Monarch Continues Underground Drilling at the Beaufor Mine; Recent Results From the “Q Zone” Include 122.0 g/t Au Over 1.4 m, 20.74 g/t Over 3.3 m, 83.2 g/t Over 0.5 m and 18.87 g/t Over 1.2 m
16 Juin 2022 - 1:35PM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQX:
GBARF) is pleased to announce additional results from its
2021-2022 underground drilling program on its wholly-owned Beaufor
Mine gold project, located 20 kilometres east of Val-d’Or, Québec.
The recently received results are from the Q Zone located in the
lower level of the Beaufor mine, and include 122.0 g/t Au over 1.4
m, 20.74 g/t Au over 3.3 m, 83.2 g/t Au over 0.5 m and 18.87 g/t Au
over 1.2 m. The Q Zone has been mined through much of Beaufor’s
recent history and has proven to be both continuous along strike
and at depth and of considerable width. Other holes drilled in the
area throughout 2021 and 2022 also returned positive results. These
holes have been incorporated into the new geological model, which
includes all recent and historical data and is based on BBA’s
geological interpretation as seen in their 2021 NI 43-101-compliant
resource estimate. These positive results have encouraged Monarch
to continue drilling the Q Zone at depth, while strategically
extending holes to reach the deeper R and S zones, which have yet
to be mined.
The Beaufor Mine initially began commercial
production in the early 1930s and over the years has produced over
1.1 million ounces of gold. In June 2020, the Corporation initiated
a 42,500-metre diamond drilling program to test two types of
targets: the areas around historical high-grade intersections near
the existing underground infrastructure, and isolated resource
blocks, which are typically defined by a single drill intersection.
Both of these “near-mine” targets can often be tested from the
existing underground workings, generally by holes less than
200 metres long. However, the depth and position of newer
targets has required Monarch to drill longer holes with underground
electric drill rigs and, as a result, exploration drifts for
diamond drilling are being developed to allow deeper drilling and
optimal interception angles and reduce overall exploration costs.
Since June 2020, 335 holes totalling 54,723 metres have been
drilled during the exploration and definition drilling programs.
Given the positive results, additional holes are now being drilled
to allow the zones in question to be converted into reserves and
included in a future mine plan. Monarch is continuing to drill,
with five drill rigs underground.
Underground development and rehabilitation are
ongoing in the W and 350 zones, which are easily accessible from
the surface ramp located 100 metres from the main Beaufor shaft,
and presently extends to a vertical depth of 180 metres.
“This underground drilling program continues to
return very encouraging results,” said Jean-Marc Lacoste, President
and Chief Executive Officer of Monarch. “We are pleased to have
confirmed the high-grade nature and significant width of the Q Zone
to the west. Additional drilling will definitely focus on expanding
this zone.”
Drill results are obtained by sawing the drill
core into equal halves along its main axis and shipping one of the
halves to ALS Canada in Val-d’Or, Quebec, or AGAT Laboratories in
Mississauga, Ontario, for assaying. The samples are crushed,
pulverized and assayed by fire assay, with atomic absorption
finish. Samples exceeding 10 g/t Au are re-assayed using the
gravity method and samples containing visible gold are assayed
using the metallic screen method. Monarch uses a comprehensive
QA/QC protocol, including the insertion of standards, blanks and
duplicates.
The technical and scientific content of this
press release has been reviewed and approved by Christian Tessier,
P.Geo., the Corporation’s qualified person under National
Instrument 43-101.
About BeauforThe Beaufor Mine
is located within the Bourlamaque Batholith at the eastern contact
with the Dubuisson Formation. The Bourlamaque Batholith, a
synvolcanic intrusion, is a major geological feature of the
Val-d’Or mining camp. It is a quartziferous granodiorite cut by
fine-grained diorite dykes. Gold mineralization occurs in veins
associated with shear zones dipping moderately south.
Mineralization is associated with quartz-tourmaline-pyrite veins
resulting from the filling of shear and extension fractures.
Gold-bearing veins show a close association with mafic dykes
intruding the granodiorite. A National Instrument 43-101 resource
estimate for the Beaufor Mine property was prepared for Monarch
Mining and amended on October 13, 2021 by Charlotte Athurion, P.
Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng.,
BBA Inc. The mineral resource estimate is listed in the table
below.
