Monarques Gold (
TSX: V.MQR,
Stock Forum) advanced its exploration efforts at its Croinor Gold Project located approximately 70 kilometres east of Val-d’Or, Quebec, when the company announced results from the winter drill program.
According to the
news release, Phase I of the drill campaign consisted of 12 holes drilled to a total depth of 3,984 metres and was complete on March 17, 2015. Results from five of those holes have been received so far.
Hole CR-15-421 was drilled in the centre of the deposit in order to confirm results that were produced in Hole CN-89-135 which intersected 23.98 g/t gold over 2.76 metres. The hole intersected this zone as expected with two of the quartz veins seen showing visible gold. The average grade obtained was 16.01 g/t gold over 3.00 metres CL, including 34.64 g/t gold over 1.00 metre.
Another highlight from the results included 9.31 g/t gold over 3.00 metres at Hole CR-15-428.
Company President and CEO, Jean-Marc Lacoste, commented, “The initial results are very encouraging and confirm our understanding of the deposit, as well as the potential for increasing the indicated and inferred resources this year," said Jean-Marc Lacoste, President and CEO of Monarques. "Monarques has sufficient funding to do nearly 13,000 metres of drilling this year, and these initial results support our strategic drill plan for the project.”
He then summed up, “Obviously, the fact that we intercepted a good 3-m zone containing visible gold, but more importantly confirming a historical hole (CN-89-135) with equally interesting grades and widths, tends to make us very optimistic about the rest of the program, and we are looking forward to the next assay results.”
Monarques Gold was in the news recently when
the Quebec City-based company announced it was set to test new mining technology in Quebec at the beginning of March.
Shares climbed 13.33% on the news to $0.085 per share.
Currently there are 79.9m outstanding shares with a market cap of $6.8 million.
FULL DISCLOSURE: Monarques Gold is a Stockhouse Publishing client.