- Near-mine underground exploration and definition drilling continues to yield multiple high-grade gold intersections.
- Drilling from the exploration drift at the lowest level of the mine confirmed the continuity at depth of previously mined zones, including 56.91 g/t Au over 0.7 m, 21.6 g/t Au over 1.8 m and 24.5 g/t Au over 0.5 m.
- In addition, definition drilling along the periphery of previously mined areas has extended the continuity of previously known economic zones: 106 g/t Au over 0.5 m, 64.0 g/t Au over 0.5 m, 11.6 g/t Au over 2.5 m, 9.5 g/t Au over 3.3 m and 14.5 g/t over 1.7 m.
- The 42,500-metre drilling program is ongoing, with four drills underground. To date, assay results have been received for a total of 206 holes (24,405 m), representing roughly 57% of the planned metres of drilling.
- Monarch continues to prepare for the restart of operations at the
Beaufor Mine andBeacon Mill byJune 2022 .
Assay results have been received for a total of 206 holes (24,405 m), representing roughly 57% of the planned metres of drilling. High-grade results previously reported from the program included 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated
Since the last reported results, the Corporation has drilled 36 additional underground exploration holes (4,308 m). The best results are shown in Table 2 below and holes BEU-21-30-051 and BEU-21-30-055 are shown in the attached figure. Several of the holes have multiple intersections due to the stacked nature of the mineralization. The intersection widths reported are core lengths and high-grade intersections have not been capped.
Figure 1: Assay results for the Q zone of the Beaufor property
Near-mine exploration drilling is ongoing, with four drill rigs underground. The focus remains high-grade composites that are open along strike and existing resource blocks that contain sufficient room for expansion. The Corporation is also pleased to announce that drilling from the exploration drift at the lowest level of the mine has confirmed the continuity at depth of previously mined zones. Drilling in this area will continue to identify additional mineral resources.
The
“The results of this phase of drilling at depth have confirmed the continuity of the Q gold zone at depth, as well as new intervals in the S gold zone, located approximately 100 metres below the Q zone,” said
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,
The technical and scientific content of this press release has been reviewed and approved by
About Beaufor
Table 1: 2021 mineral resource estimate for the
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:
- The independent qualified person for the 2021 MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Charlotte Athurion,
P.Geo ., ofBBA Inc. The effective date of this MRE isJuly 23, 2021 . - These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
- The mineral resource estimate follows CIM definitions (2014) for mineral resources.
- 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.
- 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.
- 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.
- 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 inC$1,914 per ounce gold price); mining costC$125 /t (>=45 degree dip);C$150 /t (<45 degree dip); processing costC$35 /t; G&AC$16 /t; metallurgical recovery of 97%; royalties ofUS$37.52 per ounce; and refining and transport cost ofUS$1.50 per ounce. - 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.
