The Prospector News

Monarch Continues to Define High-Grade Gold Mineralization Near Surface at the Beaufor Mine With 99.7 g/t Au Over 0.6 m (1.97 Ft)

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Monarch Continues to Define High-Grade Gold Mineralization Near Surface at the Beaufor Mine With 99.7 g/t Au Over 0.6 m (1.97 Ft)

 

 

 

 

 

  • Monarch has received the final assays from its 2021 surface drilling program, which include high-grade intersections of 99.7 g/t Au over 0.6 m, 33.1 g/t Au over 0.5 m, 29.9 g/t Au over 0.7 m and 28.0 g/t Au over 0.6 m.
  • These positive surface drilling results continue to define reserves and potentially mineable stopes near surface in the area of the W and 350 zones. These potential stope areas are located near surface, easily accessible from a surface ramp 350 metres from the main Beaufor shaft.
  • This marks the completion of Monarch’s initially planned 42,500-metre Beaufor exploration drill program, which was successful at testing exploration targets defined by high-grade intersections and resource blocks near current existing underground development, both from surface and underground.
  • Exploration and development drilling is continuing on the property with five drills underground.

 

MONARCH MINING CORPORATION (TSX: GBAR) (OTCQX: GBARF) is pleased to report the final results from its 2021 surface drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec. The results show several high-grade assays such as 46.29 g/t Au over 1.3 m (including 99.7 g/t Au over 0.6 m), 9.71 g/t Au over 2.5 m (including 33.1 g/t Au over 0.5 m), 29.8 g/t Au over 0.7 m and 28.1 g/t Au over 0.5 m. Much of the surface drilling consisted of shallow holes testing the W and 350 zones within 250 metres of surface. Monarch has reported previous surface drill results in the area, including 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 m (see press release dated January 19, 2021).

 

Figure 1: Longitudinal view of the 350, 367 and W zones at the Beaufor property

Figure 2: Section view of the 350, 367 and W zones at the Beaufor property

 

The Beaufor Mine began producing in the early 1930s and over the years has yielded over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch the opportunity to access the mine area to drill-test targets. 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, 258 holes totalling 43,419 metres have been drilled during the exploration program. Given the positive results obtained, 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 exploration definition drilling with five underground drill rigs.

 

Underground development and rehabilitation are ongoing in the area of the W and 350 zones, which is easily accessible from a 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. completed the mineral resource estimate for the Beaufor Mine in August 2021. An additional 25,623 metres of drilling in 105 drill holes has been completed since.

 

“The results of this surface drilling program are very encouraging,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “We are very pleased to be able to develop new sectors of the mine where we can define and pull mineralization elsewhere than the bottom of the mine, which was the focus in the past. This work confirms our view that the project has excellent discovery potential both underground and near surface and that there is therefore a strong possibility of increased mine resources on multiple fronts.”

 

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 28,702 hectares (287 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 (Surface Drill Holes)

 

