Cartier Resources cuts more high grade at Chimo

During the most recent market downturn, when many of his peers were running for cover and trying to preserve cash, French Canadian geologist Philippe Cloutier went on a shopping spree. The founder, president and CEO of Cartier Resources (TSXV: ECR) bought three key assets at fire sale prices – all of them in the Abitibi Greenstone Belt, one of the world’s most prolific gold producing regions. Since then Cartier has attracted investments from Agnico Eagle Mines (TSX: AEM; NYSE: AEM), JP Morgan UK and Quebec funds. “Our strategy was to focus on small, high grade historical resources that had been delineated in the pre-Bre-X days,” Cloutier says, describing the period leading up to the salting scandal in 1997 as a time when “companies were raising cash, coming up with showings and drilling them off down to 250 or 300 metres.” Many of these projects were shelved after the Bre-X fiasco undermined confidence and decimated investment in the mining industry. Continue reading at The Northern Miner.