MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQX:
GBARF) is pleased to report the results for the last 13 holes
of its 2021 drilling program on the McKenzie Break deposit, located
25 kilometres north of the Corporation’s wholly owned 750
tonne-per-day Beacon mill. The 2021 drilling program consisted of
54 holes for a total of 18,632 metres. Earlier results were
reported on December 2, 2021 (73.5 g/t Au over 1.35 m),
October 20, 2021 (3.93 g/t Au over 5.45 m), June 22,
2021 (70.8 g/t Au over 0.4 m) and March 22,
2021 (8.46 g/t Au over 13.8 m).
The results from the last 13 holes show several
high-grade intersections, including 19.12 g/t Au over 1.9 m,
41.0 g/t Au over 0.5 m, 11.9 g/t Au over 1.5 m and 16.7
g/t Au over 0.89 m. The three best intersections are located along
the northeastern extension of the current resource envelope (Figure
1). All significant assay results are provided in Table 2.
The 2021 drilling program was a surface program
aimed at continuing to expand the McKenzie Break gold deposit and
supplementing the recent mineral resource estimate (the
“2021 MRE”, effective February 1, 2021 and amended
October 14, 2021, available on the Corporation’s website) with
holes drilled on 50-metre centres down to a vertical depth of 400
metres. Based on recent results outside the 2021 MRE envelope, the
current program has succeeded in expanding the gently dipping
deposit, particularly to the northeast. The mineralized
footprint now measures 600 metres by 1,100 metres and has been
tested to a vertical depth of up to 400 metres. The 2021 program
also confirmed that the mineralization is continuous and remains
open in all directions.
The 2022 drilling program on the McKenzie Break
property, which began in April with one drill rig, consists of
20,000 metres of drilling in 65 holes. A second drill rig will be
added once Monarch’s Swanson 10,000-metre drilling program is
complete. Monarch will continue testing the deposit with holes at
50-metre centres. The 2022 program is aimed at expanding the
current underground resource to the north and east, increasing the
size of the currently proposed resource pit shell up-dip through
expansion to the south and west and testing additional exploration
targets along the volcanic-intrusive contact to the south.
Later this year, Monarch will update the mineral
resource estimate to include the additional 18,632 metres drilled
in 2021 and several strategic holes to be drilled in 2022, as well
as a new interpreted geological model.
“McKenzie Break continues to show strong
exploration potential in all directions as we continue to encounter
high-grade gold mineralization,” said Jean-Marc Lacoste, President
and Chief Executive Officer of Monarch. “We expect 2022 to be
another busy year on McKenzie Break and are looking forward to the
results of the updated mineral resource estimate later in the
year.”
About McKenzie BreakGold
mineralization occurs in an elongated diorite unit or lens within a
shallow embayment of the Pascalis Batholith. Monarch continues to
have drilling success beyond the limits of the current resource
envelope, recently updated by Geologica and GoldMinds (effective
February 1, 2021, and amended October 14, 2021, available on the
Corporation’s website) (see Table 1). The mineralized envelope
currently measures 1,100 metres by 600 metres and has been tested
down to a vertical depth of 400 metres. In 2022, the Corporation
will drill 20,000 metres to continue testing the limits of the
defined pit shell and mineralized envelope and to test other
priority targets on the property, including targets along the
volcanic-intrusive contact to the south. The 2022 drilling program
began in April with one drill rig, with a second rig to be added
later in the year.
Table 1: 2021 mineral resource estimate
for the McKenzie Break deposit
Area (cut-off grade) |
Indicated resource |
Inferred resource |
Tonnes(t) |
Grade(g/t) |
Ounces(Au) |
Tonnes(t) |
Grade(g/t) |
Ounces(Au) |
Pit-constrained (0.50 g/t Au) |
1,441,377 |
1.80 |
83,305 |
2,243,562 |
1.44 |
104,038 |
Underground (2.38 g/t Au) |
387,720 |
5.03 |
62,677 |
1,083,503 |
4.21 |
146,555 |
TOTAL |
1,829,097 |
|
145,982 |
3,327,065 |
|
250,593 |
Mineral resource estimate notes:
-
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. An Inferred Mineral Resource has a
lower level of confidence than that applying to a Measured and
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, market or
other relevant issues. The quantity and grade of reported inferred
resources are uncertain in nature and there has not been sufficient
work to define these inferred resources as indicated or measured
resources.
