Published: April 29, 2022 |

[Click image to enlarge]

[Click image to enlarge]

O3 Mining, an Osisko Group company, has agreed to sell the East Cadillac project in Québec, Canada to Cartier Resources in an all-stock deal.

As per the terms of the deal, O3 Mining will be issued 46.2 million shares of Cartier Resources, which represent a stake of 17.5 percent in the latter.

The deal follows a non-binding letter of intent (LOI) signed by the parties in February 2022.

The East Cadillac project is located in Val-d’Or. It is said to host various catalogued gold occurrences, of which several have historic resources.

Since the mid-1940s, the immediate vicinity of the project has been the focus of exploration activity after gold-bearing structures were found near the closed Chimo gold mine of Cartier Resources.

The deal enables consolidation of the Chimo mine property with the East Cadillac project for a total land position of 29,754 hectares in the eastern portion of the Val-d’Or gold camp.

Cartier Resources has been advancing the development of the Chimo mine project besides exploring other projects.

According to Cartier Resources, the acquisition of the East Cadillac project removes boundaries, boosts resource and potential for additional ounces, results in enhanced flexibility to bolster project economics, and favors project development and its construction.

The acquisition will also immediately ramp up the company’s resource base to 714,400oz in the indicated category and 1,527,400oz of gold in the inferred category.

“The acquisition will provide Cartier with largest land holding along the prolific Larder Lake — Cadillac Fault east of Val-d’Or as well as a solid resource base with significant growth potential,” said Cartier Resources CEO Philippe Cloutier.

“The Simon West, Nordeau West and Nordeau deposits, immediately adjacent to the gold resources of the Chimo Mine property, will provide short term targets to significantly increase our gold resources,” added Cloutier.

The closing of the deal is subject to customary closing conditions such as the approval of the TSX Venture Exchange to allow Cartier Resources to issue its shares to O3 Mining.

Source: NS Energy

About Cartier Resources
Cartier Resources Inc., which was founded in 2006, is an exploration company based in Val-d’Or. Cartier’s projects are all located in Quebec, which regularly ranks among the best mining jurisdictions in the world. Cartier is advancing the development of its flagship Chimo Mine project and actively exploring its other projects. Cartier has a solid cash position exceeding $ 5.5M and significant corporate and institutional supports, notably with Agnico Eagle Mines, O3 Mining, and the Quebec investment funds.

To stop by Cartier’s website, CLICK HERE

About O3 Mining Inc.
O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success, and expertise of the Osisko team as it grows towards being a gold producer with several multi-million-ounce deposits in Québec. O3 Mining is well-capitalized and owns a 100 percent interest in all its properties (137,000 hectares) in Québec.

To stop by O3 Mining’s website, CLICK HERE

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