CHIMO MINE PROPERTY

Cartier’s flagship project: Cartier’s drilling to date on the Chimo Mine Property consists of 124 holes totaling 58,054 m and 21,867 samples collected for gold analysis.

The most recent Mineral Resource Estimate¹ consists of (**FIGURE**) (43-101 filed on SEDAR May 7th 2021):

6,616,000 tonnes at an average grade of 3.21 g/t Au for a total of 684,000 ounces of gold in the Indicated category and ;

15,240,000 tonnes at an average grade of 2.77 g/t Au for a total of 1,358,000 ounces of gold in the Inferred category.

The resource estimate is constrained using DSO (“Deswik Stope Optimizer”) with a cut-off grade of 2.0 g/t Au for the North and South Gold Corridors and 1.5 g/t Au for the Central Gold Corridor and using a price of gold of USD 1,612 US / oz.

1: The estimate, completed and made available on the effective date of March 22, 2021, was carried out by Ms. Christine Beausoleil, P. Geo. of InnovExplo Inc., an independent qualified person within the meaning of NI 43-101.

HIGHLIGHTS
DOCUMENTS
PHOTOS

UPDATE in progress : MAY 17^th, 2021

PROJECT

Chimo Mine

STATUS

Exploration drilling to delineate extensions of several gold zones of the property and explore the potential to discover new gold zones

COMMODITY

LOCATION

50 km SE of Val-d’Or, Qc (Figure 1)

NTS map sheet 32C03

Vauquelin Township

Latitude: 48°00’42’’ N (5 320 038 UTM N)

Longitude: 77°15’10’’ W (331 995 UTM E)

MINING TITLES

The property consists of 12 contiguous claims (Figure 2) covering an area of 334 hectares.

PROPERTY RIGHTS

The property is held 100% by Cartier Resources Inc.

ROYALTIES

IamGold : 1% NSR applicable to all mining titles constituting the property.

KEY POINTS

The new resource estimate¹ consists of (**FIGURE**) :

- 6,616,000 tonnes at an average grade of 3.21 g/t Au for a total of 684,000 ounces of gold in the Indicated category and ;
- 15,240,000 tonnes at an average grade of 2.77 g/t Au for a total of 1,358,000 ounces of gold in the Inferred category.

- The results of recent work, that add value to the resources, include :
  - The industrial sorting tests of the mineralization allowed to produce a concentrate representing more than 50% of the mass of the original material with a percentage increase of 170% of the gold content compared to the feed of the sorter. The increase in the content of the preconcentrated material, preceding the machining operations, favors:
  - Increase the recovery rate at the mill;
  - Reduce transport costs to the mill as well as the milling costs;
  - Reduce the environmental cost of restoration of mine tailings;
  - Reduce the environmental footprint of mine tailings and consequently increase the social acceptability of mining project.
- The study on the hoisting capacities of the shaft of the Chimo Mine property reveals that the components of the internal structure of the shaft could allow hoisting of 4,921 mt / day, i.e. 1.7M mt / The hoisting capacity could be increased to 6,151 mt / day (2.2 M mt / year) by replacing the guides in place with steel guides.
- Ongoing internal engineering studies, developing and producing the design of optimal mining scenarios to minimize costs and recover the most ounce of gold possible, are progressing in line with the results described above.

The potential to increase the resources below and peripheral to the 27 gold zones on the property (FIGURE) remain good

- Cartier holds a 100% interest in the property for which a 1% NSR (“Net Smelter Return”) royalty has been granted to IAMGOLD Corporation. There is no right of first refusal.
- The property, accessible year-round, is located near many ore processing mills in the Val-d’Or area.
- Fourteen gold zones were exploited by three producers between 1964 and 1997 for a production of 379 012 ounces of gold.
- The mining infrastructure consists of a network of drifts over 7 km, distributed over 19 levels and connected by a 5.5 m x 1.8 m three-compartment shaft for a depth of 920 m. The headframe and surface installations were dismantled in 2008, but the 25 kV power line and sandpit are still in place.
- The study on the hoisting capacities of the shaft of the Chimo Mine property reveals that the components of the internal structure of the shaft could allow hoisting with elongated 20metric tons (mt) “skips”, 4,921 mt / day at the rate of 10 hours of hoisting operation per 24- hour day, i.e. 1.7 M mt / year. The hoisting capacity in 10 hours of operation / 24 hours, could be increased to 6,151 t / d (2.2 M mt / year) with “skips”’ of 25 mt and to 7,381 mt / d (2.6 M mt / year) with “skips” of 30 tm; all mainly by replacing the guides in place with steel guides.
- Cartier’s drilling to date on the Chimo Mine Property consists of 124 holes totalling 58,054 m and 21,867 samples collected for gold analysis.