Monarch Reports Its Results for the Third Quarter Ended March 31, 2022
12 Mai 2022 - 1:35PM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQX: GBARF)
reported its results today for the third quarter ended March 31,
2022. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial
results
(In dollars, except per share data) |
Three months endedMarch 31, |
Nine months endedMarch 31, |
141 days endedMarch 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Administration expenses |
(2,003,556 |
) |
(585,444 |
) |
(6,292,853 |
) |
(585,444 |
) |
Operating expenses |
(3,663,503 |
) |
- |
|
(3,663,503 |
) |
- |
|
Care and maintenance |
- |
|
(962,859 |
) |
- |
|
(962,859 |
) |
Exploration expenses |
(930,608 |
) |
(1,242,142 |
) |
(3,374,774 |
) |
(1,242,142 |
) |
Gain on disposal of
assets |
8,568,855 |
|
- |
|
16,259,338 |
|
- |
|
Deferred income and mining
taxes |
(513,314 |
) |
(23,219 |
) |
(1,521,603 |
) |
(23,219 |
) |
Net earnings (loss) and
comprehensive income |
758,545 |
|
(2,760,651 |
) |
1,541,472 |
|
(2,760,651 |
) |
Net earnings (loss) per share,
basic and diluted |
0.01 |
|
(0.05 |
) |
0.02 |
|
(0.08 |
) |
(In dollars) |
March 31, 2022 |
June 30, 2021 |
Cash and cash equivalents (1) |
6,108,678 |
20,480,457 |
Restricted cash (2) |
6,000,000 |
- |
Total
assets |
99,486,665 |
64,424,473 |
1) Excludes the financing of $14.4
million and the $4.5 million in proceeds received subsequent to the
end of the quarter from the sale of royalties to Gold
Royalty2) Not included in cash and cash equivalents
"Everything is set for the gradual
recommissioning of the Beaufor mine,” said Jean-Marc Lacoste,
President and Chief Executive Officer of Monarch. “We have
continued to lay the groundwork for recommissioning, which we
completed in the third quarter at the Beaufor mine and will be
finalized at the Beacon mill in the fourth quarter. In preparation
for recommissioning, some 24,000 tonnes of ore have been mined and
set aside for the Beacon mill. The next step is to process waste
material to ensure that the mill is operating properly, and then we
will move ahead with processing the ore and pouring the first gold
bar, which is still scheduled for June 2022. That will mark the
beginning of a new era for the Beaufor Mine, with a new operating
strategy to boost production capacity above the mine’s historical
production level while ensuring profitability.”
“We also continue to be very active on the
exploration side, and we expect to drill 60,000 metres on our four
properties in 2022. In the third quarter, the Beaufor mine
continued to show excellent high-grade results at depth and near
surface. The Swanson project generated better-than-expected
results, prompting us to double the size of the drilling program to
10,000 metres, and on the McKenzie Break project, we recently
started a new drilling program to follow up on the positive results
of the previous program. At the Croinor Gold project, the resource
estimate is currently being updated to take into account all the
work done to date and a report is expected in the next few
weeks.”
About
MonarchMonarch Mining Corporation (TSX: GBAR)
(OTCQX: GBARF) is a fully integrated mining company that owns four
projects, including the Beaufor Mine, which has produced more than
1 million ounces of gold over the last 30 years. Other assets
include the Croinor Gold, McKenzie Break and Swanson properties,
all located near Monarch’s wholly owned 750 tpd Beacon Mill.
Monarch owns 29,504 hectares (295 km2) of mining assets in the
prolific Abitibi mining camp that host a combined measured and
indicated gold resource of 478,982 ounces and a combined inferred
resource of 383,393 ounces.
Forward-looking statements The
forward-looking statements in this press release involve known and
unknown risks, uncertainties and other factors that may cause
Monarch’s actual results, performance and achievements to be
materially different from the results, performance or achievements
expressed or implied therein. Neither TSX nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX) accepts responsibility for the adequacy or accuracy of this
press release.
FOR MORE INFORMATION:
Jean-Marc Lacoste |
1-888-994-4465 |
President and Chief Executive
Officer |
jm.lacoste@monarchmining.com |
|
|
Mathieu Séguin |
1-888-994-4465 |
Vice President, Corporate
Development |
m.seguin@monarchmining.com |
|
|
Elisabeth Tremblay |
1-888-994-4465 |
Geologist and Communication
Manager |
e.tremblay@monarchmining.com |
www.monarchmining.com
Table 1: Monarch combined gold
resources
Mineral resource estimates |
Tonnes(metric) |
Grade (g/t Au) |
Ounces |
Beaufor
Mine1 |
|
|
|
Measured Resources |
328,500 |
5.7 |
59,900 |
Indicated Resources |
956,400 |
5.2 |
159,300 |
Total Measured and
Indicated |
1,284,900 |
5.3 |
219,200 |
Total Inferred |
818,900 |
4.7 |
122,500 |
McKenzie
Break2 |
|
|
|
In-pit |
|
|
|
Total Indicated |
1,441,377 |
1.80 |
83,305 |
Total Inferred |
2,243,562 |
1.44 |
104,038 |
Underground |
|
|
|
Total Indicated |
387,720 |
5.03 |
62,677 |
Total Inferred |
1,083,503 |
4.21 |
146,555 |
Swanson3 |
|
|
|
In-pit |
|
|
|
Total Indicated |
1,864,000 |
1.76 |
105,400 |
Total Inferred |
29,000 |
2.46 |
2,300 |
Underground |
|
|
|
Total Indicated |
91,000 |
2.86 |
8,400 |
Total Inferred |
87,000 |
2.87 |
8,000 |
TOTAL
COMBINED4Measured and Indicated
ResourcesInferred Resources |
|
|
478,982383,393 |
|
1 Source: NI
43-101 Technical Report and Mineral Resource Estimate for the
Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada,
Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., Dario
Evangelista, P. Eng., BBA Inc.2 Source: NI 43-101 Technical
Evaluation Report on the McKenzie Break Property, October 14, 2021,
Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel
Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane
Rachidi, P.Geo., Claude Duplessi, P.Eng., GoldMinds GeoServices
Inc.3 Source: NI 43-101 Technical Report and Mineral Resource
Estimate for the Swanson Project, January 22, 2021, Val-d’Or,
Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P.
Geo., InnovExplo Inc.4 Numbers may not add due to rounding. |
Historical mineral resource estimate |
Tonnes(metric) |
Grade (g/t Au) |
Ounces |
Croinor
Gold1,2 |
|
|
|
Measured Resources |
80,100 |
8.44 |
21,700 |
Indicated Resources |
724,500 |
9.20 |
214,300 |
Total Measured and
Indicated |
804,600 |
9.12 |
236,000 |
Total Inferred |
160,800 |
7.42 |
38,400 |
1 Source: Monarch Gold prefeasibility study (January 19, 2018).
This resource estimate was completed for Monarch Gold and has not
been reviewed by a qualified person for Monarch Mining as required
under National Instrument 43-101 and is thus considered as an
historical estimate. Furthermore, a qualified person has not done
sufficient work to classify the historical estimate as current
mineral resources or mineral reserves; and therefore, Monarch is
not treating the historical estimate as current mineral resources
or mineral reserves.2 Numbers may not add due to rounding.
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