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
Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
FOR MORE INFORMATION: | |
1-888-994-4465 | |
President and Chief Executive Officer | jm.lacoste@monarchmining.com |
Mathieu Séguin | 1-888-994-4465 |
Vice President, Corporate Development | m.seguin@monarchmining.com |
1-888-994-4465 | |
Senior Geologist – Communications Specialist | e.tremblay@monarchmining.com |
www.monarchmining.com |
Table 2:
Hole | From (m) | To (m) | Width (m)* | Au (g/t) |
BEU-20-15-001A | 143.65 | 144.65 | 1.00 | 7.20 |
146.95 | 148.45 | 1.50 | 0.90 | |
153.8 | 154.3 | 0.50 | 106.00 | |
BEU-21-08-001 | 29.9 | 31.5 | 1.60 | 3.80 |
BEU-21-08-003 | 84.2 | 84.7 | 0.50 | 64.00 |
BEU-21-08-005 | 54.65 | 57.3 | 2.65 | 7.00 |
BEU-21-10-002 | 98.0 | 101.0 | 3.00 | 16.70 |
Including | 98.0 | 99.0 | 1.00 | 32.60 |
106.5 | 110.2 | 3.70 | 1.50 | |
Including | 109.7 | 110.2 | 0.50 | 6.60 |
120.0 | 123.0 | 3.00 | 2.20 | |
BEU-21-10-017 | 39.5 | 42.5 | 3.00 | 1.10 |
78.5 | 79.5 | 1.00 | 0.70 | |
BEU-21-10-031 | 71.0 | 71.8 | 0.80 | 15.40 |
80.0 | 82.5 | 2.50 | 11.60 | |
104.3 | 106.8 | 2.50 | 1.20 | |
Including | 136.5 | 139.0 | 2.50 | 1.80 |
138.5 | 139.0 | 0.50 | 6.80 | |
BEU-21-10-032 | 50.3 | 52.6 | 2.30 | 4.70 |
61.0 | 65.4 | 4.40 | 2.60 | |
69.2 | 72.5 | 3.30 | 9.50 | |
84.0 | 87.5 | 3.50 | 4.50 | |
BEU-21-10-033 | 89.5 | 92.4 | 2.90 | 1.40 |
107.7 | 110.0 | 2.30 | 0.60 | |
138.3 | 139.7 | 1.40 | 2.50 | |
BEU-21-10-034 | 96.0 | 98.15 | 2.15 | 0.50 |
BEU-21-10-035 | 96.0 | 97.7 | 1.70 | 14.50 |
109.7 | 112.2 | 2.50 | 0.50 | |
BEU-21-12-007 | 84.0 | 85.5 | 1.50 | 2.00 |
121.5 | 125.5 | 4.00 | 0.60 | |
140.7 | 141.5 | 0.80 | 5.40 | |
BEU-21-12-009 | 14.0 | 16.0 | 2.00 | 9.10 |
21.3 | 22.3 | 1.00 | 21.00 | |
36.6 | 37.2 | 0.60 | 1.10 | |
BEU-21-12-011 | 67.5 | 70.0 | 2.50 | 1.30 |
81.0 | 82.2 | 1.20 | 0.90 | |
BEU-21-12-013 | 3.5 | 4.0 | 0.50 | 15.90 |
9.0 | 10.0 | 1.00 | 2.20 | |
28.5 | 30.3 | 1.80 | 3.30 | |
BEU-21-13-004 | 62.0 | 62.5 | 0.50 | 23.80 |
BEU-21-13-005 | 69.3 | 71.8 | 2.50 | 4.90 |
BEU-21-13-008 | 72.5 | 75.5 | 3.00 | 8.00 |
88.0 | 91.5 | 3.50 | 1.00 | |
BEU-21-30-014 | 84.5 | 86.0 | 1.50 | 2.20 |
108.8 | 109.3 | 0.50 | 1.80 | |
122.2 | 122.7 | 0.50 | 3.60 | |
136.0 | 138.1 | 2.10 | 3.90 | |
171.8 | 173.8 | 2.00 | 1.10 | |
BEU-21-30-017 | 21.0 | 22.5 | 1.50 | 0.20 |
BEU-21-30-019 | 91.7 | 93.1 | 1.40 | 4.60 |
BEU-21-30-020 | 40.0 | 42.0 | 2.00 | 0.60 |
120.0 | 121.0 | 1.00 | 2.40 | |
BEU-21-30-022 | 81.5 | 82.0 | 0.50 | 7.60 |
BEU-21-30-051 | 78.7 | 80.5 | 1.80 | 23.50 |
Including | 78.7 | 79.4 | 0.70 | 56.91 |
BEU-21-30-054 | 87.7 | 91.0 | 3.30 | 0.10 |
BEU-21-30-055 | 64.6 | 67.0 | 2.40 | 0.70 |
202.3 | 202.8 | 0.50 | 24.50 | |
209.0 | 210.8 | 1.80 | 21.60 | |
BEU-21-30-056 | 42.0 | 42.5 | 0.50 | 3.90 |
76.7 | 77.2 | 0.50 | 10.00 | |
BEU-21-30-060 | 132.0 | 133.5 | 1.50 | 1.10 |
BEU-21-30-063 | 90.8 | 92.8 | 2.00 | 2.60 |
BEU-21-30-066 | 74.0 | 78.0 | 4.00 | 2.00 |
*The width shown is the core length. The true width is taken into account in the mineral resource estimate.
