MONARCH MINING CORPORATION (TSX: GBAR) (OTCQX: GBARF) is pleased to announce significant new assay results from ongoing drilling on the McKenzie Break deposit, located 25 kilometres north of the Corporation’s wholly owned 750 tonne-per-day Beacon mill. These drill results are part of Monarch’s 2021 McKenzie Break exploration program, which consists of a total of 56 holes for approximately 19,000 metres. Earlier results from the program were reported on October 20 (3.93 g/t Au over 5.45 m), June 22 (70.8 g/t Au over 0.4 m) and March 22, 2021 (8.46 g/t Au over 13.8 m). The results for the remaining 18 holes are expected to come in over the next couple of months.
The current exploration program is focused on expanding the size of the McKenzie Break gold deposit and supplementing the recently updated mineral resource estimate (the “2021 MRE”, see press release dated Feb 8, 2021). Based on recent results outside the 2021 MRE envelope, the current program has indeed succeeded in expanding the deposit to the southwest and northeast.
The new assay results presented below are among a total of 91 intersections from 31 drill holes (see Tables 1 and 2). Most of those intersections lie outside the 2021 MRE blocks and wireframes. Monarch continues to test the outer limits of the deposit with holes at 50-metre centres.
Highlights of near-surface results intersected approximately 200 metres southwest of the 2021 MRE include:
Highlights of grades intersected more than 100 metres northeast of the 2021 MRE include:
Highlights of grades intersected east of the resource and including those intersected more than 50 metres from the 2021 MRE include:
Monarch has now extended the mineralized envelope an additional 200 metres to the southwest (updip) and 100 metres to the east and northeast (downdip). The current mineralized envelope now measures 1,100 metres by 600 metres and has been tested from surface to a maximum vertical depth of 430 metres. The McKenzie Break deposit continues to remain open for expansion and shows good grade and continuity.
“McKenzie Break continues to show great high-grade gold potential,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Ongoing drilling continues to push the outer limits of the resource envelope and is generating input for a mineral resource estimate update expected to begin in 2022.”
Monarch will continue exploration drilling on the McKenzie Break property to the end of 2021, on the current drilling pattern, with holes every 50 metres. A new drilling program planned for 2022 will include continued testing of the current outer limits of the resource estimate, drilling of a large target area between the resource pit shell and the recent intercepts 1 km to the south of the pit shell, and drilling of regional exploration targets located approximately 9 kilometres south of the deposit.
Table 1: Significant drilling results for the McKenzie Break property
|* True width is 90% of indicated core length.|
Table 2: Collar coordinates
|Hole||Azimuth||Dip||Length||UTM E||UTM N||Elevation|
About McKenzie Break
Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. Monarch continues to have drilling success beyond the limits of the recent resource update provided by Geologica and GoldMinds (see Table 3 and press release dated February 8, 2021). The mineralized envelope currently measures 1,100 metres by 600 metres and has been tested down to a vertical depth of 430 metres. The Corporation will continue testing the limits of the defined mineralized envelope as well as other priority targets on the property with its drilling program, of which approximately 17,000 metres have been drilled to date, in 50 holes. Drilling has been ongoing since April 2021, with one or two drill rigs.
Table 3: Combined resources (in-pit and underground) by category for the McKenzie Break deposit at the selected cut-off grades (GoldMinds Geoservices Inc.)
|Area (cut-off grade)||Indicated resource||Inferred resource|
|Pit-constrained (0.50 g/t Au)||1,441,377||1.80||83,305||2,243,562||1.44||104,038|
|Underground (2.38 g/t Au)||387,720||5.03||62,677||1,083,503||4.21||146,555|
The resource estimate was prepared by Merouane Rachidi, P.Geo., Ph.D., and Claude Duplessis, P.Eng., of GoldMinds Geoservices Inc., both qualified persons under National Instrument 43-101.
Sampling consists of sawing the NQ-size core into equal halves along its main axis and shipping one of the halves to AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards and blanks.
The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation’s qualified person under National Instrument 43-101.
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 4: Monarch combined gold resources
|Mineral resource estimates||Tonnes
|Total Measured and Indicated||1,284,900||5.3||219,200|
|Measured and Indicated Resources||478,982|
|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
|Total Measured and Indicated||804,600||9.12||236,000|
|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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