- Monarch reports gold assays from the remaining six drill holes totalling 2,140 metres of its 2021-2022
Swanson drilling program. - Hole SW-22-029 intersected a wide mineralized zone of 193.4 m at 0.65 g/t Au, with several higher grade sections, including 7.55 g/t Au over 4.05 m, extending the current pit shell at depth.
- Hole SW-22-030 has extended the footwall zone near surface with an intersection of 6.0 m at 1.19 g/t Au.
- Hole SW-22-031, located 75 m to the northeast of the current wireframes intersected 4.26 g/t Au over 0.55 m and is open to the east.
- Multiple zones were intersected in hole SW-22-028 (0.80 g/t Au over 9.0 m and 1.45 g/t Au over 1.50 m) and SW-22-005ext (2.33 g/t Au over 1.10 m and 9.85 g/t Au over 1.30 m), extending the current wireframes at depth.
- Results from the drilling program confirm that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 mineral resource estimate.
The drilling program was aimed at expanding the 2021 mineral resource estimate (“2021 MRE”). The mineralized envelope currently measures 300 metres by 150 metres and has been tested down to a vertical depth of 430 metres and remains open to the east and at depth.
The most significant intersection was in hole SW-22-029, with 0.65 g/t Au over an impressive 193.4 m, including several higher grade sections of 4.80 g/t Au over 1.55 m, 7.55 g/t Au over 4.05 m, 2.17 g/t Au over 4.90 m, 3.11 g/t Au over 4.7 m and 2.80 g/t Au over 2.05 m. This wide corridor of mineralization was intersected within and below the proposed pit shell and extends to a vertical depth of 230 m below surface (see Figure 2).
Drill hole SW-22-030 identified a near-surface exposure of the footwall zone with an intersection of 1.19 g/t Au over 6.0 m. This intersection is located outside and to the southeast of the proposed pit shell.
Hole SW-22-031, located 75 m to the northeast of the deposit and current wireframes, intersected 4.26 g/t Au over 0.55 m, confirming that the mineralization is still open to the east.
Additional anomalous intersections below the pit shell were also encountered in hole SW-22-005ext, which returned assays of 2.23 g/t Au over 1.1 m and 9.85 g/t Au over 1.3 m (see Figure 3).
Since the publication of the 2021 MRE by InnovExplo (see Table 3), Monarch has drilled a total of 11,194 m in 31 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and at depth in the area of the underground mineral resource blocks. The results from this drilling program has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.
“The results from the remaining holes of the 2021-22 drill program continue to demonstrate the surprisingly widespread nature of the gold mineralization, extending below the proposed pit shell,” said
Drilling and Quality Control
Drill results are obtained by 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 Louis Martin,
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Neither the
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 |
www.monarchmining.com
Figure 1:
Figure 2:
Figure 3:
Table 1: Swanson Assay Results and Significant Intervals
Hole | From (m) | To (m) | Width (m)* | Au (g/t) |
SW-22-005_EXT | 186.00 | 187.10 | 1.10 | 2.33 |
SW-22-005_EXT | 309.00 | 310.30 | 1.30 | 9.85 |
SW-22-027 | ||||
SW-22-028 | 120.00 | 129.00 | 9.00 | 0.80 |
Incl. | 127.00 | 129.00 | 2.00 | 1.49 |
SW-22-028 | 249.00 | 250.50 | 1.50 | 1.45 |
SW-22-029 | 73.95 | 267.35 | 193.40 | 0.65 |
Incl. | 73.95 | 75.50 | 1.55 | 4.38 |
And | 123.30 | 124.35 | 1.05 | 4.63 |
And | 139.85 | 141.35 | 1.50 | 2.46 |
And | 147.70 | 148.70 | 1.00 | 2.80 |
And | 158.85 | 162.90 | 4.05 | 7.55 |
And | 173.30 | 178.20 | 4.90 | 2.17 |
And | 182.20 | 186.90 | 4.70 | 3.11 |
And | 211.55 | 212.55 | 1.00 | 3.59 |
And | 265.30 | 267.35 | 2.05 | 2.80 |
SW-22-030 | 46.00 | 52.00 | 6.00 | 1.19 |
SW-22-031 | 300.65 | 301.20 | 0.55 | 4.26 |
*The width shown is the core length. True width is estimated to be between 60% and 70% of core length.
Table 2: Swanson Drill Hole Location
Hole | UTM_E (m) | UTM_N (m) | Azimut (°) | Dip (°) | Length (m) |
SW-22-005_EXT | 310693 | 5381256 | 177 | -60 | 249 |
SW-22-027 | 310660 | 5381310 | 178 | -60 | 505 |
SW-22-028 | 310680 | 5381270 | 177 | -60 | 381 |
SW-22-029 | 310794 | 5381210 | 178 | -60 | 351 |
SW-22-030 | 310825 | 5380987 | 178 | -60 | 102 |
SW-22-031 | 310900 | 5381295 | 178 | -60 | 552 |
Table 3: 2021 MRE for
Area (cut-off grade) | Indicated resource | Inferred resource | ||||
Tonnes (t) | Grade (g/t) | Ounces (Au) | Tonnes (t) | Grade (g/t) | Ounces (Au) | |
In-pit (0.75 g/t Au) | 1,864,000 | 1.76 | 105,400 | 29,000 | 2.46 | 2,300 |
Underground (2.40 g/t Au) | 91,000 | 2.86 | 8,400 | 87,000 | 2.87 | 8,000 |
TOTAL | 1,945,000 | 1.82 | 113,800 | 116,000 | 2.76 | 10,300 |
Table 4: Monarch Combined Mineral Resource Estimates
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 |
Croinor Gold2 | |||
Measured Resources | 97,700 | 6.24 | 19,600 |
Indicated Resources | 805,900 | 6.50 | 168,300 |
Total Measured and Indicated | 903,600 | 6.47 | 187,900 |
Total Inferred | 200,100 | 6.19 | 39,800 |
McKenzie Break3 | |||
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 COMBINED5 Measured and Indicated Resources Inferred Resources | 666,882 423,193 | ||
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, 4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 5 Numbers may not add due to rounding. |
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Monarch Mining Corporation
Figure 1: Swanson – Significant Intervals on Plan View
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Figure 2: Swanson - Cross Section Showing Hole SW-22-029
Monarch Mining Corporation
Figure 3: Swanson - Cross Section Showing Hole SW-22-005ext
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