“The announcement of an initial Mineral Resource Estimate for the near surface mineralization at the
The initial Monarch MRE comprises 520,000 ounces of gold in an Inferred Mineral Resource at a grade of 0.59 g/t (Table 1). The pit-constrained Mineral Resource Estimate starts at surface and continues to a depth of 190 metres over a strike length of 1,250 metres, with the
The Monarch MRE was prepared by
Table 1:
Tonnes (M) | Gold Grade (g/t) | Silver Grade (g/t) | Gold (M oz) | Silver (M oz) | Gold Eq. Grade (g/t) | Gold Eq. (M oz) |
27.2 | 0.59 | 2.52 | 0.52 | 2.21 | 0.62 | 0.55 |
(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(3)
(4) The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at a 0.2 g/t gold equivalent cut-off grade. The gold equivalent cut-off grade was derived from
(5) Gold equivalent g/t = Gold g/t + (Silver g/t x 0.012)
The Monarch MRE sensitivity table, Table 2 below, shows the potential for higher-grade Mineral Resources at higher gold equivalent cut-offs, which potential can be assessed during engineering studies.
Table 2:
Cut-Off Gold Eq. (g/t) | Tonnes (M) | Gold Grade (g/t) | Silver Grade (g/t) | Gold (M oz) | Silver (M oz) | Gold Eq. Grade (g/t) | Gold Eq. (M oz) |
0.6 | 10.2 | 0.97 | 3.04 | 0.32 | 0.99 | 1.00 | 0.33 |
0.4 | 18.0 | 0.75 | 2.82 | 0.43 | 1.63 | 0.78 | 0.45 |
0.2 | 27.2 | 0.59 | 2.52 | 0.52 | 2.21 | 0.62 | 0.55 |
(1) Refer to the footnotes to the Mineral Resource Estimate in Table 1 of this Press Release.
(2) The Mineral Resource Estimate cut-off grade sensitivities in Table 2 are a subset of the Mineral Resource Estimate in Table 1.
2023 BAM Exploration Program
The focus of the 2022 BAM Drill Program was to attempt to define the limits of the epithermal surface mineralization at the
During 2023, crews are expected to mobilize to BAM in mid-May with the first drill mobilized to site in early to mid-June. A three-dimensional geophysics interpretation of the
Quality Assurance
The Monarch MRE was prepared under the supervision of
About
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Neither the
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company’s expectations, strategies and plans for the
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s annual information form for the year ended
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10a7eb70-ffca-4caf-ba86-decd0f589daa
Figure 1
Initial Mineral Resource Estimate for near-surface gold mineralization at the Monarch Gold Zone , see news release dated January 24, 2023
2023 GlobeNewswire, Inc., source