Table 1: 2021 mineral resource estimate
for the Beaufor Mine
Category |
Tonnage (t) |
Grade (g/t Au) |
Ounces Au (oz) |
Measured |
328,500 |
5.7 |
59,900 |
Indicated |
956,400 |
5.2 |
159,300 |
Total Measured and Indicated |
1,284,900 |
5.3 |
219,200 |
Inferred |
818,900 |
4.7 |
122,500 |
Mineral resource estimate notes:
- The independent
qualified person for the 2021 MRE, as defined by National
Instrument (“NI”) 43-101 guidelines, is Charlotte Athurion, P.Geo.,
of BBA Inc. The effective date of this MRE is July 23, 2021.
- These mineral
resources are not mineral reserves as they do not have demonstrated
economic viability.
- The mineral
resource estimate follows CIM definitions (2014) for mineral
resources.
- Results are
presented diluted and considered to have reasonable prospects for
economic extraction. Isolated and discontinuous blocks above the
stated cut-off grades are excluded from the mineral resource
estimate. Must-take material, i.e. isolated blocks below cut-off
grade located within a potentially mineable volume, was included in
the mineral resource statement.
- The resources
include 166 mineralized zones with a minimum true thickness of 2.4
m using the grade of the adjacent material when assayed or a value
of 0.00025 when not assayed. High-grade capping varies from 20 to
65 g/t Au (when required) and was applied to composited assay
grades for interpolation using an Ordinary Kriging interpolation
method (ID2 for 96_01, 96_02, 20 zones, 21_01, 140, 367 and 350
zones) based on 1.5 m composite and block size of 5 m x 5 m x 5 m,
with bulk density values of 2.75 (g/cm3). A second capping was
applied for the second and third passes in order to restrict
high-grade impact at greater distance.
- Inferred Mineral
Resources were defined for blocks within the units that have been
informed by a minimum of two drillholes within 50 m of a drillhole
(100 m of drill spacing); Indicated Mineral Resources were defined
for blocks within the units that have been informed by a minimum of
three drillholes within 12.5 m of a drillhole (25 m of drill
spacing); Measured Mineral Resources were defined for blocks within
the units that have been informed by a minimum of three drillholes
within 5 m of a drillholes (10 m of drill spacing) or 3 m around
voids. Measured Mineral Resources were only defined for zones with
a good reliability of the geological continuity or supported by
underground workings.
- The estimate is
reported for potential underground scenario at cut-off grades of
2.8 g/t Au (>=45 degree dip) and 3.2 g/t Au (<45 degree dip).
The cut-off grades were calculated using a gold price of US$1,550
per ounce, a USD:CAD exchange rate of 1.32 (resulting in C$1,914
per ounce gold price); mining cost C$125/t (>=45 degree dip);
C$150/t (<45 degree dip); processing cost C$35/t; G&A
C$16/t; metallurgical recovery of 97%; royalties of US$37.52 per
ounce; and refining and transport cost of US$1.50 per ounce.
- The number of
metric tonnes and ounces were rounded to the nearest hundred and
the metal contents are presented in troy ounces (tonne x
grade/31.10348). Rounding may result in apparent summation
differences between tonnes, grades and contained metals
content.
- BBA Inc. is not aware of any known
environmental, permitting, legal, title-related, taxation,
socio-political or marketing issues, or any other relevant issues
not reported in this Report that could materially affect the
mineral resource estimate.
