Monarch Gold Awards Contract To Ausenco For Wasamac
- Ausenco to conduct an upgrading study on the Kidd concentrator in connection with the Wasamac gold project
- Study constitutes Phase 1 of MOU between Monarch and Glencore Canada (see press release dated May 14, 2020)
- Study results expected by October 2020
Montreal, Quebec, Canada, June 22, 2020 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce that it has retained Ausenco Engineering Canada Inc. (“Ausenco”) to conduct an upgrading study on the Kidd concentrator in connection with the potential use of the concentrator to treat the ore mined from the Wasamac gold project. The study constitutes Phase 1 of the memorandum of understanding (“MOU”) recently signed with Glencore Canada.
As indicated in the May 14 press release, under Phase 1 of the MOU, Monarch is to launch a study on upgrading all or part of the Kidd concentrator and related infrastructure with a view to shipping the ore from the Wasamac property to the concentrator by railway for processing and transformation into dore bars. The upgrading study is expected to be completed by October 2020.
The study mandate calls for Ausenco to execute the study in two distinct phases. Phase I will focus on developing high-level costs and financials for two practical project options, whole ore leach and flotation leach, and Phase II will develop the preferred option to a pre-feasibility study level.
“We are excited to be working with an engineering firm like Ausenco, which has produced numerous solid studies and developed successful large mining projects around the globe, including recent and relevant benchmark projects such as Moose River Gold (Nova Scotia),” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Ausenco has a strong track record of delivering project studies that go the extra step in optimizing the project economics.”
“Ausenco has a project development ethos centred on cost-effective process and rail design coupled with efficient delivery, driving strong project economics and return on shareholder investment. We intend to apply that ethos to provide a differentiated approach for the Wasamac project, one that extracts the maximum value for Monarch and sets the stage to move from the upgrading study into project execution and commercial production,” said Garry Warren, President North America Project Delivery of Ausenco.