Monarch Mining Reports High-Grade Drill Results at Beaufor Confirming the Extension of the W and 140 Zones at Depth

2022-07-25 04:39:28

  • Monarch has received additional high-grade assays from its 2021-2022 underground drilling program that include 37.59 g/t Au over 2.5 m, 29.79 g/t Au over 2.45 m, 21.7 g/t Au over 2.87 m, 10.09 g/t Au over 3.6 m, 418.0 g/t Au over 0.63 m and 67.1 g/t Au over 1.1 m.
  • These results are from the underground drilling program currently under way in the lower and upper parts of the mine and are primarily for the W and 140 zones in the upper part of the mine.
  • The results also indicate the potential extension at depth of the W and 140 zones, which are part of Monarch’s near-term mining plan using the existing ramp access.

MONTREAL, July 25, 2022 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to report additional results from its 2021-2022 underground drilling program at its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec. The recently received results are from the W and 140 zones in the upper level of the Beaufor mine, and include 37.59 g/t Au over 2.5 m, 29.79 g/t Au over 2.45 m, 21.7 g/t Au over 2.87 m, 10.09 g/t Au over 3.6 m, 418.0 g/t Au over 0.63 m and 67.1 g/t Au over 1.1 m. Positive results were also received for other areas drilled in 2021 and 2022. These results have been incorporated in the new geological model, which takes into account all recent and historical data and is based on BBA’s geological interpretation as seen in their 2021 NI 43-101 compliant resource estimate. These new positive results have prompted Monarch to continue drilling the W and 140 zones. Zone 140 has only been sparsely mined in the past, and the W Zone has well-developed infrastructure that would allow near-term production.

Commercial production at the Beaufor Mine began in the early 1930s and the mine has produced over 1.1 million ounces of gold over the years. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. Both of these “near-mine” targets can often be tested from the existing underground workings, generally by holes less than 200 metres long. However, the depth and position of newer targets has required Monarch to drill longer holes with underground electric drill rigs and, as a result, exploration drifts for diamond drilling are being developed to allow deeper drilling and optimal interception angles and reduce overall exploration costs. Since June 2020, 335 holes totalling 54,723 metres have been drilled during the exploration and definition drilling programs. Given the positive results, additional holes are now being drilled to allow the zones in question to be converted into reserves and included in a future mine plan. Monarch is continuing to drill, with five drill rigs underground.

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. The ramp presently descends to a vertical depth of 180 metres.

“We are happy with the results we are seeing so far with this program, which continues to generate strong drill results,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “In particular, these latest results confirm the high-grade nature and potential depth extension of the W and 140 zones, which are currently defined near surface and are part of our plan for near-term mining using the existing ramp. We will definitely focus our additional drilling on extending these zones at depth.”

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, Quebec, or AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., the Corporation’s qualified person under National Instrument 43-101.

About Beaufor

The Beaufor Mine is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith, a synvolcanic intrusion, is a major geological feature of the Val-d’Or mining camp. It is a quartziferous granodiorite cut by fine-grained diorite dykes. Gold mineralization occurs in veins associated with shear zones dipping moderately south. Mineralization is associated with quartz-tourmaline-pyrite veins resulting from the filling of shear and extension fractures. Gold-bearing veins show a close association with mafic dykes intruding the granodiorite. A National Instrument 43-101 resource estimate for the Beaufor Mine property was prepared for Monarch Mining and amended on October 13, 2021 by Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc. The mineral resource estimate is listed in the table below.

Table 1: 2021 mineral resource estimate for the Beaufor Mine








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:

  1. The independent qualified person for the 2021 MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Charlotte Athurion, P.Geo., of BBA Inc. The effective date of this MRE is July 23, 2021.
  2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
  3. The mineral resource estimate follows CIM definitions (2014) for mineral resources.
  4. 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.
  5. 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.
  6. 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.
  7. 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 in C$1,914 per ounce gold price); mining cost C$125/t (>=45 degree dip); C$150/t (<45 degree dip); processing cost C$35/t; G&A C$16/t; metallurgical recovery of 97%; royalties of US$37.52 per ounce; and refining and transport cost of US$1.50 per ounce.
  8. 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.
  9. 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

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 478,982 ounces and a combined inferred resource of 383,393 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.

