The Beaufor Mine technical report shows an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces, a significant increase compared to the previous mineral resource estimate (see press release datedJanuary 28, 2021 ).- Inferred resource estimated at 818,900 tonnes grading 4.7 g/t Au for a total of 122,500 ounces, a 307% increase (+92,400 ounces) versus the resource estimate announced in
January 2021 . - Mineral resource estimate (MRE) developed for an underground scenario using 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. - The new MRE includes 166 mineralized zones with a minimum true thickness of 2.4 m.
- Compared to the previous MRE, the new MRE incorporates a part of the 2020‒2021 drill results (+ 5,066.6 m of drilling in 22 surface diamond drillholes (DDH), and + 12,729.3 m in 131 underground DDH) and uses a block modelling methodology with the interpretation and 3D modelling of 166 mineralized zones. In the previous MRE, the mineral resource was estimated using the polygonal methodology in 2D with a total of 63 mineralized zones.
- Approximately 24,700 metres of the ongoing 42,500-metre diamond drilling program are not included in the current MRE.
The technical and scientific content of this press release has been reviewed and approved by
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FOR MORE INFORMATION: | |
President and Chief Executive Officer | 1-888-994-4465 jm.lacoste@monarchmining.com |
Mathieu Séguin Vice President, Corporate Development | 1-888-994-4465 m.seguin@monarchmining.com |
Senior Geologist – Communications Specialist | 1-888-994-4465 e.tremblay@monarchmining.com |
www.monarchmining.com
Table 1: Monarch combined gold resources
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 | 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 |
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 | 714,982 421,793 | ||
1 Source: Mineral Resource Estimate of the 2 Source: Monarch Gold prefeasibility study ( 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 up due to rounding. |
Source:
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