- Monarch has received additional high-grade assays from its 2021 underground drilling program, which include 19.05 g/t Au over 6.8 m, including 12.56 g/t Au over 1.4 m and 54.68 g/t Au over 2.0 m (BEU-21-30-032).
- These results are from the underground drilling program currently being carried out in the lower part of the mine.
- The “Q Zone” was mined most recently in 2019 and has proven to be one of the most prolific and continuous ore zones in the mine. These diamond drill results are significant and exciting as they confirm the continuity of this zone for at least 150 m westward along strike and 150 m down dip.
- Recent estimates show 247,000 tonnes at an average grade of 5.66 g/t Au in the
Q Zone and its vicinity (measured and indicated resources according to BBA Inc.’s 2021 NI 43-101 Mineral Resource Estimate). These recent results could significantly boost Beaufor’s potential.
Underground development and rehabilitation are ongoing in the W and 350 zones, which are easily accessible from the surface ramp located 100 metres from the main Beaufor shaft and presently extends to a vertical depth of 180 metres.
“The results of this underground drilling program are very encouraging and continue to show the strong potential of the
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 in Val-d’Or,
The technical and scientific content of this press release has been reviewed and approved by
About Beaufor
Table 1: 2021 mineral resource estimate for the
Category | Tonnage (t) | Grade (g/t Au) | Ounces Au (oz) |
Measured | 328,500 | 5.7 | 59,900 |
Indicated | 956,400 | 5.2 | 159,300 |
Total Measured and Indicated | 1,284,900 | 5.3 | 219,200 |
Inferred | 818,900 | 4.7 | 122,500 |
Mineral resource estimate notes:
- The independent qualified person for the 2021 MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Charlotte Athurion,
P.Geo ., ofBBA Inc. The effective date of this MRE isJuly 23, 2021 . - These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
- The mineral resource estimate follows CIM definitions (2014) for mineral resources.
- Results are presented diluted and considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grades are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource statement.
- The resources include 166 mineralized zones with a minimum true thickness of 2.4 m using the grade of the adjacent material when assayed or a value of 0.00025 when not assayed. High-grade capping varies from 20 to 65 g/t Au (when required) and was applied to composited assay grades for interpolation using an Ordinary Kriging interpolation method (ID2 for 96_01, 96_02, 20 zones, 21_01, 140, 367 and 350 zones) based on 1.5 m composite and block size of 5 m x 5 m x 5 m, with bulk density values of 2.75 (g/cm3). A second capping was applied for the second and third passes in order to restrict high-grade impact at greater distance.
- Inferred Mineral Resources were defined for blocks within the units that have been informed by a minimum of two drillholes within 50 m of a drillhole (100 m of drill spacing); Indicated Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 12.5 m of a drillhole (25 m of drill spacing); Measured Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 5 m of a drillholes (10 m of drill spacing) or 3 m around voids. Measured Mineral Resources were only defined for zones with a good reliability of the geological continuity or supported by underground workings.
- The estimate is reported for potential underground scenario at cut-off grades of 2.8 g/t Au (>=45 degree dip) and 3.2 g/t Au (<45 degree dip). The cut-off grades were calculated using a gold price of
US$1,550 per ounce, a USD:CAD exchange rate of 1.32 (resulting inC$1,914 per ounce gold price); mining costC$125 /t (>=45 degree dip);C$150 /t (<45 degree dip); processing costC$35 /t; G&AC$16 /t; metallurgical recovery of 97%; royalties ofUS$37.52 per ounce; and refining and transport cost ofUS$1.50 per ounce. - The number of metric tonnes and ounces were rounded to the nearest hundred and the metal contents are presented in troy ounces (tonne x grade/31.10348). Rounding may result in apparent summation differences between tonnes, grades and contained metals content.
BBA Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues not reported in this Report that could materially affect the mineral resource estimate.
About Monarch
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.
FOR MORE INFORMATION: | ||
President and Chief Executive Officer | 1-888-994-4465 jm.lacoste@monarchmining.com | |
Mathieu Séguin Vice President, Corporate Development | 1-888-994-4465 m.seguin@monarchmining.com | |
Geologist and Communication Manager | 1-888-994-4465 e.tremblay@monarchmining.com |
www.monarchmining.com
Table 2:
Hole | From (m) | To (m) | Width (m) * | Au (g/t) |
BEU-21-30-032 | 168.0 | 169.0 | 1.0 | 8.23 |
252.2 | 259.0 | 6.8 | 19.05 | |
Incl. | 252.2 | 253.6 | 1.4 | 12.56 |
Incl. | 257.0 | 259.0 | 2.0 | 54.68 |
263.0 | 263.9 | 0.9 | 14.00 |
*The width shown is the core length. The true width is taken into account in the mineral resource estimate.
Table 3:
Hole | Mine_E (m) | Mine_N (m) | Elevation (m) | Azimut (°) | Dip (°) | Length (m) |
BEU-21-30-032 | 1942 | 3194 | 2344 | 313 | -53 | 357 |
Table 4: Monarch combined gold resources
Mineral resource estimates | Tonnes (metric) | Grade (g/t Au) | Ounces |
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 |
McKenzie Break2 | |||
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 |
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 COMBINED4 Measured and Indicated Resources Inferred Resources | 478,982 383,393 | ||
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, 3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 4 Numbers may not add due to rounding. |
Historical mineral resource estimate | Tonnes (metric) | Grade (g/t Au) | Ounces |
Croinor Gold1,2 | |||
Measured Resources | 80,100 | 8.44 | 21,700 |
Indicated Resources | 724,500 | 9.20 | 214,300 |
Total Measured and Indicated | 804,600 | 9.12 | 236,000 |
Total Inferred | 160,800 | 7.42 | 38,400 |
1 Source: Monarch Gold prefeasibility study (
2 Numbers may not add due to rounding.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6df09ee-7e03-4910-ae45-23570f341520
https://www.globenewswire.com/NewsRoom/AttachmentNg/77bc9108-babe-42c8-9745-1d1d1ffe36c6
Section 1: Vertical section looking N275 showing the location of Q Zone’s extension
Section 1: Vertical section looking N275 showing the location of Q Zone’s extension
Longitudinal 1: Vertical longitudinal section looking N358 showing the location of Q Zone’s extension
Longitudinal 1: Vertical longitudinal section looking N358 showing the location of Q Zone’s extension
2022 GlobeNewswire, Inc., source