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Monarch Confirms the Continuity of High-Grade Zones at Depth on its Beaufor Property, Intersecting 56.91 g/t Over 0.7 m (2.30 ft), 21.6 g/t Over 1.8 m (5.85 ft) and 24.5 g/t Over 0.5 m (1.64 ft)

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Monarch Confirms the Continuity of High-Grade Zones at Depth on its Beaufor Property, Intersecting 56.91 g/t Over 0.7 m (2.30 ft), 21.6 g/t Over 1.8 m (5.85 ft) and 24.5 g/t Over 0.5 m (1.64 ft)

 

 

 

 

 

  • Near-mine underground exploration and definition drilling continues to yield multiple high-grade gold intersections.
  • Drilling from the exploration drift at the lowest level of the mine confirmed the continuity at depth of previously mined zones, including 56.91 g/t Au over 0.7 m, 21.6 g/t Au over 1.8 m and 24.5 g/t Au over 0.5 m.
  • In addition, definition drilling along the periphery of previously mined areas has extended the continuity of previously known economic zones: 106 g/t Au over 0.5 m, 64.0 g/t Au over 0.5 m, 11.6 g/t Au over 2.5 m, 9.5 g/t Au over 3.3 m and 14.5 g/t over 1.7 m.
  • The 42,500-metre drilling program is ongoing, with four drills underground. To date, assay results have been received for a total of 206 holes (24,405 m), representing roughly 57% of the planned metres of drilling.
  • Monarch continues to prepare for the restart of operations at the Beaufor Mine and Beacon Mill by June 2022.

 

MONARCH MINING CORPORATION (TSX: GBAR) (OTCQX: GBARF) is pleased to announce additional results from its 2020‒2021 42,500-metre exploration diamond drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec. The results include several high-grade assays, including 106.0 g/t Au over 0.5 m, 32.6 g/t Au over 1.0 m and 56.91 g/t Au over 0.7 m, as Monarch continues to test for potential resources in proximity to the historical mine.

 

The Beaufor Mine initially began commercial production in the early 1930s and over the years has produced over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch an opportunity to drill-test targets throughout the mine area. 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. Currently, 275 holes are planned or are already being drilled at 25‑metre centres. If positive results are received, additional holes will be drilled to allow the zones in question to be converted into reserves and included in a future mine plan.

 

Assay results have been received for a total of 206 holes (24,405 m), representing roughly 57% of the planned metres of drilling. High-grade results previously reported from the program included 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated October 1, 2020), 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021), 187 g/t Au over 0.5 m and 151.5 g/t Au over 0.5 m (see press release dated April 29, 2021), and 119.0 g/t Au over 0.5 m, 56.1 g/t Au over 0.8 m and 45.6 g/t Au over 0.75 m (see press release dated July 7, 2021).

 

Since the last reported results, the Corporation has drilled 36 additional underground exploration holes (4,308 m). The best results are shown in Table 2 below and holes BEU-21-30-051 and BEU-21-30-055 are shown in the attached figure. Several of the holes have multiple intersections due to the stacked nature of the mineralization. The intersection widths reported are core lengths and high-grade intersections have not been capped.

 

Figure 1: Assay results for the Q zone of the Beaufor property

 

Near-mine exploration drilling is ongoing, with four drill rigs underground. The focus remains high-grade composites that are open along strike and existing resource blocks that contain sufficient room for expansion. The Corporation is also pleased to announce that drilling from the exploration drift at the lowest level of the mine has confirmed the continuity at depth of previously mined zones. Drilling in this area will continue to identify additional mineral resources.

 

The BBA Inc. mineral resource estimate (MRE) for the Beaufor Mine was completed in August 2021. This new resource estimate incorporates much of the current 2020-2021 drilling program and represents the first resource estimate completed using a 3D block model for the Beaufor Mine.

 

“The results of this phase of drilling at depth have confirmed the continuity of the Q gold zone at depth, as well as new intervals in the S gold zone, located approximately 100 metres below the Q zone,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Although preliminary, this drilling appears to demonstrate that the Beaufor Mine remains open at depth and continues to have excellent discovery potential, hence the possibility of increasing the mine’s resources.”

 

Sampling consists of 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, and AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10.0 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 Beaufor

The 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 in August 2021 by Charlotte Athurion, P. Geo, 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:

  1. The independent qualified person for the 2021 MRE, as defined by National Instrument 43-101 guidelines, is Charlotte Athurion, P.Geo., of BBA Inc. The effective date of this MRE is July 23, 2021.
  2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
  3. The mineral resource estimate follows CIM definitions (2014) for mineral resources.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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 Monarch

Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the past-producing 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 Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 478,982 ounces of combined measured and indicated gold resources and 383,393 ounces of combined inferred resources.