Hole From (m) To (m) Width (m)* Au (g/t)
BES-21-024 81.15 81.8 0.65 4.70
BES-21-024 92.6 93.1 0.5 8.03
BES-21-026 61.5 63.4 1.9 0.76
BES-21-027 71.5 72.5 1.0 4.25
BES-21-028 53.6 54.1 0.5 13.10
BES-21-032 68 70.5 2.5 1.79
BES-21-032 89.5 90 0.5 11.40
BES-21-033 83.9 84.4 0.5 0.45
BES-21-034 81.5 82.6 1.1 6.88
Incl. 82 82.6 0.6 11.50
BES-21-034 85.5 86 0.5 3.93
BES-21-034 173.5 176 2.5 9.71
Incl. 175.5 176 0.5 33.10
BES-21-034 181 182.8 1.8 3.19
BES-21-034 202.5 204.5 2.0 1.52
BES-21-034 210.5 213 2.5 1.27
BES-21-035 70 70.5 0.5 1.40
BES-21-035 121.1 121.6 0.5 0.92
BES-21-039 85 85.55 0.55 1.77
BES-21-040 215.7 218 2.3 2.53
BES-21-043 91.5 93 1.5 0.48
BES-21-044 36 36.6 0.6 28.10
BES-21-045 60.2 61 0.8 0.80
BES-21-046A 187 190.5 3.5 4.05
Incl. 189 190.5 1.5 8.41
BES-21-047 204.1 204.85 0.75 1.30
BES-21-048 32.8 34.1 1.3 46.29
Incl. 33.5 34.1 0.6 99.70
BES-21-048 47.1 49.75 2.65 2.50
Incl. 47.1 48.25 1.15 5.49
BES-21-048 220.2 220.9 0.7 29.90
BES-21-049 52.3 53 0.7 1.18
BES-21-050 64.5 65.5 1.0 0.34
BES-21-051 64.7 66.2 1.5 3.83
BES-21-052 57 59.1 2.1 0.92
BES-21-053 31.5 32.2 0.7 1.03
BES-21-053 43.85 44.35 0.5 1.84
BES-21-053 73.7 74.3 0.6 0.98

*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)
BES-21-023 1423.3 3381 3046 355 -53 102
BES-21-024 1409 3382 3046 356 -55 108
BES-21-025 1433 3370 3047 353 -53 102
BES-21-026 1438 3354 3047 352 -53 102
BES-21-027 1434 3340 3047 352 -53 108
BES-21-028 1448 3351 3047 353 -53 111
BES-21-029 1458 3368 3047 353 -53 102
BES-21-030 1442 3376 3047 353 -53 102
BES-21-031 1428 3395 3046 352 -54 102
BES-21-032 1411 3363 3047 352 -52 117
BES-21-033 1410.7 3340.2 3047 350 -59 135
BES-21-034 1441 3311 3048 347 -52 243
BES-21-035 1430.7 3332.6 3047 351 -55 132
BES-21-038A 1598 3123 3052 40 -76 342
BES-21-039 1607 3132 3052 25 -75 324
BES-21-040 1584 3164 3051 48 -75 300
BES-21-043 1800 3141 3054 55 -72 111
BES-21-044 1846 3186 3052 343 -65 57
BES-21-045 1846 3186 3052 325 -78 66
BES-21-046A 1767 3652 3044 43 -76 225
BES-21-047 1741 3625 3044 31 -75 258
BES-21-048 1751 3583 3045 23 -75 297
BES-21-049 2477.6 3435 3064 360 -90 102
BES-21-050 2457.5 3435 3064 360 -90 102
BES-21-051 2457.5 3420.6 3064 360 -90 105
BES-21-052 2485 3458 3064 360 -90 105
BES-21-053 2498 3450 3064 360 -90 102

 

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
Inferred Resources
    478,982
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 January 20, 2022

Share this news article

MORE or "UNCATEGORIZED"


MAS Gold Announces Closing on the First Tranche of its Private Placement Financing

MAS Gold Corp. (TSX-V: MAS) is pleased to announce the closing of... READ MORE

May 20, 2022

Golden Arrow Reports Results of Drilling at Tierra Dorada Gold Project, Paraguay, and Provides Exploration Update

Golden Arrow Resources Corporation (TSX-V: GRG) (FSE: G6A) (OTCQ... READ MORE

May 20, 2022

NorZinc Announces RCF US$6 Million Bridge Loan to Fund 2022 Work Program at Prairie Creek Project

NorZinc Ltd. (TSX: NZC) (OTCQB: NORZF) is pleased to announce the... READ MORE

May 20, 2022

Enduro Announces Closing of $10 million Private Placement

Enduro Metals Corporation (TSX-V: ENDR) (OTCQB: ENDMF) is pleased... READ MORE

May 20, 2022

Eloro Resources Closes C$9.775 Million Bought Deal Financing

Eloro Resources Ltd. (TSX-V: ELO) (OTCQX: ELRRF) (FSE: P2QM) is p... READ MORE

May 20, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News