Advertisement
Australia markets closed
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • AUD/USD

    0.6492
    -0.0044 (-0.67%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    82.44
    +1.09 (+1.34%)
     
  • GOLD

    2,228.80
    +16.10 (+0.73%)
     
  • Bitcoin AUD

    108,826.64
    +713.74 (+0.66%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     

Monarch Intersects 73.5 g/t Au Over 1.35 m (4.43 ft), Expanding the McKenzie Break Deposit to the Southwest

  • High-grade gold mineralization intersected near surface, 200 metres southwest of the current pit shell, with 73.5 g/t Au over 1.35 metres.

  • Gold mineralization intersected up to 100 metres northeast of the current mineral resource estimate, with up to 8.0 g/t Au over 1.0 metres.

  • Results of drilling east of the deposit to fill in larger gaps at 50 m centres include 12.75 g/t Au over 1.7 metres, 12.3 g/t Au over 0.75 metres, 12.0 g/t Au over 0.8 metres, 10.9 g/t Au over 0.6 metres and 10.2 g/t Au over 1.1 metres.

  • The current drilling program on McKenzie Break is ongoing and another program is planned for 2022.

MONTREAL, Dec. 02, 2021 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce significant new assay results from ongoing drilling on the McKenzie Break deposit, located 25 kilometres north of the Corporation’s wholly owned 750 tonne-per-day Beacon mill. These drill results are part of Monarch’s 2021 McKenzie Break exploration program, which consists of a total of 56 holes for approximately 19,000 metres. Earlier results from the program were reported on October 20 (3.93 g/t Au over 5.45 m), June 22 (70.8 g/t Au over 0.4 m) and March 22, 2021 (8.46 g/t Au over 13.8 m). The results for the remaining 18 holes are expected to come in over the next couple of months.

The current exploration program is focused on expanding the size of the McKenzie Break gold deposit and supplementing the recently updated mineral resource estimate (the “2021 MRE”, see press release dated Feb 8, 2021). Based on recent results outside the 2021 MRE envelope, the current program has indeed succeeded in expanding the deposit to the southwest and northeast.

The new assay results presented below are among a total of 91 intersections from 31 drill holes (see Tables 1 and 2). Most of those intersections lie outside the 2021 MRE blocks and wireframes. Monarch continues to test the outer limits of the deposit with holes at 50-metre centres.

ADVERTISEMENT

Highlights of near-surface results intersected approximately 200 metres southwest of the 2021 MRE include:

  • MK-21-286: 73.5 g/t Au over 1.35 m, followed by a deeper zone grading 1.38 g/t au over 4.95 m.

  • MK-21-306: 50 metres south of hole MK-21-286, intersected widespread low-grade mineralization, including 0.92 g/t Au over 17.0 m and a deeper zone grading 0.98 g/t Au over 11.5 m.

  • MK-21-305: 50 metres north of hole MK-21-286, returned 2.39 g/t Au over 2.0 m, followed by a deeper zone grading 4.5 g/t Au over 0.7 m.

Highlights of grades intersected more than 100 metres northeast of the 2021 MRE include:

  • MK-21-290: 4.0 g/t Au over 1.0 m, followed by a deeper zone grading 8.0 g/t Au over 1.0 m.

  • MK-21-294: 50 metres west of hole MK-21-290, returned 4.5 g/t Au over 1.0 m followed by a lower zone of 5.5 g/t Au over 1.0 m.

Highlights of grades intersected east of the resource and including those intersected more than 50 metres from the 2021 MRE include:

  • MK-21-268: 12.75 g/t Au over 1.7 m.

  • MK-21-295: 12.0 g/t Au over 0.8 m and 4.29 g/t Au over 2.6 m.

  • MK-21-297: 10.9 g/t Au over 0.6 m.

  • MK-21-299: 12.3 g/t Au over 0.75 m.

  • MK-21-300: 10.2 g/t Au over 1.1 m.

Figure 1: McKenzie Break property – Plan view with recent assay results
Figure 2: McKenzie Break property – Regional composite cross section

Monarch has now extended the mineralized envelope an additional 200 metres to the southwest (updip) and 100 metres to the east and northeast (downdip). The current mineralized envelope now measures 1,100 metres by 600 metres and has been tested from surface to a maximum vertical depth of 430 metres. The McKenzie Break deposit continues to remain open for expansion and shows good grade and continuity.

“McKenzie Break continues to show great high-grade gold potential,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Ongoing drilling continues to push the outer limits of the resource envelope and is generating input for a mineral resource estimate update expected to begin in 2022.”