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 |
Senior Geologist – Communications Specialist |
e.tremblay@monarchmining.com |
www.monarchmining.com
Table 2: Beaufor Mine assay results and
significant intervals (underground drill holes)
Hole |
From (m) |
To (m) |
Width (m)* |
Au (g/t) |
BEU-21-30-023 |
39.7 |
41 |
1.3 |
10.70 |
BEU-21-30-023 |
66 |
67.4 |
1.4 |
122.00 |
BEU-21-30-023 |
77.2 |
78.3 |
1.1 |
7.31 |
BEU-21-30-033 |
110.5 |
112.6 |
2.1 |
4.80 |
BEU-21-30-038 |
221.5 |
224.2 |
2.7 |
1.37 |
BEU-21-30-038 |
222.9 |
223.4 |
0.5 |
7.11 |
BEU-21-30-038 |
234.1 |
234.6 |
0.5 |
1.26 |
BEU-21-30-039 |
58.2 |
58.7 |
0.5 |
5.06 |
BEU-21-30-039 |
151.9 |
152.4 |
0.5 |
83.20 |
BEU-21-30-040 |
227.5 |
228.1 |
0.6 |
3.53 |
BEU-21-30-041 |
224.5 |
225.64 |
1.1 |
5.23 |
BEU-21-30-053 |
72.9 |
74.1 |
1.2 |
3.70 |
BEU-21-30-053 |
77 |
77.5 |
0.5 |
4.47 |
BEU-21-30-064 |
99.5 |
102 |
2.5 |
1.86 |
BEU-21-30-065 |
86.4 |
89.2 |
2.8 |
0.25 |
BEU-21-30-070 |
27.6 |
30 |
2.4 |
1.27 |
BEU-21-30-070 |
56.4 |
58.5 |
2.1 |
1.49 |
BEU-21-30-086 |
10 |
12 |
2.0 |
1.76 |
BEU-21-30-087 |
147.7 |
150 |
2.3 |
0.08 |
BEU-21-30-088 |
34.4 |
36.55 |
2.2 |
9.69 |
BEU-21-30-088 |
38 |
42.3 |
4.3 |
6.67 |
BEU-21-30-088 |
101.8 |
105.05 |
3.3 |
20.74 |
BEU-21-30-088 |
133.55 |
134.25 |
0.7 |
3.20 |
BEU-21-30-088 |
135.6 |
136.1 |
0.5 |
3.32 |
BEU-21-30-088 |
144 |
145 |
1.0 |
9.96 |
BEU-21-30-090 |
123 |
125.7 |
2.7 |
5.30 |
BEU-21-30-091 |
30.9 |
32 |
1.1 |
6.37 |
BEU-21-30-091 |
104.9 |
105.7 |
0.8 |
17.60 |
BEU-21-30-091 |
127 |
129 |
2.0 |
2.98 |
BEU-22-30-045 |
217.3 |
217.8 |
0.5 |
11.90 |
BEU-22-30-119 |
70.5 |
71.3 |
0.8 |
2.88 |
BEU-22-30-126 |
5.8 |
6.3 |
0.5 |
0.01 |
BEU-22-30-128 |
18.5 |
19.7 |
1.2 |
18.87 |
*The width shown is the core length. The true
width is taken into account in the mineral resource estimate.
Table 3: Beaufor Mine drill hole
location
Hole |
Mine_E (m) |
Mine_N (m) |
Elevation (m) |
Azimuth (°) |
Dip (°) |
Length (m) |
BEU-21-30-023 |
2050 |
3310 |
2163 |
3 |
-21 |
85.0 |
BEU-21-30-033 |
1942 |
3194 |
2344 |
319 |
-46 |
259.0 |
BEU-21-30-038 |
1942 |
3194 |
2344 |
329 |
-56 |
234.0 |
BEU-21-30-039 |
1942 |
3194 |
2344 |
336 |
-39 |
238.0 |
BEU-21-30-040 |
1942 |
3194 |
2344 |
339 |
-59 |
228.0 |
BEU-21-30-041 |
1942 |
3194 |
2344 |
340 |
-52 |
225.0 |
BEU-21-30-053 |
2275 |
3182 |
2148 |
312 |
-67 |
74.0 |
BEU-21-30-064 |
2050 |
3310 |
2163 |
9 |
-5 |
98.0 |
BEU-21-30-065 |
2050 |
3310 |
2163 |
15 |
-15 |
87.0 |
BEU-21-30-070 |
2115 |
3349 |
2172 |
341 |
-12 |
58.0 |
BEU-21-30-086 |
2171 |
3341 |
2148 |
331 |
-53 |
21.0 |
BEU-21-30-087 |
2231 |
3381 |
2220 |
147 |
41 |
131.0 |
BEU-21-30-088 |
2231 |
3381 |
2220 |
157 |
38 |
124.0 |
BEU-21-30-090 |
2231 |
3381 |
2220 |
167 |
58 |
100.0 |
BEU-21-30-091 |
2251 |
3372 |
2222 |
151 |
55 |
111.0 |
BEU-22-30-045 |
1942 |
3194 |
2344 |
348 |
-46 |
225.0 |
BEU-22-30-118 |
2048 |
3358 |
2179 |
335 |
-13 |
72.0 |
BEU-22-30-119 |
2048 |
3358 |
2179 |
347 |
-17 |
70.0 |
BEU-22-30-126 |
2214 |
3345 |
2159 |
37 |
-10 |
7.0 |
BEU-22-30-128 |
2214 |
3345 |
2159 |
1 |
23 |
32.0 |
BEU-22-30-129 |
2214 |
3345 |
2159 |
68 |
10 |
17.0 |
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., and 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., of Geologica Groupe-Conseil Inc., and Merouane
Rachidi, P.Geo., Claude Duplessis, P.Eng., of 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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