Cartier Iron Corporation provided an update on its diamond drilling program at its wholly-owned Big Easy property, located near Clarenville, in eastern Newfoundland. The Company carried out a 17-hole diamond drill program totaling 9,470.6m in winter 2022 to test significant resistivity anomalies along a major north-northeast trending structural break outlined by the Controlled Source Audio Magneto-Telluric (“CSAMT”) survey in the Central Anomaly – Big Easy Showing Area. Ten (10) of the drill holes tested the Central Anomaly area, three (3), the Central North Anomaly and four (4), the Big Easy South Anomaly.

Collectively these reconnaissance drill holes tested CSAMT resistivity anomalies over a strike length of 2.4km. All the drill holes intersected wide sections up to 150m thick of interbedded rhyolites and siltstones in the lower part of the Musgravetown Group. The rhyolite units are typically extensively brecciated and cut by quartz veins with fine pyrite mineralization and local black sulfosalts.

Hydrothermal alteration is very extensive consisting primarily of silicification and phengite micas.