Monarch Gold news - 44% increase in the Indicated resource to 145,982 ounces of gold and nearly 300% increase in the Inferred category to 250,593 ounces of gold
- Monarch now has 588,482 ounces of combined measured and indicated resources and 329,393 ounces of combined inferred resources from its four gold deposits in Abitibi, Qubec (see Table 2 at the end of the release)
MONTREAL, QC / ACCESSWIRE / February 8, 2021 / MONARCH MINING CORPORATION ("Monarch" or the "Corporation") (TSX:GBAR) is pleased to announce an updated mineral resource estimate dated February 1, 2021, for its wholly-owned McKenzie Break project, 25 kilometres north of Val-d'Or, Qubec.
Monarch acquired the McKenzie Break property from Agnico Eagle Mines Limited in 2017 and expanded the property in 2020 through additional purchase agreements with local prospectors and map staking to now stand at 133 claims covering a total area of 5,130.4 hectares. Located 20 kilometres north of the Beacon mill and 10 kilometres south of the municipality of Barraute, Qubec, the property is accessible year-round via Route 397 and a gravel road and includes a portal and 700-metre ramp excavated in 2009.
Geologically, the property straddles the Manneville Tectonic Zone, interpreted to be the eastern extension of the Destor-Porcupine Break. Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith.
The 2021 updated resource estimate follows the 2018-2020 diamond drilling programs completed by Monarch that included 75 drill holes totalling 20,037.9 metres. The 2018-2020 programs were focused on better defining and expanding the mineralization within the previously proposed pitshell and the deeper known mineralization. This new diamond drilling focused on the mineralization covering an area measuring 1,300 metres along strike by 900 metres and to a vertical depth of 455 metres.
Monarch mandated Geologica Groupe-Conseil Inc. of Val-d'Or and GoldMinds Geoservices of Qubec to prepare and update the July 12, 2018, NI 43-101 Technical Evaluation Report and Resource Estimate prepared by Geologica and GeoPointCom. The 2021 updated resource estimate was calculated to present resources with both constrained pit and underground potential. The current resource estimate for Monarch indicates that:
- The resource estimate is confined to 30 parallel and stacked mineralized zones / vein structures that have been identified on the property.
- The estimated resources are reported for combined constrained pit and underground scenarios.
- The total Indicated resource stands at 1,829,097 t at 2.48 g/t Au for 145,982 ounces of gold.
- The total Inferred resource stands at 3,327,065 t at 2.34 g/t Au for 250,593 ounces of gold.
- Many of the high-grade intersections outside of the pit shell are open. It is likely that additional diamond drilling would increase the Inferred tonnage and allow some of the Inferred resources to be upgraded to the Indicated category.