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Monarch Continues to Define High-Grade Gold Mineralization at Depth at the Beaufor Mine, With 52.19 g/t Au Over 2.1 m (6.9 ft), 44.9 g/t Au Over 1.4 m (4.6 ft), 16.97 g/t Au Over 3.6 m (11.8 ft) and 57.0 g/t Au Over 0.8 m (2.6 ft)

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Monarch Continues to Define High-Grade Gold Mineralization at Depth at the Beaufor Mine, With 52.19 g/t Au Over 2.1 m (6.9 ft), 44.9 g/t Au Over 1.4 m (4.6 ft), 16.97 g/t Au Over 3.6 m (11.8 ft) and 57.0 g/t Au Over 0.8 m (2.6 ft)

 

 

 

 

 

  • Monarch has received additional assays from its 2021 underground drilling program, which include high-grade intersections of 52.19 g/t Au over 2.1 m, 44.9 g/t Au over 1.4 m, 16.97 g/t Au over 3.6 m and 57.0 g/t Au over 0.8 m.
  • The underground drilling program included 3,656 metres of drilling in 34 holes for which assays were still pending. The 2021 program totalled 21,791 metres of drilling in 169 holes.
  • Recent drill results have enabled the geology team to continue defining resources and to identify favourable extensions of known ore zones. Strategic positioning of the diamond drill rigs has also resulted in the identification of additional mineralized zones, adding upside to the Beaufor Mine deposit. The newer zones are 80 m deeper than the current underground workings, with the mineralization remaining open at depth.
  • Exploration and definition drilling is ongoing, with five drills underground.
  • Monarch continues to prepare for a resumption of underground mining at Beaufor in 2022, currently developing three stopes and raises in the Q Zone and carrying out underground development and rehabilitation in the W and 350 zones.

 

MONARCH MINING CORPORATION  (TSX: GBAR) (OTCQX: GBARF) is pleased to report additional results from its 2021 underground 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 intersections, including 52.19 g/t Au over 2.1 m, 44.9 g/t Au over 1.4 m, 16.97 g/t Au over 3.6 m, 57.0 g/t Au over 0.8 m, 9.52 g/t Au over 3.6 m, 20.67 g/t Au over 1.5 m and 59.0 g/t Au over 0.5 m. Much of the underground drilling was aimed at expanding known ore zones, defining several of the zones with a focus on production and testing new areas with potential to add upside to the Beaufor deposit. An overwhelming majority of these favourable results are within 100 metres of the current workings.

 

The Beaufor Mine 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, 263 holes totalling 44,039 metres have been completed during the exploration and definition program. Given the positive results, additional holes are being drilled to allow the zones in question to be converted into reserves and included in a future mine plan. Monarch is continuing its exploration definition drilling, with five underground drill rigs.

 

Underground development and rehabilitation are ongoing in the W and 350 zones, which are easily accessible from the surface ramp located 350 metres from the main Beaufor shaft. The surface ramp providing access to the W and 350 zones presently extends to a vertical depth of 180 metres below surface.

 

BBA Inc. finalized the mineral resource estimate (“MRE”) for the Beaufor Mine in August 2021. An additional 26,243 metres of drilling in 110 drill holes has been completed since.

 

“Beaufor continues to show strong exploration potential at depth, as we continue to encounter high-grade gold mineralization in various parts of the mine,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “With five drills currently at work, we look forward to releasing additional drilling results as they become available and returning the mine to producing status later in 2022.”

 

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 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 29,000 hectares (290 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.

 

Table 2: Beaufor Mine significant assay results (underground drilling)

 

