Monarca Minerals Inc. (
TSX: V.MMN,
Forum) on Monday released an update on its recent activities.
Monarca is focused on exploration and development of silver and gold projects along the highly productive mineralized belt that has made Mexico the largest silver-producing country in the world.
It has a portfolio of four projects (Tejamen, San Lucas, El Sol and San Jose) which are located in the mining friendly jurisdictions of Durango and Chihuahua.
In a press release Monday, the company said it has completed the re-logging of 202 reverse circulation drill holes and 10 core holes in San Augustin in the state of Durango. The propose of the re-logging exercise is to design a new drill program once the surface rights have been secured.
Discussions regarding the surface rights at Tejamen are moving forward on a number of fronts, the company said.
More information can be found
here.
The company recently said the last 12 months have been busy with the closing of its first equity financing in over four years. It also said it has satisfied $463,058 of outstanding debt through the issuance of shares.
Monarca currently has $1.3 million in cash and a burn rate of approximately $50,000 per month.
Monarca was in the news recently when the company announced that it had completed its previously announced debt settlement with certain of its creditors.
Full Disclosure: Monarca Minerals Inc. is a paid client of Stockhouse Publishing.