Business & Finance
Business and Finance
Business and Finance
Wed, February 20, 2013 Cartier Acquires Additional Strategic Ground in Southern Labrador Trough-Expands Gagnon Holdings by 70%
February 20, 2013 07:00 ET
Cartier Acquires Additional Strategic Ground in Southern Labrador Trough-Expands Gagnon Holdings by 70%
TORONTO, ONTARIO--(Marketwire - Feb. 20, 2013) -Cartier Iron Corporation (CNSX:CFE) ("Cartier Iron" or the "Company"), formerly Northfield Metals Inc., is pleased to announce that it has staked new mineral claims in the southern Labrador Trough, increasing the area of its recently optioned Gagnon Holdings by 70%. A total of 264 claims covering 140 km2 were staked in order to consolidate its land position and ensure room for potential development infrastructure.
The newly acquired claims border the Penguin Lake, Black Dan and Aubrey-Ernie properties, which have been amalgamated, along with the new claims, into the new, contiguous Round Lake Property (Figure 1). The Gagnon Holdings are currently under option pursuant to an option and joint venture agreement with Champion Iron Mines Limited that originally encompassed 7 distinct blocks of claims covering 204 km2 in the Gagnon Terrane of the southern Labrador Trough. The Gagnon Holdings now comprise 5 distinct claim blocks covering 344 km2 (Table 1).
| Table 1: Summary of Gagnon Holdings; Cartier Iron Corp. |
| Property | # of Claims | Area (km2) |
| Aubertin-Tougard | 52 | 27.59 |
| Jeannine Lake | 13 | 6.92 |
| Round Lake (formerly Aubrey-Ernie, Penguin Lake & Black Dan properties) | 519 | 274.66 |
| Silicate-Brutus | 56 | 29.75 |
| Three Big Lakes | 9 | 4.77 |
| Totals | 649 | 343.69 |
Paul Ankcorn, Cartier Iron's President, remarked, "Although the Company is prioritizing its on-going drill program to delineate iron resources on the Penguin Lake Project, it will continue to be proactive on its other prospective holdings in the southern Labrador Trough. The acquisition of the new ground and the amalgamation of a number of former discrete claim-blocks is a positive step towards enhancing the value of the Company's iron portfolio from both a potential resource size and strategic land position standpoint."
About Cartier Iron Corporation
Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in eastern Canada, particularly in the provinces of Quebec. The Company's projects include the Gagnon Holdings in the Cote-Nord Region of east-central Quebec, and the Borel River Prospect in the Nunavik Region of northern Quebec.
The technical information in this news release was prepared John Langton, P. Geo., a Director of the Company and a Qualified Person under National Instrument 43-101 standards.
Please visit Cartier Iron's website at [ www.cartieriron.com ].
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.
To viewFigure 1: Claim Map of Gagnon Holdings; Cartier Iron Corp., please visit the following link: [ http://media3.marketwire.com/docs/CFEFigure1.pdf ].
The CNSX has not reviewed nor accepts responsibility for the adequacy or accuracy of this release.
