News that Cartier Resources (ECR-V) hit a new mineralized zone at its flagship Kinojevis property in Quebec helped rally the companys share price.
In Toronto on Aug. 27 the Val-d’Or, Qubec-based company gained 13% or 10 to 88 on 16,200 shares traded. The company has roughly 16.5 million shares outstanding and has traded between $1.22 and 37 over the last 52 weeks.
Cartier says its recent orientation sampling program, which was conducted on trenches, returned 136 grams silver per tonne.
The new discovery is related to a galena-rich quartz vein in a faulted syenitic intrusive rock. The company plans to do more trenching along strike and then follow-up with drilling.
Roughly 20% of the assay results for the recent channel sampling have been received, and, Cartier says, gold anomalies are present.
Kinojevis is 124 sq. km and is situated between Val-dOr, Rouyn-Noranda and Amos. Cartier is in the midst of a three-year exploration program with a budget of $1 million per year.
On Aug. 13 the company launched phase one of its diamond drill program at the site. It plans to drill 25 holes for 7,000 metres along the 48 km strike of the Destor-Porcupine fault zone.
The trenching and stripping program — which focused on the MacCormack showing area — exposed deformed and altered ultramafic volcanics and intrusives as well as quartz veining, the company says.
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