Monarch Begins Processing the Beaufor Mine Ore at its Wholly-Owned Beacon Mill
05 Juillet 2022 - 01:35PM
MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQX: GBARF)
is pleased to provide an update on the recommissioning of its
wholly-owned Beaufor Mine and Beacon Mill, located east of
Val‑d’Or, Quebec.
After investing about $20 million to refurbish
the Beacon Mill, the Corporation began processing waste rock and
fine-tuning the mill about six weeks ago. Monarch has also been
mining ore at the Beaufor Mine over the last few months and 30,549
tonnes of ore averaging 4.76 g/t Au are currently stockpiled. The
Corporation started feeding the mill with that ore this week and
expects to pour its first gold bar in July.
“We’ve been working relentlessly over the last
year to restart the Beaufor Mine and Beacon Mill and we’re pleased
to see our efforts coming to fruition,” said Jean-Marc Lacoste,
President and CEO of Monarch. “We have a great team and I’m really
proud of what we have been able to accomplish thus far. We are
convinced that our new mining and exploration strategies will
enable us to make the Beaufor Mine a success once again and create
new, good-quality jobs and sustainable employment in the region in
the process. Once the mine and mill are fully operational, we will
focus on generating cash flow for our exploration activities and
increasing the Beaufor resource, which remains open on several
levels of the mine.”
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 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 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 COMBINED4 |
|
|
|
Measured and Indicated Resources |
|
|
478,982 |
Inferred Resources |
|
|
383,393 |
|
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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