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Monarch Mining released an updated mineral resource estimate for its wholly-owned McKenzie Break project, located 25 km north of Val-d’Or, Quebec

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The total Indicated resource now stands at 1,829,097 tonnes at 2.48 grams per tonne gold for 145,982 ounces, a 44% increase, with the total Inferred resource now standing at 3,327,065 tones at 2.34 grams per tonne gold for 250,593 ounces, a 300% increase.

Additional Information:

Company: Monarch Mining Corporation
Website: http://www.MonarchMining.com
Stock Symbol: TSX: GBAR
Date Published: Feb 8, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Monarch Mining Corporation has announced an updated mineral resource estimate for its wholly-owned McKenzie Break project, located 25 kilometres north of Val-d’Or, Quebec.

The total Indicated resource now stands at 1,829,097 tonnes at 2.48 grams per tonne gold for 145,982 ounces, a 44% increase, with the total Inferred resource now standing at 3,327,065 tones at 2.34 grams per tonne gold for 250,593 ounces, a 300% increase.

This is based on a database of 333 drill holes, 57,789 metres of drilling and 34,026 assays.

Monarch now has 588,482 ounces of combined measured and indicated resources and 329,393 ounces of combined inferred resources from its four gold deposits in Abitibi, Québec.

Monarch Mining, a fully integrated mining company, owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced over 1 million ounces of gold over the last 30 years.

Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tonne per day mill.

Monarch owns more than 260 square kilometres of mining assets in the prolific Abitibi mining camp.

Monarch acquired the McKenzie Break property from Agnico Eagle Mines Limited in 2017 and in 2020 through additional purchase agreements with local prospectors and map staking expanded the property to 5,130 hectares.

Located 20 kilometres north of the Beacon mill and 10 kilometres south of the municipality of Barraute, Québec, the property is accessible year-round via Route 397 and a gravel road and includes a portal and 700-metre ramp excavated in 2009.

Jean-Marc Lacoste, President and CEO, stated: “We are very pleased with the updated resource estimate. Our 2018-2020 drilling programs have allowed us to significantly expand the known mineralized envelope, which lies at a relatively shallow depth. These programs totalling 20,037.9 metres of drilling managed to add 44,401 ounces of indicated material and 186,566 ounces of inferred material, which translate to an additional 2.2 ounces of indicated resource and 9.3 ounces of inferred resource for every metre we drilled. We believe that McKenzie Break continues to hold significant exploration potential, as shown by these latest results, and we intend to develop that potential through efficient drilling programs.”

Monarch’s shares began trading on the Toronto Stock Exchange on January 26th and are currently trading at $1.15.

For more information, please visit the company’s website www.MonarchMining.com, contact Jean-Marc Lacoste, President and CEO, at 888-994-4465 or by email at jm.lacoste@MonarchMining.com, or Mathieu Séguin, VP Corporate Development, also at 888-994-4465 or by email at m.seguin@MonarchMining.com.
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I’m Megan Edwards for Investmentpitch Media