-
The database used for this mineral estimate includes drill results
obtained from historical records and up to the recent 2018-2020
drill program.
-
Mineral resources are reported at a cut-off grade of 0.50 g/t Au
for the pit-constrained and underground mineral resources are
reported at a cut-off grade of 2.38 g/t Au within reasonably
mineable volumes.
-
These cut-offs were calculated at a gold price of C$1,980
ounce.
-
The pit-constrained resources were based on the following
parameters: mining cost $3.5/t, processing, transportation +
G&A costs $27/t, Au recovery 95%, pit slopes 15 degrees for
overburden and 50 degrees for rock.
-
The underground reasonably mineable volumes were based on the
following parameters: mining cost $98/t, processing, transportation
+ G&A costs $27/t, Au recovery 95%, dilution of 15% at 0 g/t Au
with a minimum stope dimension of 10m x 10m x 5m.
-
The geological interpretation of the deposits was based on
lithologies and the typical mineralized interval mainly composed by
diorite hosted shear zones.
-
The mineral resource presented here was estimated with a block size
of 5m x 5m x 5m for the pit-constrained and for underground.
-
The blocks were interpolated from equal length composites
calculated from the mineralized intervals. Prior to compositing,
high-grade gold assays were capped to 60 g/t Au applied on
0.6-metre composites.
-
The mineral estimation was completed using the inverse distance
squared methodology utilizing two passes. For each pass, search
ellipsoids followed the geological interpretation trends were
used.
-
Tonnage estimates are based on rock specific gravity of 2.77 tonnes
per cubic metre for all the zones. Results are presented undiluted
and in situ.
-
Estimates use metric units (metres, tonnes and g/t). Metal contents
are presented in troy ounces (metric tonne x grade /
31.10348).
-
This mineral resource estimate is dated February 11th, 2021, and
with an amended date of October 14th, 2021. The effective date for
the drillhole database used to produce this updated mineral
resource estimate is February 1st, 2021. Tonnages and ounces in the
tables are rounded to the nearest hundred. Numbers may not total
due to rounding.
-
No economic evaluation of the resources has been produced.
The resource estimate was prepared by Alain-Jean
Beauregard, P.Geo., Daniel Gaudreault, P.Eng. of Geologica
Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessi,
P.Eng. of GoldMinds GeoServices, all qualified persons under
National Instrument 43-101.
Sampling consists of sawing the NQ-size core
into equal halves along its main axis and shipping one of the
halves to AGAT Laboratories in Mississauga, Ontario or ALS Canada
in Val d’Or, Quebec for assaying. The samples are crushed,
pulverized and assayed by fire assay, with atomic absorption
finish. Results exceeding 3.0 g/t Au are re-assayed using the
gravity method, and samples containing visible gold grains are
assayed using the metallic screen method. Monarch uses a
comprehensive QA/QC protocol, including the insertion of standards
and blanks.
The technical and scientific content of this
press release has been reviewed and approved by Louis Martin,
P.Geo., the Corporation’s qualified person under National
Instrument 43-101.
