TORONTO, May 05, 2020 (GLOBE NEWSWIRE) -- Cartier Iron Corporation (CSE: CFE) (“Cartier Iron” or the “Company”), announces that further to its suspended 1,000m diamond drilling program for the Big Easy Gold project (“Big Easy”)(see April 8, 2020 press release), the Company and the vendors of the Big Easy have amended the terms of the Definitive Agreement, as amended (“Agreement”), whereby Cartier Iron acquired a 100% interest in the Big Easy (See October 31, 2017, November 22, 2017 and April 26, 2019 press releases) such that Cartier Iron’s commitments pursuant to the Agreement have been waived or postponed as follows:
The amended Agreement provides Cartier Iron with needed flexibility in connection with advancing exploration programs at the Big Easy, whereby the recent planned 1,000m drill program was suspended due to travel and work restrictions emanating from the COVID-19 pandemic and deteriorating ground conditions, after resolving the property’s required permitting issues. As previously announced, the drill program was designed to test the core of the Central IP chargeability anomaly (see press release March 4, 2020). Hole BE18-30 on the west edge of this anomaly intersected a major new anomalous alteration zone grading 0.11 g Au/t and 2.65 g Ag/t over 180.4m core length (see press release December 20, 2018).
About Cartier Iron Corporation
Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company's iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.
Please visit Cartier Iron's website at www.cartieriron.com.
For further information please contact:
Thomas G. Larsen Jorge Estepa
Chief Executive Officer Vice-President
(416) 360-8006 (416) 360-8006
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”.