 

 

Table 2: Beaufor Mine significant assay results

Hole From (m) To (m) Width (m)* Au (g/t)
BEU-20-15-001A 143.65 144.65 1.00 7.20
  146.95 148.45 1.50 0.90
  153.8 154.3 0.50 106.00
BEU-21-08-001 29.9 31.5 1.60 3.80
BEU-21-08-003 84.2 84.7 0.50 64.00
BEU-21-08-005 54.65 57.3 2.65 7.00
BEU-21-10-002 98.0 101.0 3.00 16.70
Including 98.0 99.0 1.00 32.60
  106.5 110.2 3.70 1.50
Including 109.7 110.2 0.50 6.60
  120.0 123.0 3.00 2.20
BEU-21-10-017 39.5 42.5 3.00 1.10
  78.5 79.5 1.00 0.70
BEU-21-10-031 71.0 71.8 0.80 15.40
  80.0 82.5 2.50 11.60
  104.3 106.8 2.50 1.20
Including 136.5 139.0 2.50 1.80
  138.5 139.0 0.50 6.80
BEU-21-10-032 50.3 52.6 2.30 4.70
  61.0 65.4 4.40 2.60
  69.2 72.5 3.30 9.50
  84.0 87.5 3.50 4.50
BEU-21-10-033 89.5 92.4 2.90 1.40
  107.7 110.0 2.30 0.60
  138.3 139.7 1.40 2.50
BEU-21-10-034 96.0 98.15 2.15 0.50
BEU-21-10-035 96.0 97.7 1.70 14.50
  109.7 112.2 2.50 0.50
BEU-21-12-007 84.0 85.5 1.50 2.00
  121.5 125.5 4.00 0.60
  140.7 141.5 0.80 5.40
BEU-21-12-009 14.0 16.0 2.00 9.10
  21.3 22.3 1.00 21.00
  36.6 37.2 0.60 1.10
BEU-21-12-011 67.5 70.0 2.50 1.30
  81.0 82.2 1.20 0.90
BEU-21-12-013 3.5 4.0 0.50 15.90
  9.0 10.0 1.00 2.20
  28.5 30.3 1.80 3.30
BEU-21-13-004 62.0 62.5 0.50 23.80
BEU-21-13-005 69.3 71.8 2.50 4.90
BEU-21-13-008 72.5 75.5 3.00 8.00
  88.0 91.5 3.50 1.00
BEU-21-30-014 84.5 86.0 1.50 2.20
  108.8 109.3 0.50 1.80
  122.2 122.7 0.50 3.60
  136.0 138.1 2.10 3.90
  171.8 173.8 2.00 1.10
BEU-21-30-017 21.0 22.5 1.50 0.20
BEU-21-30-019 91.7 93.1 1.40 4.60
BEU-21-30-020 40.0 42.0 2.00 0.60
  120.0 121.0 1.00 2.40
BEU-21-30-022 81.5 82.0 0.50 7.60
BEU-21-30-051 78.7 80.5 1.80 23.50
Including 78.7 79.4 0.70 56.91
BEU-21-30-054 87.7 91.0 3.30 0.10
BEU-21-30-055 64.6 67.0 2.40 0.70
  202.3 202.8 0.50 24.50
  209.0 210.8 1.80 21.60
BEU-21-30-056 42.0 42.5 0.50 3.90
  76.7 77.2 0.50 10.00
BEU-21-30-060 132.0 133.5 1.50 1.10
BEU-21-30-063 90.8 92.8 2.00 2.60
BEU-21-30-066 74.0 78.0 4.00 2.00

*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 Mine N Elevation Azimuth (°) Dip (°) Length (m)
BEU-20-15-001A 2474 2994 2599 193 7 180.65
BEU-21-08-001 2049 3648 2798 199 22 40.2
BEU-21-08-003 2049 3648 2798 102 34 109
BEU-21-08-005 2065 3481 2800 347 -14 80
BEU-21-10-002 2118 3202 2741 205 -19 153.4
BEU-21-10-017 2224 3740 2736 9 -16 100.06
BEU-21-10-031 2186 3165 2740 135 13 144.2
BEU-21-10-032 2186 3165 2740 130 44 108
BEU-21-10-033 2186 3165 2740 113 32 143
BEU-21-10-034 2186 3165 2740 106 32 165
BEU-21-10-035 2186 3165 2740 98 35 178.3
BEU-21-12-007 1962 3344 2674 236 17 156
BEU-21-12-009 2110 3640 2670 357 47 50.3
BEU-21-12-011 2110 3640 2670 32 -14 116.5
BEU-21-12-013 2366 3764 2670 350 -49 52.8
BEU-21-13-004 2264 3742 2633 21 -45 100.8
BEU-21-13-005 2264 3742 2633 43 -32 98.65
BEU-21-13-008 1920 3669 2631 21 -9 105
BEU-21-30-014 2317 3257 2201 104 -30 183.2
BEU-21-30-017 2174.5 3362 2180 14 0 48.5
BEU-21-30-019 2050 3310 2163 327 -31 129
BEU-21-30-020 2050 3310 2163 327 -14 161
BEU-21-30-022 2050 3310 2163 350 -24 114.9
BEU-21-30-051 2275 3182 2148 307 -49 95.6
BEU-21-30-054 2275 3182 2148 314 -19 125
BEU-21-30-055 2275 3182 2148 335 -46 225
BEU-21-30-056 2275 3182 2148 344 -82 98.4
BEU-21-30-060 2275 3182 2148 35 -24 174.6
BEU-21-30-063 2050 3310 2163 347 -16 124.8
BEU-21-30-066 2050 3310 2163 14 -28 103

 

 

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 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, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo., and Dario Evangelista, P. Eng., BBA Inc.
2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 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 Duplessis, 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
       
Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). 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.
2 Numbers may not add due to rounding.

 

Posted November 1, 2021

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