# Cartier Reports Significant Gold Resource Growth At Cadillac With 9,953,000 tonnes at a grade of 2.40g/t Au for 767,800 Ounces Measured and Indicated, a 7% Increase and 35,185,000 tonnes at a grade of 2.14g/t Au for 2,416,900 Ounces Inferred, a 48% Increase Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e Original source: https://money.tmx.com/en/quote/ECR/news/5609938408296647/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn Publisher: tmx Original announcement: 2025-12-18T12:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Cartier Resources Inc. - Ticker: ECR - Exchange: TSX - Region: Quebec - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-08-24 07:33:41 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Cartier Resources Inc. announced an updated Mineral Resource Estimate for its Cadillac Project, reporting a 7% increase in Measured and Indicated gold ounces to 767,800 oz and a 48% increase in Inferred gold ounces to 2,416,900 oz. The estimate, prepared in accordance with NI 43-101, incorporates new drilling and consolidates all gold sectors, positioning the project for further development. The company also highlighted a conceptual exploration target of 600,000 to 1,100,000 additional ounces of gold. Reasoning: The updated Mineral Resource Estimate for the Cadillac Project demonstrates significant growth in both Measured & Indicated \(7%\) and Inferred \(48%\) gold ounces, driven by new drilling and consolidation. The resource is NI 43-101 compliant, independently verified, and shows good grades for both open pit and underground scenarios, with substantial exploration upside. - Positive factor: Significant increase in Inferred resources \(48% increase in ounces\). - Positive factor: Moderate increase in Measured & Indicated resources \(7% increase in ounces\). - Positive factor: Total contained gold ounces are strong, with M&I in the moderate tier and Inferred in the strong tier. - Positive factor: Resource estimate is NI 43-101 compliant and signed off by independent Qualified Persons. - Positive factor: Project benefits from existing historical infrastructure, potentially reducing future CAPEX. - Positive factor: Good grades for both open pit and underground components, with open pit M&I in the high-grade band and underground M&I in the economic band. - Positive factor: Identified significant exploration target highlights further upside potential. - Negative factor: M&I resources represent 25% of total resources, which is at the lower end of moderate confidence. - Negative factor: No economic evaluation has been produced for the updated MRE. Facts used in scoring: 13 ## Classification and evidence **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The MRE includes 5,988,000 tonnes at 2.61 g/t Au for 502,600 ounces in the Measured category. Evidence · table > 5,988,000 Context: Measured **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The MRE includes 3,965,000 tonnes at 2.08 g/t Au for 265,200 ounces in the Indicated category. Evidence · table > 3,965,000 Context: Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the total resource, 35,185,000 tonnes at 2.14 g/t Au for 2,416,900 ounces, is in the Inferred category. Evidence · table > 35,185,000 Context: Inferred **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The MRE shows a 7% increase in Measured & Indicated ounces and a 48% increase in Inferred ounces compared to the previous estimate. Evidence · text > a 7% increase and 35,185,000 tonnes at a grade of 2.14g/t Au for 2,416,900 Ounces Inferred, a 48% Increase **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total M&I tonnage increased by 7% and Inferred tonnage increased by 48% compared to the previous estimate. Evidence · text > 9,953,000 tonnes at a grade of 2.40g/t Au for 767,800 Ounces Measured and Indicated, a 7% Increase and 35,185,000 tonnes at a grade of 2.14g/t Au for 2,416,900 Ounces Inferred, a 48% Increase **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Contained gold ounces increased by 7% for M&I and 48% for Inferred categories. Evidence · text > 767,800 Ounces Measured and Indicated, a 7% Increase and 2,416,900 Ounces Inferred, a 48% Increase **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The MRE was independently prepared by Pierre Luc Richard, P.Geo., and Stephen Coates, P.Eng., as Qualified Persons under NI 43-101. Evidence · text > The independent qualified persons for the MRE, as defined by National Instrument \(“NI”\) 43-101 guidelines, is Pierre Luc Richard, P.Geo., of PLR Resources Inc., with contributions from Stephen Coates, P.Eng., of Evomine Consulting **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades of 0.30 g/t Au for open pit and 1.00 g/t Au for underground resources are clearly stated. Evidence · table > 0.30g/t Au Context: Open Pit Resources Cut-off Grade = 0.30g/t Au Tonnes \(t\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE was prepared in accordance with National Instrument 43-101 standards. Evidence · text > in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: This announcement provides an updated Mineral Resource Estimate for the Cadillac Project. Evidence · text > Updated Mineral Resource Estimate \("MRE"\) **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The updated MRE will be further assessed through an updated PEA. Evidence · text > will be further assessed through an updated PEA ## Extracted facts Stored fact records: 13. Some facts used in scoring do not have a stored record. ## Resource Estimates (13) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-0) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: measured - Tonnes: 1770000 - Grade: 2.16 - Grade Unit: g/t - Contained Metal: 123300 - Contained Unit: oz - Cutoff Grade: 0.3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The Measured Open Pit resource provides a high-confidence, economically attractive component to the overall resource, with a good grade for open pit mining. - Positive factor: Measured category provides high confidence. - Positive factor: Open pit mining method implies lower operating costs. - Positive factor: Grade is in the high-grade band for open pit gold. Evidence · table > 2.16 Context: 1,770,000 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-1) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: measured - Tonnes: 4210000 - Grade: 2.8 - Grade Unit: g/t - Contained Metal: 379300 - Contained Unit: oz - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The Measured Underground resource represents a significant, high-confidence component with a good grade, supported by existing infrastructure. - Positive factor: Measured category provides high confidence. - Positive factor: Grade is in the economic band for underground gold. - Positive factor: Existing historical infrastructure supports underground development. Evidence · table > 2.80 Context: 4,210,000 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-2) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: measured - Tonnes: 5988000 - Grade: 2.61 - Grade Unit: g/t - Contained Metal: 502600 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The total Measured resource provides a substantial, high-confidence base for the project, with a good average grade. - Positive factor: Measured category provides high