Monarch Mining Corporation
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A total of 3,891 samples to be sent to the laboratory for assaying this week: 2,759 samples for McKenzie Break and 1,132 samples for Swanson
MONTRAL, March 15, 2023 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQB: GBARF) is pleased to provide an update on its exploration activities on its wholly owned McKenzie Break and Swanson gold projects.
McKenzie Break update
The drilling portion of the 2022 drilling program on McKenzie Break, totalling 16,146 metres in 53 holes, was completed in August 2022. The program was aimed at expanding the size of the 2021 MRE pit shell in the up-dip direction to the west, increasing the underground resource to the east and north and testing additional exploration targets along the volcanic-intrusive contact to the south. Earlier drill results for the program, which included 5.69 g/t Au over 9.69 m and 35.9 g/t Au over 0.5 m, were reported in press releases dated September 13, 2022 and December 1, 2022. Approximately 2,759 drill core samples will be assayed in the coming weeks, to be followed by an additional 5,100 metres of drill core logging (or approximately 4,000 samples), from the final 22 holes.
Since the publication of the 2021 MRE by Geologica and GoldMinds, Monarch has drilled a total of 41,465 m in 121 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and in the area of the underground mineral resource blocks. This drilling has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.
Swanson update
The drilling portion of the 2021-2022 program on Swanson, totalling 11,194 metres in 31 holes, was completed on August 29, 2022. Earlier drill results for the program, which included 27.79 g/t Au over 10.18 m, 0.92 g/t Au over 225 m, 18.18 g/t Au over 13.5 m, 7.83 g/t Au over 8.82 m and 11.07 g/t Au over 7.40 m, were reported in press releases dated March 30, 2022, July 19, 2022, August 30, 2022, September 8, 2022 and October 18, 2022. These positive results have encouraged Monarch to continue testing the extensions of the gold mineralization along strike and at depth. Approximately 1,132 drill core samples from the final 6 holes will be assayed in the coming weeks.
“The remaining drill results from our latest programs on McKenzie Break and Swanson will provide us with information we need to plan the next stage of exploration on those properties,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch.
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 or AGAT Laboratories in Val-d’Or, Qubec, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 3 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.
The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation’s qualified person under National Instrument 43-101.
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