Table 3:
Hole | Mine E | Mine N | Elevation | Azimuth (°) | Dip (°) | Length (m) |
BEU-20-15-001A | 2474 | 2994 | 2599 | 193 | 7 | 180.65 |
BEU-21-08-001 | 2049 | 3648 | 2798 | 199 | 22 | 40.2 |
BEU-21-08-003 | 2049 | 3648 | 2798 | 102 | 34 | 109 |
BEU-21-08-005 | 2065 | 3481 | 2800 | 347 | -14 | 80 |
BEU-21-10-002 | 2118 | 3202 | 2741 | 205 | -19 | 153.4 |
BEU-21-10-017 | 2224 | 3740 | 2736 | 9 | -16 | 100.06 |
BEU-21-10-031 | 2186 | 3165 | 2740 | 135 | 13 | 144.2 |
BEU-21-10-032 | 2186 | 3165 | 2740 | 130 | 44 | 108 |
BEU-21-10-033 | 2186 | 3165 | 2740 | 113 | 32 | 143 |
BEU-21-10-034 | 2186 | 3165 | 2740 | 106 | 32 | 165 |
BEU-21-10-035 | 2186 | 3165 | 2740 | 98 | 35 | 178.3 |
BEU-21-12-007 | 1962 | 3344 | 2674 | 236 | 17 | 156 |
BEU-21-12-009 | 2110 | 3640 | 2670 | 357 | 47 | 50.3 |
BEU-21-12-011 | 2110 | 3640 | 2670 | 32 | -14 | 116.5 |
BEU-21-12-013 | 2366 | 3764 | 2670 | 350 | -49 | 52.8 |
BEU-21-13-004 | 2264 | 3742 | 2633 | 21 | -45 | 100.8 |
BEU-21-13-005 | 2264 | 3742 | 2633 | 43 | -32 | 98.65 |
BEU-21-13-008 | 1920 | 3669 | 2631 | 21 | -9 | 105 |
BEU-21-30-014 | 2317 | 3257 | 2201 | 104 | -30 | 183.2 |
BEU-21-30-017 | 2174.5 | 3362 | 2180 | 14 | 0 | 48.5 |
BEU-21-30-019 | 2050 | 3310 | 2163 | 327 | -31 | 129 |
BEU-21-30-020 | 2050 | 3310 | 2163 | 327 | -14 | 161 |
BEU-21-30-022 | 2050 | 3310 | 2163 | 350 | -24 | 114.9 |
BEU-21-30-051 | 2275 | 3182 | 2148 | 307 | -49 | 95.6 |
BEU-21-30-054 | 2275 | 3182 | 2148 | 314 | -19 | 125 |
BEU-21-30-055 | 2275 | 3182 | 2148 | 335 | -46 | 225 |
BEU-21-30-056 | 2275 | 3182 | 2148 | 344 | -82 | 98.4 |
BEU-21-30-060 | 2275 | 3182 | 2148 | 35 | -24 | 174.6 |
BEU-21-30-063 | 2050 | 3310 | 2163 | 347 | -16 | 124.8 |
BEU-21-30-066 | 2050 | 3310 | 2163 | 14 | -28 | 103 |
Table 4: Monarch combined gold resources
Mineral Resource Estimates | Tonnes (metric) | Grade (g/t Au) | Ounces |
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 |
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 | |||
2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, | |||
3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the | |||
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 ( | |||
2 Numbers may not add due to rounding. |
Source:
2021 GlobeNewswire, Inc., source