confidence. - Positive factor: Contained metal is in the moderate tier for gold. - Positive factor: Good overall grade for a combined resource. Evidence · table > 2.61 Context: 5,988,000 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-3) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: indicated - Tonnes: 1730000 - Grade: 1.52 - Grade Unit: g/t - Contained Metal: 84500 - Contained Unit: oz - Cutoff Grade: 0.3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The Indicated Open Pit resource adds a reasonable confidence component with a good grade for open pit mining. - Positive factor: Indicated category provides reasonable confidence. - Positive factor: Open pit mining method implies lower operating costs. - Positive factor: Grade is in the high-grade band for open pit gold. Evidence · table > 1.52 Context: 1,730,000 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-4) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: indicated - Tonnes: 2240000 - Grade: 2.51 - Grade Unit: g/t - Contained Metal: 180600 - Contained Unit: oz - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The Indicated Underground resource adds a reasonable confidence component with a good grade, supported by existing infrastructure. - Positive factor: Indicated category provides reasonable confidence. - Positive factor: Grade is in the economic band for underground gold. - Positive factor: Existing historical infrastructure supports underground development. Evidence · table > 2.51 Context: 2,240,000 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-5) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: indicated - Tonnes: 3965000 - Grade: 2.08 - Grade Unit: g/t - Contained Metal: 265200 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The total Indicated resource provides a substantial, reasonable-confidence base for the project, with a good average grade. - Positive factor: Indicated category provides reasonable confidence. - Positive factor: Good overall grade for a combined resource. Evidence · table > 2.08 Context: 3,965,000 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-6) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: indicated - Tonnes: 3500000 - Grade: 1.84 - Grade Unit: g/t - Contained Metal: 207800 - Contained Unit: oz - Cutoff Grade: 0.3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The combined Measured & Indicated Open Pit resource provides a significant, reasonable-confidence component with a good grade for open pit mining. - Positive factor: Combined Measured & Indicated category provides reasonable confidence. - Positive factor: Open pit mining method implies lower operating costs. - Positive factor: Grade is in the high-grade band for open pit gold. Evidence · table > 1.84 Context: 3,500,000 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-7) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: indicated - Tonnes: 6450000 - Grade: 2.7 - Grade Unit: g/t - Contained Metal: 559900 - Contained Unit: oz - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The combined Measured & Indicated Underground resource provides a significant, reasonable-confidence component with a good grade, supported by existing infrastructure. - Positive factor: Combined Measured & Indicated category provides reasonable confidence. - Positive factor: Grade is in the economic band for underground gold. - Positive factor: Existing historical infrastructure supports underground development. Evidence · table > 2.70 Context: 6,450,000 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-8) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: indicated - Tonnes: 9953000 - Grade: 2.4 - Grade Unit: g/t - Contained Metal: 767800 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The total Measured & Indicated resource provides a substantial, reasonable-confidence base for the project, with a good average grade. - Positive factor: Combined Measured & Indicated category provides reasonable confidence. - Positive factor: Contained metal is in the moderate tier for gold. - Positive factor: Good overall grade for a combined resource. Evidence · table > 2.40 Context: 9,953,000 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-9) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: inferred - Tonnes: 4740000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 172600 - Contained Unit: oz - Cutoff Grade: 0.3 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The Inferred Open Pit resource adds to the project's potential, with an economic grade for open pit mining, though with lower confidence. - Positive factor: Open pit mining method implies lower operating costs. - Positive factor: Grade is in the economic band for open pit gold. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.13 Context: 4,740,000 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-10) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: inferred - Tonnes: 30450000 - Grade: 2.29 - Grade Unit: g/t - Contained Metal: 2244200 - Contained Unit: oz - Cutoff Grade: 1 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The Inferred Underground resource represents a very significant growth in contained gold, with a reasonable grade for underground, though with lower confidence. - Positive factor: Contained metal is in the strong tier for gold. - Positive factor: Existing historical infrastructure supports underground development. - Positive factor: Grade is in the marginal band for underground gold, but still significant tonnage. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.29 Context: 30,450,000 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-11) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Category: inferred - Tonnes: 35185000 - Grade: 2.14 - Grade Unit: g/t - Contained Metal: 2416900 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The total Inferred resource shows very significant growth and contained gold, representing substantial future potential, though with lower geological confidence. - Positive factor: Significant increase in Inferred ounces \(48%\). - Positive factor: Contained metal is in the strong tier for gold. - Positive factor: Good overall grade for an Inferred resource. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.14 Context: 35,185,000 ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/cartier-reports-significant-gold-resource-growth-at-cadillac-with-9-953-000-tonn--1c8090ec-681b-4b4a-8f8e-f5acc4a8264e#fact-resource-facts-12) Cadillac Project · gold #### Identity - Project: Cadillac Project - Commodity: gold - Ticker: ECR #### Resource Data - Tonnes: 10000000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 850000 - Contained Unit: oz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-18T00:00:00.000Z Reasoning: The conceptual exploration target indicates substantial upside potential for resource expansion, though it is not yet a classified resource. - Positive factor: Highlights significant future growth potential beyond current resource base. - Negative factor: Exploration target is conceptual in nature and not a mineral resource or reserve. Evidence · text > A conceptual exploration target of 8 to 12 Mt of mineralization grading between 2.2 to 2.8 g/t Au, representing 600,000 to 1,100,000 ounces of gold ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.