Corporate Update: Cartier Resources and the New Resource Update from the Chimo Mine Property
Trevor Hall Welcome to Mining Stock Daily. This is Trevor Hall once again. We have a corporate update with a good friend of ours. That's Philippe Cloutier with Cartier Resources. Cartier Resources published a press release yesterday announcing a brand new resource update from their Chimo mine property there in Val d'Or area of Quebec. Interestingly enough, Philippe, I mentioned this to you before we pressed record, but both your indicated and your inferred resource that you published yesterday was actually both are more than the historic amount of ounces of gold historically mined on Chimo.
Philippe Cloutier Indeed. I mean, the indicated category alone is what basically hugs around the current infrastructure is exceeded by at least one hundred thousand ounces of what was historically mined and the the infant character theory as well. And if you add the indicated and inferred, well, then you almost have two and a half times what was historically mined at Chimo. And by the way, are senior sponsor, Agnico Eagle ceased production on a mine along the highway. It's just like Chimo. About eleven months ago, the lap of mine and they had extracted eight hundred twenty five thousand ounces of gold when they ceased production. So we're we're ahead of that as well. So we're really excited with the way things are going in Chimo. And in the week prior to our resource effort, we announced a financing that will fund the additional drilling along with that new discovery that we had made in June. So that's a process that will that is that is basically aimed at increasing the resource needed support.
Trevor Hall Well, interestingly enough, I remember I went actually back and listened to the conversation you and I had from the Beaver Creek Precious Metals Summit early September. And you kind of talked about the growth process of Chimo and what shareholders should be expecting over what was the end of Q3 into Q4. And then also Q1 of 2020. And you particularly mentioned, listen, we're going to come out with the resource update specifically for the central zone and the next quarter, which I believe you're referring to, Q4. We'll see resource estimates for the northern and southern zones as well. Please correct me if I'm wrong, but will we see other resource estimates in Q4?
Philippe Cloutier No. You'll see the additional resource estimate on the northern and southern corridors in Q1 of 2020. The work that you're required to get us there is advancing quite well. We've wireframe all the mineralized zones and so there is useful coming for additional resource at the network on the north and southern corridor. There's news flow coming from this channel drilling that we're launching this in Q4 of 2019. And I I think that would be better. To be on the lookout for is that, you know, this is the transition from working for investors to essentially delivering for our peers. And so the next few months are critical for us because up until now, we're drilling for the benefit of our shareholders. The additional drilling that will we'll do will essentially secure or add to the comfort of our peers if they're looking at the project, I it it will end up costing us a lot of money if we go any further. So we're in a super sweet spot right now where we can continue to create value for our shareholders, but we need to need to produce something that will reward our shareholders in the next three to six months.
Trevor Hall Yeah. And that also gets another point in that same conversation from September. You said at the time you were at a turning point. Regards to drilling. You're either drilling for shareholder value or you are drilling for potential buyer kind of pull in acquisition. Yeah, generally. And so if you are starting to drill. I think they said November 20th is when drillers would be going drilling back on Chimo. So give us an understanding, is that specifically more for shareholder value or are you transitioning more into more of an acquisition type of play here?
That is still the two rigs that we're bringing in on on November 20th. That's still in the realm of building or drilling for our shareholder interests. And so we're not over the hump yet. Once we get over the hump, what I mean by drilling for our peers is that the additional drilling only is only read to enhanced reliability on the outside of something gifts the peers or the purchasers of these ounces. More more come first. But it doesn't really add more, more value for your investors. So we're in that we're in that inflection point right now in the next three to six months. And it's exciting times. It's just that when you look out there, there seems to be some apathy for the mining industry. Right. The retail, the traditional retail for the mining industry doesn't seem to be there. We've been providing results, nice job results for our shareholders lap in the past 27 months and that which led to an initial resource estimate. And it's still not getting or moving the needle. Maybe that's because there's there's been a backdrop of of or a parade for cryptocurrency cannabis stocks. But you know, where we're focused, we're keeping our eye on the ball. And I think the fact that we're bringing the machines back out there, the fact that Agnico maintained its pro rata ownership of parts in the last 14 years is the fact that we've delivered interesting resource numbers, beaten and only the very first resource number. I think all of these things we've been checking off the right boxes. So I I'm you know, I think people should keep us on the radar.
Trevor Hall What is your thoughts on the general retail investors right now? From from what I'm witnessing, I mean, especially on the TSX Venture Exchange, we're seeing very low numbers, very low volume. And in the overall markets, it almost seems like investor money is just being held off to the sidelines and waiting to see what just might happen to the overall global economy. Do you think that's really keeping some of these retail investors away from, well, not only junior mining stocks, but the markets in general?
Philippe Cloutier Listen up. Not only that, Trevor, but there's also the traditional tax loss season that gets under way usually in September. And now it's been dragging on into October and November, that perhaps maybe in January when people have forgotten some of the economic woes and then people are back into the swing of things with tax loss selling season is over, perhaps, you know, people will come back to the table. But right now, it's just listen, it's just empirical observation. We've seen there doesn't seem to be any appetite for stories unless they're tremendous, you know, out of this world. That's that that's that's just an observation. But, you know, I'm off to Europe with other colleagues here and in Europe, as bizarre as it could be there. There is a real appetite for gold and silver exploration through the storage.
Trevor Hall All right. Well, Philippe, we will let you get on your way and catch that plane across the sea and it led you to the marketing efforts in Europe. Thank you so much for your effort. We will look forward to more news coming out in the next coming months from Cartier Resources. And best of luck to you. Cartier trades on the TSX Venture Exchange with the symbol ECR.