Monarques Gold Corp. (
TSX: V.MQR,
Stock Forum) said Monday it has intersected multiple gold veins at depth on its Croinor Gold project near Val d’Or, Quebec.
Monarques is an emerging junior with a basket of properties in the prolific Val-d’Or, mining camp. Its flagship asset is the fully permitted Croinor gold project, which is poised to make Monarques a fully-fledged gold miner in the near future, the company has said.
While it waits for the gold market to improve, the company has been working to expand the known gold resource at Croinor by recently completing a Phase 1 drill campaign comprised of 12 holes for a total of 3,984 metres of drilling.
Full results for eight of the holes were reported previously on March 26, 2015, and April 10, 2015. The results of the remaining four holes have now been compiled,
the company said in a press release.
Many significant values were intersected at 670 metres and 690 metres west of the center of the deposit, especially in Hole CR-15-426, where three separate gold zones were identified.
“We are very satisfied with the outcome of Phase 1 of the program,’’ said Monarques President and CEO Jean-Marc Lacoste in a press release. “The extensions of the Croinor deposit are indeed there along strike and at depth,’’ he said.
Phase 11 and Phase 111 planning work is proceeding as anticipated, with the aim of starting Phase 11 in early May.
Monarques shares were unchanged at 9.5 cents on Monday, leaving a market cap of $7.6 million, based on 80 million shares outstanding. The 52-week range is 14 cents and 7.5 cents.
FULL DISCLOSURE: Monarques Gold (V.MQR) is a client of Stockhouse Publishing.