Monarques Gold Corporation announced the results of its follow-up drilling program in the Lac Bug area, as well as the discovery of Gold Bug, a new showing on its Croinor Gold ("Croinor") project, approximately 70 kilometres east of Val-d'Or, Quebec. The program was designed to follow up on the new gold result (236.47 g/t over 1.0 m) obtained in Hole CR-15-463 during the Phase III of the 2015 drilling program. In December 2015, three holes were drilled with the goal of better understanding the area and replicating the results of the previous phase.

The holes were drilled in a fan arrangement around Hole CR-15-463, with Hole CR-15-469 drilled parallel to Hole CR-15-463 but 17 metres to the northeast, Hole CR-15-470 positioned to intercept the gold structure below Hole CR-15-463 and Hole CR-15-471 drilled to the west. Visible gold was seen in two of the three holes in a quartz-carbonate-tourmaline vein system that was similar in every respect to the system intercepted previously. Hole CR-15-469 returned a gold grade of 4.46 g/t over 10.49 m, including a sample of 33.28 g/t over 1.0 m. Hole CR-15-470 also returned a sample that contained visible gold but only assayed 0.14 g/t over 1.0 m; that result is currently being checked.

Hole CR-15-471 intersected a less well-developed fracture system with a few quartz veins. The newly discovered zones lie at an estimated vertical depth of 10-30 metres below surface. Based on directional data and the current interpretation, this structure has never been tested, as it is oblique to the targets of previous programs. It therefore remains open at depth and to the northeast.