- The Croinor Gold technical report shows an estimated Measured and Indicated mineral resource of 903,600 tonnes at an average grade of 6.47 g/t Au for a total of 187,900 ounces of gold, and an estimated Inferred mineral resource of 200,100 tonnes at an average grade of 6.19 g/t Au for a total of 39,800 ounces.
- The mineral resource was calculated at a gold price of US$1,600 per ounce and an exchange rate of 1.30 USD/CAD.
- As a result of the new estimate, Monarch has increased its combined Measured and Indicated resource by 39% to 666,882 ounces and its Inferred resource by 10% to 423,193 ounces of gold, all lying within a 60 km radius of the Corporation’s wholly-owned Beacon Mill and other existing milling facilities in the area.
MONTREAL, Sept. 26, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) announces that it has filed on SEDAR a National Instrument 43-101 technical report for its Croinor Gold project. Monarch published a press release on August 11, 2022, which summarized the assumptions and key results contained in the technical report. There are no material differences between the assumptions and estimates contained in Monarch’s press release dated August 11, 2022, pertaining to this property, from those contained in the technical report that was filed today, and which is available on Monarch’s website (see Technical report).
The technical and scientific content of this press release has been reviewed and approved by David Langlois, P.Eng., the Corporation’s qualified person under National Instrument 43-101.
About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.
Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
www.monarchmining.com
Table 1: Monarch combined gold resources
| Mineral resource estimates |
Tonnes
(metric) |
Grade
(g/t Au) |
Ounces |
|
| Beaufor Mine1 |
|
|
|
|
| Measured Resources |
328,500 |
5.7 |
59,900 |
|
| Indicated Resources |
956,400 |
5.2 |
159,300 |
|
| Total Measured and Indicated |
1,284,900 |
5.3 |
219,200 |
|
| Total Inferred |
818,900 |
4.7 |
122,500 |
|
| Croinor Gold2 |
|
|
|
|
| Measured Resources |
97,700 |
6.24 |
19,600 |
|
| Indicated Resources |
805,900 |
6.50 |
168,300 |
|
| Total Measured and Indicated |
903,600 |
6.47 |
187,900 |
|
| Total Inferred |
200,100 |
6.19 |
39,800 |
|
| McKenzie Break3 |
|
|
|
|
| In-pit |
|
|
|
|
| Total Indicated |
1,441,377 |
1.80 |
83,305 |
|
| Total Inferred |
2,243,562 |
1.44 |
104,038 |
|
| Underground |
|
|
|
|
| Total Indicated |
387,720 |
5.03 |
62,677 |
|
| Total Inferred |
1,083,503 |
4.21 |
146,555 |
|
| Swanson4 |
|
|
|
|
| In-pit |
|
|
|
|
| Total Indicated |
1,864,000 |
1.76 |
105,400 |
|
| Total Inferred |
29,000 |
2.46 |
2,300 |
|
| Underground |
|
|
|
|
| Total Indicated |
91,000 |
2.86 |
8,400 |
|
| Total Inferred |
87,000 |
2.87 |
8,000 |
|
TOTAL COMBINED5
Measured and Indicated Resources
Inferred Resources |
|
|
666,882
423,193 |
|
|
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc.
2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Québec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of GoldMinds GeoServices Inc.
4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
5 Numbers may not add due to rounding. |
