
• Two major magnetic trends outlined, West and East Trends, 19km and 20km long, respectively, each with a number of elongated magnetic highs that likely reflect intrusive rocks not previously recognized in this area.

TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE: CFE) (“Cartier Iron”), is pleased to report on results of geophysical surveys completed during October, 2020, at its Big Easy Gold project located on the Burin Peninsula in eastern Newfoundland. A helicopter-borne magnetic survey was flown for New Sense Geophysics Ltd. of Markham, Ontario by Newfoundland Helicopters over the southern half of the property to provide high-resolution magnetic coverage over the complete Big Easy property. The northern half of the property was flown by previous operators and is available in the NL Department of Natural Resources assessment files. The program also included induced polarization/resistivity (IP/Res) surveys on a grid located 2.5km south of the ET showing. This program was designed to follow-up the 20km long target zone for epithermal gold-silver mineralization outlined by the summer 2020 program of geological mapping, soil sampling and prospecting (see press release September 29, 2020) to outline potential drill targets.

Figure 1 is a map of the total magnetic intensity that shows two major magnetic trends with a north-northeast grain. The West Trend extends for 19 km and it is likely the southerly extension of the Big Easy-Central Anomaly trend. The East Trend extends from the ET showing southwards for more than 20 km. The East Trend appears to reflect two major intersecting structures that coalesce in the area of the weakly banded, cherty, quartz outcrop where anomalous gold values were reported in soils (Figure 1 and press release September 29, 2020). A number of elongated magnetic highs occur along both trends within a broadly lower magnetic relief that is consistent with the mapped sedimentary rocks of the Musgravetown Fm. These anomalies likely reflect intrusive rocks with higher magnetic susceptibility than their sedimentary host. The largest of these magnetic bodies is in the southern part of the West Trend. These potential intrusives have not been previously recognized in this area.