Cartier Highlights 50 Potential Gold Intersections Over 15 Favorable Kilometers on Chimo Mine Project

Highlights of press release:

• 15 km favorable Gold Strike situated within Larder Lake - Cadillac Fault Zone (FIGURE 1)
  
• 75% of this favorable Gold Strike, acquired in 2022, is not yet explored by Cartier
  
• 50 anomalous drill intersections within 14 gold-bearing structures comprise exploration targets
  

VAL-D'OR, Quebec, Nov. 21, 2023 -- Cartier Resources Inc. (TSX-V: ECR, FSE: 6CA) ("Cartier") presents the potential of gold-bearing intersections for future discoveries over 15 km favorable Gold Strike on Chimo Mine Project. The Project is comprised of the Chimo Mine and East Cadillac properties (FIGURE 2) of which this latter was acquired April 7^th, 2022. The Project, 100% owned by Cartier, is located at 45 km east of the Val-d'Or mining camp (FIGURE 3).

"The exploration targets of this new area and not yet explored by Cartier were generated using the knowledge acquired during the drilling that led to the resource**, applied to a robust 780 drill hole database; maximizing the prioritization of the anomalies and chances of success," commented Philippe Cloutier, President and CEO.

The 15 km favorable Gold Strike, situated within the Larder Lake - Cadillac Fault Zone, hosts the resources** (FIGURE 1). The current resources**(MRE4), representing only 25% of the favorable strike length, are hosted within 19 gold-bearing structures. To date, the favorable Gold Strike hosts 50 anomalous drill hole intersections (Table 1) within 14 gold-bearing structures of which 8 have not yet been explored by Cartier. The majority of the drilling targets is located between the surface and a depth of 200 m.

Planning of work programs, to be carried out at the appropriate time, is ready for the exploration of the discovery potential of the entire Project (FIGURE 1), to continue increasing the resources ("PEA P.304") as well as to carry out sorting tests and metallurgical tests from large volumes of mineralized rocks ("PEA P.304").

This preparation phase allows the Cartier team to adequately evaluate all the opportunities that arise and to enhance the shareholders' equity based on the growth potential of the Chimo Mine Project.

** NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R. Beauvais, P.Eng., InnovExplo Inc., August 22^nd, 2022.

Table 1: Details of information of historical drill results of 50 anomalous intersections.

The lengths of the mineralized intersections are expressed as lengths measured along the drill core.

Reminder of the highlights of the Chimo Mine Project:

• Recent positive Preliminary Economic Assessment* (FIGURE 4):
  
  • Post-Tax NPV_5% of CAD$388M and 20.8% IRR
    
  • Average annual production of 116,900 ounces of gold at a milled average of 4.6 g/t Au for a 9.7 years mine life
    
  • Payback period of 2.9 years
    
  • Long term gold price of US$1,750/oz, exchange rate of CAD $1.00 = US $0.77
    
  • Capex of CAD$341M, average all-in sustaining cost of US$755/oz
    
• Recent Mineral Resource Estimate** (FIGURE 5):
  
  • 720,000 ounces of gold in the indicated resource category
    
  • 1,633,000 ounces of gold in the inferred resource category
    
• The portion representing 25% of the Chimo Mine Project Gold Strike is 3.7 km long east-west, 1.6 km high and 500 m thick north-south and to date consists of 20 gold structures including 31 gold zones.
  
• 53% of diluted and recoverable ounces of gold are contained in 2 gold structures (5B and 5N).
  
• 46% of diluted and recoverable ounces of gold are contained in 5 gold zones (5BE, 5NE1-5NE2, 5B and 5NE).
  

* NI 43-101 Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, May, 29^nd, 2023.

** NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R. Beauvais, P.Eng., InnovExplo Inc., August 22^nd, 2022.

About Cartier Resources Inc.

Cartier Resources Inc. was founded in 2006 and is an advanced gold project exploration company based in Val-d'Or. The company's projects are all located in Quebec, which has consistently ranked as one of the world's best mining jurisdictions. Cartier is advancing the development of its flagship Chimo Mine Project. The Company has a cash position exceeding $2.4 M and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.

Qualified Persons

The scientific and technical information on the Company and the Chimo Mine Project in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P. Geo., Ph. D, Cartier's Vice-President and Mr. Ronan Déroff, P. Geo, M. Sc., Cartier's Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavallière approved the information contained in this press release.

For more information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9beb5cc-92ba-4f42-81e5-2c574b532f93