FOR MORE INFORMATION:

                                                              
Table 2: Beaufor Mine assay results and significant intervals (underground drill holes)






















































































Hole From (m) To (m) Width (m)* Au (g/t)
20-146-41 13.05 14.55 1.5 0.82
20-146-41 23.65 26.65 3.0 5.69
20-146-41 48 48.7 0.7 1.27
BEU-21-10-008 56.5 57.3 0.8 18.70
BEU-21-10-008 64.3 65.2 0.9 1.35
BEU-21-10-008 67.4 67.9 0.5 11.90
BEU-21-10-016 78.7 79.4 0.7 0.47
BEU-21-10-018 23 26 3 1.15
BEU-21-10-018 93.9 96.2 2.3 3.38
BEU-21-10-019 92.5 94.45 1.95 0.00
BEU-21-10-019 127.8 128.3 0.5 7.96
BEU-21-10-020 75 76 1 0.00
BEU-21-10-020 80.4 81.45 1.05 0.39
BEU-21-10-022 15.3 18 2.7 3.19
BEU-21-10-022 77.7 81.4 3.7 2.34
BEU-21-10-030 106 107.5 1.5 0.20
BEU-21-10-036 19.5 22 2.5 4.81
BEU-21-10-036 83.5 87.5 4 1.10
BEU-21-10-037 44 46 2 9.24
BEU-21-10-037 59 60.6 1.6 23.26
BEU-21-10-037 65.2 68 2.8 4.35
BEU-21-10-037 152 153 1 0.38
BEU-21-10-037 160.5 161.1 0.6 5.05
BEU-21-10-039 9.3 10.18 0.88 1.66
BEU-21-10-039 35 39.8 4.8 1.78
BEU-21-10-039 59.5 62 2.5 37.59
BEU-21-10-039 78.9 79.6 0.7 86.00
BEU-21-10-040 7 9 2 7.65
BEU-21-10-040 25 27.25 2.25 45.93
BEU-21-10-040 58.5 59.5 1 24.80
BEU-21-10-040 70.4 73.65 3.25 4.73
BEU-21-10-040 92.5 95.3 2.8 0.00
BEU-21-12-010 24.1 24.7 0.6 15.50
BEU-21-12-012 52.35 53 0.65 2.07
BEU-21-13-001 84.5 88.15 3.65 1.14
BEU-21-13-001 112.3 113 0.7 3.82
BEU-21-13-003 41 41.5 0.5 14.90
BEU-21-13-003 94.5 95.2 0.7 0.68
BEU-21-13-003 113.7 115.5 1.8 1.81
BEU-21-13-006 77.4 79 1.6 2.48
BEU-21-13-006 90.2 92.5 2.3 0.95
BEU-21-15-022 1.5 2 0.5 114.50
BEU-21-15-022 368.5 369 0.5 0.12
BEU-21-15-023 0.8 1.3 0.5 24.60
BEU-21-15-023 167.7 169 1.3 1.95
BEU-21-15-023 353.7 355 1.3 0.00
BEU-21-15-024 58.5 60.4 1.9 0.39
BEU-21-15-024 77.1 77.73 0.63 418.00
BEU-21-15-024 86.5 87.2 0.7 3.25
BEU-21-15-024 98.7 99.3 0.6 7.26
BEU-21-15-024 335.5 338.1 2.6 0.03
BEU-21-15-028 318.3 319.4 1.1 2.37
BEU-21-W-023 44.7 46.8 2.1 1.20
BEU-21-W-024 39.97 41.12 1.15 0.02
BEU-21-W-025 27.4 27.9 0.5 0.80
BEU-21-W-026 44.25 45.8 1.55 0.83
BEU-21-W-028 57.3 59.35 2.05 0.49
BEU-21-W-032 66.75 68.05 1.3 0.03
BEU-21-W-033 40.9 43.35 2.45 29.79
BEU-21-W-033 72.45 73.2 0.75 1.10
BEU-21-W-034 92.9 93.4 0.5 0.00
BEU-21-W-036 81.2 83.1 1.9 12.10
BEU-21-W-036 88.1 88.6 0.5 1.65
BEU-22-10-027 12.3 13.5 1.2 4.86
BEU-22-10-027 19 21.5 2.5 3.83
BEU-22-10-027 29 31.5 2.5 6.01
BEU-22-10-027 64.4 68 3.6 19.09
BEU-22-10-027 84.5 86.7 2.2 0.39
BEU-22-10-027 94.3 97.17 2.87 21.70
BEU-22-W-001 81.5 84.1 2.6 5.87
BEU-22-W-006 130 132 2 0.10
BEU-22-W-007 138 141 3 0.01
BEU-22-W-008 92.8 95.2 2.4 1.89
BEU-22-W-031 75 77 2 6.37
BEU-22-W-037 73.6 74.3 0.7 0.38
BEU-22-W-039 37.35 38.9 1.55 3.99
BEU-22-W-040 43 48.4 5.4 0.91
BEU-22-W-041 32.6 33.2 0.6 0.00
BEU-22-W-042 98 102 4 0.29
BEU-22-W-042 141.4 142.5 1.1 67.10
BEU-22-W-043 41.1 41.9 0.8 3.23
BEU-22-W-043 122 124 2 2.43

*The width shown is the core length. The true width is taken into account in the mineral resource estimate.

