CSAMT Survey Confirms Low Sulphidation Gold-Silver Mineralizing System at Big Easy, Newfoundland Occurs on a Major Structure That Extends to a Depth of at Least 1 Kilometre

TORONTO, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce the results of its Controlled Source Audio Magneto-Telluric (“CSAMT”) in the Central Anomaly – Big Easy Showing Area on its 100% owned Big Easy Gold-Silver Project near Clarenville in eastern Newfoundland.

CSAMT data indicate that a major north-northeast-trending structural break separates high resistivity rocks to the east of the Central Induced Polarization/Resistivity (IP/Res) Anomaly from a much lower resistivity zone to the west where recent drilling by Cartier Iron has intersected anomalous gold (Au) within an extensive zone of silicification up to 200m wide (see press release June 8, 2021).

Figure 1 shows an East-West cross-section along Line 46300N. The location of this section is indicated on a plan view of the Central Anomaly target in Figure 2. Cartier Iron’s historical resistivity data from the 2018 IP/Res survey were limited to depths less than 200m. CSAMT data now extend the resistivity data to a depth of more than 1 km. Both types of resistivity data have been combined in a single colour grid in Figure 1. A dramatic boundary marks the eastern side of the Central IP anomaly. Highly resistive rocks to the east of this break can be traced to the maximum depth of the CSAMT survey as can the comparatively conductive zone of alteration further west. Using the new CSAMT data additional drill holes (BE21P-19, 20 and 21) are planned for the Fall 2021 diamond drill program in progress to test the deeper extension of this zone.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron said: “The CSAMT results confirm our view that the low sulphidation epithermal mineralizing system at Big Easy occurs along a major structure and is potentially very large. The high resistivity to the east of the major structure shown on Section 46300N is too high to be consistent with unaltered sedimentary rocks. It more likely reflects potential intrusive rocks which may be the heat engine driving the low sulphidation epithermal system.
Considering this new data, we have adjusted our planned drill holes to better test the major structure at a deeper level than previous drilling which appears to have been too high in the epithermal system. Drilling is at an early stage with an initial two holes totaling 898m completed with assays pending (Table 1 and Figure 2).”