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 2: McKenzie Break 2021 drilling
program significant assay results
Hole |
From (m) |
To (m) |
Width (m) * |
Au (g/t) |
MK-21-293 |
313.50 |
314.50 |
1.00 |
1.49 |
|
321.40 |
324.50 |
3.10 |
7.95 |
including |
321.40 |
321.90 |
0.50 |
41.00 |
|
333.00 |
334.50 |
1.50 |
1.68 |
|
369.50 |
371.00 |
1.50 |
11.90 |
|
377.86 |
379.00 |
1.14 |
1.09 |
MK-21-298 |
3.95 |
5.45 |
1.50 |
2.64 |
|
34.85 |
35.60 |
0.75 |
2.71 |
|
186.00 |
188.20 |
2.20 |
2.80 |
including |
186.00 |
187.10 |
1.10 |
4.20 |
MK-21-301 |
46.50 |
48.00 |
1.50 |
0.10 |
MK-21-309 |
241.50 |
244.50 |
3.00 |
1.20 |
|
248.60 |
250.00 |
1.40 |
1.14 |
|
281.00 |
282.00 |
1.00 |
1.94 |
|
310.50 |
312.00 |
1.50 |
1.00 |
|
328.00 |
329.00 |
1.00 |
2.08 |
MK-21-314 |
403.00 |
404.00 |
1.00 |
1.07 |
|
428.00 |
429.50 |
1.50 |
2.83 |
including |
428.95 |
429.50 |
0.55 |
5.80 |
MK-21-316 |
7.30 |
7.80 |
0.50 |
1.55 |
|
15.70 |
16.20 |
0.50 |
5.28 |
|
231.80 |
233.70 |
1.90 |
19.12 |
|
247.80 |
248.50 |
0.70 |
4.10 |
|
257.10 |
258.10 |
1.00 |
1.55 |
|
289.70 |
290.90 |
1.20 |
1.05 |
MK-21-317 |
208.70 |
209.50 |
0.80 |
3.40 |
|
219.30 |
220.00 |
0.70 |
2.86 |
MK-21-318 |
300.50 |
301.70 |
1.20 |
2.92 |
|
364.50 |
365.45 |
0.95 |
3.63 |
|
372.20 |
373.30 |
1.10 |
1.41 |
|
378.00 |
378.80 |
0.80 |
1.55 |
MK-21-319 |
150.75 |
152.00 |
1.25 |
1.09 |
|
249.40 |
251.80 |
2.40 |
1.33 |
including |
249.40 |
250.40 |
1.00 |
3.02 |
|
297.90 |
298.90 |
1.00 |
1.46 |
|
351.00 |
352.00 |
1.00 |
1.66 |
MK-21-323 |
244.40 |
245.27 |
0.87 |
2.08 |
MK-21-324 |
208.41 |
217.25 |
8.85 |
3.51 |
including |
208.41 |
209.30 |
0.89 |
16.70 |
including |
214.31 |
215.74 |
1.43 |
7.80 |
|
292.47 |
295.00 |
2.53 |
1.35 |
MK-21-325 |
289.50 |
290.50 |
1.00 |
1.14 |
|
322.00 |
323.30 |
1.30 |
5.60 |
|
331.50 |
332.40 |
0.90 |
1.40 |
|
353.00 |
354.00 |
1.00 |
2.13 |
|
408.00 |
409.50 |
1.50 |
4.30 |
* True width is 90% of indicated
width.Table 3: McKenzie Break drill hole
locations
Hole ID |
UTM_E |
UTM_N |
Elevation (m) |
Azimut (°) |
Dip (°) |
Length (m) |
MK-21-293 |
310250 |
5359121 |
310 |
230 |
-88 |
420 |
MK-21-298 |
309989 |
5358768 |
311 |
230 |
-88 |
204 |
MK-21-301 |
309943 |
5358927 |
310 |
230 |
-88 |
55 |
MK-21-309 |
310050 |
5358417 |
311 |
230 |
-88 |
402 |
MK-21-314 |
310350 |
5358600 |
308 |
230 |
-88 |
515 |
MK-21-316 |
310125 |
5359170 |
309 |
230 |
-88 |
415 |
MK-21-317 |
310050 |
5359170 |
309 |
230 |
-88 |
381 |
MK-21-318 |
310250 |
5359060 |
310 |
230 |
-88 |
462 |
MK-21-319 |
310132 |
5358940 |
308 |
230 |
-88 |
399 |
MK-21-323 |
310050 |
5358350 |
306 |
230 |
-88 |
386 |
MK-21-324 |
310000 |
5358400 |
305 |
230 |
-88 |
351 |
MK-21-325 |
310230 |
5358440 |
307 |
230 |
-88 |
423 |
Figure 1: Significant assay results (Dec 2021 – May
2022)https://www.globenewswire.com/NewsRoom/AttachmentNg/d07711a6-7e2d-4c31-96cd-1c8420de8f86
Table 4: 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 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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