Hole From (m) To (m) Width (m) * Au (g/t)
BEU-21-12-002 178.1 178.6 0.5 4.31
BEU-21-12-005 24.5 27.5 3 2.02
BEU-21-12-014 10.9 13 2.1 52.19
incl. 10.9 11.4 0.5 75.00
incl. 11.4 12.1 0.7 67.90
incl. 12.1 13 0.9 27.30
BEU-21-15-018 3.5 4.1 0.6 7.14
BEU-21-15-018 14.2 14.7 0.5 59.00
BEU-21-15-018 19.5 20 0.5 3.06
BEU-21-30-018 48.5 50.5 2 0.84
BEU-21-30-024 5.7 8.4 2.7 3.90
incl. 7.65 8.4 0.8 8.41
BEU-21-30-025 11.7 13.5 1.8 1.31
BEU-21-30-026 39.1 40.4 1.3 0.07
BEU-21-30-027 52.4 53.6 0.8 0.15
BEU-21-30-034 2 4.5 2.5 2.27
BEU-21-30-034 246 248 2 0.15
BEU-21-30-034 315 317 2 0.30
BEU-21-30-035 2.85 3.35 0.5 32.30
BEU-21-30-035 243.5 245.2 1.7 1.68
BEU-21-30-037 77.7 78.4 0.7 1.80
BEU-21-30-037 237.8 238.6 0.8 0.56
BEU-21-30-057 61.3 63 1.7 4.16
BEU-21-30-058 63.65 65.4 1.75 14.11
incl. 64.55 65.4 0.9 28.90
BEU-21-30-059 108.9 112.5 3.6 16.97
incl. 108.9 109.6 0.7 65.40
incl. 109.6 110.1 0.5 17.50
incl. 111.8 112.5 0.7 9.35
BEU-21-30-059 130 132 2 3.17
BEU-21-30-059 141.3 141.8 0.5 3.17
BEU-21-30-059 163 165 2 3.16
BEU-21-30-059 170.3 172.7 2.4 1.89
BEU-21-30-061 69.4 72.9 3.5 0.25
BEU-21-30-062 68.4 69.85 1.45 10.69
incl. 68.4 69.1 0.7 21.00
BEU-21-30-062 110 112.7 2.7 2.66
BEU-21-30-067 75.4 76.1 0.7 0.00
BEU-21-30-067 80.1 83.1 3 0.13
BEU-21-30-068 45.65 46.5 0.85 1.74
BEU-21-30-069 23.6 24.1 0.5 5.18
BEU-21-30-069 46.4 48 1.6 2.45
BEU-21-30-071 24.9 27 2.1 7.25
incl. 25.4 26 0.6 25.00
BEU-21-30-071 51.8 53 1.2 0.10
BEU-21-30-072 37.35 39.07 1.72 0.01
BEU-21-30-073 50.9 53 2.1 5.70
incl. 52.25 53 0.8 8.31
BEU-21-30-074 62.8 66.6 3.8 0.26
BEU-21-30-074 72.4 73 0.6 0.06
BEU-21-30-075 68.8 69.65 0.85 0.00
BEU-21-30-075 73.5 75 1.5 0.01
BEU-21-30-076 58.35 60.3 1.95 0.12
BEU-21-30-078 17.1 18.45 1.35 0.01
BEU-21-30-079 22.6 26.6 4 1.08
BEU-21-30-080 23.5 24 0.5 40.00
BEU-21-30-080 32.4 33.65 1.25 19.40
BEU-21-30-081 41.54 43.17 1.63 5.59
incl. 42.2 43.17 1.0 7.74
BEU-21-30-081 45.5 45.95 0.45 19.70
BEU-21-30-082 39.9 41.4 1.5 20.67
incl. 40.9 41.4 0.5 59.50
BEU-21-30-083 26.2 27 0.8 57.00
BEU-21-30-083 102.2 103.4 1.2 18.90
BEU-21-30-083 119.5 122 2.5 1.35
BEU-21-30-083 135.3 136.1 0.8 0.62
BEU-21-30-084 21.5 24.2 2.7 1.33
BEU-21-30-084 39.6 40.2 0.6 1.63
BEU-21-30-084 47.4 47.9 0.5 1.61
BEU-21-30-084 100 102.6 2.6 4.90
incl. 100 100.6 0.6 12.20
BEU-21-30-085 21.66 25.3 3.64 9.52
incl. 21.66 22.4 0.7 8.94
BEU-21-30-085 97.77 98.6 0.83 15.90
BEU-21-30-085 123.6 125.01 1.41 44.90

*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 locations

 

Hole ID Mine_E (m) Mine_N (m) Elevation (m) Azimut (°) Dip (°) Length (m)
BEU-21-12-002 2029.3 3326.4 2673.2 205 33 189
BEU-21-12-005 1962 3344 2674 258 32 162
BEU-21-12-014 2274 3737 2670 314 65 30
BEU-21-15-018 2209 3612 2594 6 -32 29
BEU-21-30-018 2115 3349 2172 69 -46 69
BEU-21-30-024 2166.5 3350.5 2148 331 -53 22
BEU-21-30-025 2171 3341 2148 54 -23 36
BEU-21-30-026 2226 3321 2157 347 -29 56
BEU-21-30-027 2226 3321 2157 23 -6 57
BEU-21-30-034 1942 3194 2344 320 -65 327
BEU-21-30-035 1942 3194 2344 325 -68 300
BEU-21-30-037 1942 3194 2344 326 -44 327
BEU-21-30-057 2275 3182 2148 1 -60 81
BEU-21-30-058 2275 3182 2148 14 -27 82
BEU-21-30-059 2275 3182 2148 45 -32 195
BEU-21-30-061 2275 3182 2148 41 -69 90
BEU-21-30-062 2275 3182 2148 42 -42 165
BEU-21-30-067 2050 3310 2163 21 -35 100
BEU-21-30-068 2115 3349 2172 324 -62 66
BEU-21-30-069 2115 3349 2172 324 -41 68.8
BEU-21-30-071 2115 3349 2172 7 -7 77
BEU-21-30-072 2115 3349 2172 31 -63 57
BEU-21-30-073 2115 3349 2172 31 -11 67
BEU-21-30-074 2050 3307 2163 221 36 84
BEU-21-30-075 2050 3307 2163 199 21 94
BEU-21-30-076 2050 3307 2163 223 27 90
BEU-21-30-078 2300 3348 2226 5 -33 31
BEU-21-30-079 2272 3363 2225 133 58 38
BEU-21-30-080 2272 3363 2225 94 73 44
BEU-21-30-081 2272 3363 2225 83 50 56
BEU-21-30-082 2272 3363 2225 101 40 56
BEU-21-30-083 2255 3370 2222 168 52 171
BEU-21-30-084 2272 3363 2225 198 67 164
BEU-21-30-085 2272 3363 2225 173 72 175

 

 

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

 

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.

 

Posted February 10, 2022

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