Table 3: Beaufor Mine drill hole location





















































Hole Mine_E (m) Mine_N (m) Elevation (m) Azimuth (°) Dip (°) Length (m)
20-146-41 2335 3169 2598 298 53 57.7
BEU-21-10-007 2072 3503 2739 29 -44 27.0
BEU-21-10-008 2209 3473 2738 59 -36 65.0
BEU-21-10-016 2224 3740 2736 357 -27 76.9
BEU-21-10-018 2134 3193 2740 160 -7 94.0
BEU-21-10-019 2134 3193 2740 166 -9 92.0
BEU-21-10-020 2134 3193 2740 172 -6 84.0
BEU-21-10-022 2134 3193 2740 183 -7 77.0
BEU-21-10-030 2186 3165 2740 186 73 92.0
BEU-21-10-036 2186 3165 2740 90 41 120.0
BEU-21-10-037 2142 3084 2741 30 -43 153.0
BEU-21-10-039 2142 3084 2741 343 -55 88.0
BEU-21-10-040 2142 3084 2741 326 -47 93.0
BEU-21-12-010 2110 3640 2670 34 59 34.6
BEU-21-12-012 2427 3741 2668 347 8 46.2
BEU-21-13-001 2264 3742 2633 335 -53 95.0
BEU-21-13-003 2264 3742 2633 347 -38 93.0
BEU-21-13-006 2264 3742 2633 71 -32 76.0
BEU-21-15-022 1795 3329 2598 243 13 367.0
BEU-21-15-023 1795 3329 2598 236 14 334.0
BEU-21-15-024 1795 3329 2598 229 15 308.0
BEU-21-15-028 1795 3329 2598 167 33 304.0
BEU-21-W-023 1753 3266 2982 234 13 55.0
BEU-21-W-024 1753 3266 2982 210 36 43.0
BEU-21-W-025 1753 3266 2982 210 10 50.0
BEU-21-W-026 1753 3266 2982 180 28 46.0
BEU-21-W-027 1753 3266 2982 190 -2 55.0
BEU-21-W-028 1753 3266 2982 172 -4 60.0
BEU-21-W-030 1753 3266 2982 163 -15 78.0
BEU-21-W-032 1753 3266 2982 153 7 67.0
BEU-21-W-033 1753 3266 2982 153 -5 80.0
BEU-21-W-034 1753 3266 2982 146 -9 90.0
BEU-21-W-036 1753 3266 2982 137 7 89.0
BEU-22-10-025 2134 3193 2740 191 -16 109.0
BEU-22-10-027 2134 3193 2740 199 -1 71.0
BEU-22-W-001 1516 3331 2896 167 10 76.0
BEU-22-W-006 1516 3331 2896 154 -17 126.0
BEU-22-W-007 1516 3331 2896 154 -22 147.0
BEU-22-W-008 1516 3331 2896 170 -11 93.0
BEU-22-W-009 1516 3331 2896 170 -32 151.0
BEU-22-W-010 1516 3331 2896 162 -12 107.0
BEU-22-W-031 1753 3266 2982 138 15 78.0
BEU-22-W-037 1753 3266 2982 144 5 80.0
BEU-22-W-038 1753 3266 2982 142 -12 105.0
BEU-22-W-039 1717.5 3247 2951 208 -12 39.0
BEU-22-W-040 1717.5 3247 2951 158 -5 53.0
BEU-22-W-041 1717.5 3247 2951 200 42 37.0
BEU-22-W-042 1717.5 3247 2951 142 -23 100.0
BEU-22-W-043 1717.5 3247 2951 137 -20 115.0

Table 4: 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
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
Swanson3      
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 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 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.
3 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.
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 (January 19, 2018). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. Furthermore, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and therefore, Monarch is not treating the historical estimate as current mineral resources or mineral reserves.
2 Numbers may not add due to rounding.


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