Monarch will continue exploration drilling on the McKenzie Break property to the end of 2021, on the current drilling pattern, with holes every 50 metres. A new drilling program planned for 2022 will include continued testing of the current outer limits of the resource estimate, drilling of a large target area between the resource pit shell and the recent intercepts 1 km to the south of the pit shell, and drilling of regional exploration targets located approximately 9 kilometres south of the deposit.

Table 1: Significant drilling results for the McKenzie Break property

Hole

From
(m)

To
(m)

Width
(m)*

Grade
(g/t Au)

MK-18-197EXT

309.00

310.00

1.00

4.00

MK-21-264

240.71

242.23

1.52

2.33

261.49

262.54

1.05

2.37

302.75

304.00

1.25

1.31

312.46

315.26

2.80

1.71

347.04

350.77

3.73

1.49

368.60

370.00

1.40

1.01

MK-21-268

249.30

253.00

3.70

6.25

including

249.30

251.00

1.70

12.75

254.50

255.00

1.50

1.86

MK-21-269

265.60

267.20

1.60

2.50

270.10

271.00

0.90

1.36

MK-21-270

46.20

47.20

1.00

3.10

360.50

361.90

1.40

1.21

MK-21-271

332.10

334.50

2.40

2.25

347.00

348.00

1.00

2.97

MK-21-272

210.10

210.80

0.70

1.16

236.80

238.00

1.20

3.28

348.10

349.50

1.40

2.94

388.00

389.00

1.00

1.03

MK-21-273

396.90

398.20

1.30

1.18

MK-21-274

244.00

247.50

3.50

4.09

including

246.50

247.50

1.00

6.30

417.70

420.00

2.30

1.26

426.50

427.60

1.10

2.70

MK-21-275

306.82

307.96

1.14

1.85

339.53

341.03

1.50

2.27

371.16

372.52

1.36

2.73

402.65

404.11

1.46

1.81

408.82

409.56

0.74

1.05

MK-21-286

19.65

21.00

1.35

73.50

28.00

29.10

1.10

2.44

86.25

91.20

4.95

1.38

MK-21-288

72.00

73.50

1.50

0.37

MK-21-289

11.50

13.00

1.50

1.17

MK-21-290

252.00

253.00

1.00

4.00

259.00

260.00

1.00

8.00

376.00

377.00

1.00

2.11

MK-21-292

101.20

102.50

1.30

0.44

MK-21-294

231.70

232.70

1.00

1.52

236.00

237.30

1.30

1.26

240.50

242.70

2.20

2.63

including

241.70

242.70

1.00

4.50

299.00

301.00

2.00

2.39

including

300.00

301.00

1.00

3.70

313.00

316.00

3.00

3.05

including

315.00

316.00

1.00

5.50

MK-21-295

300.30

301.10

0.80

12.0

321.40

324.00

2.60

4.29

380.00

383.00

3.00

1.13

389.00

390.23

1.23

1.32

MK-21-296

184.11

186.04

1.93

8.45

including

185.35

186.04

0.69

22.9

321.10

323.08

1.98

3.11

327.16

328.06

0.90

1.30

MK-21-297

81.25

81.85

0.60

10.90

146.00

147.00

1.00

1.37

282.00

283.00

1.00

2.38

MK-21-299

29.45

32.75

3.30

4.28

including

29.45

30.20

0.75

12.30

39.55

40.80

1.25

1.63

71.25

72.70

1.45

1.18

76.90

78.40

1.50

1.91

91.10

92.15

1.05

2.20

116.20

119.20

3.00

1.27

including

117.70

119.20

1.50

3.60

123.00

124.50

1.50

3.00

132.50

134.50

2.00

1.85

144.00

145.50

1.50

1.20

156.00

158.85

2.85

1.57

176.50

178.00

1.50

1.23

211.50

213.00

1.50

1.49

MK-21-300

187.00

188.15

1.15

3.50

231.50

232.60

1.10

10.20

MK-21-302

141.40

142.30

0.90

9.40

280.00

281.30

1.30

2.14

318.75

319.45

0.70

7.90

MK-21-303

231.00

231.88

0.88

2.07

MK-21-304

167.40

168.75

1.35

1.03

182.54

183.71

1.17

2.20

218.80

220.08

1.28

1.50

MK-21-305

85.45

86.50

1.05

1.22

88.00

90.00

2.00

2.39

117.00

118.50

1.50

1.14

158.00

158.70

0.70

4.50

MK-21-306

3.00

4.00

1.00

1.02

7.00

23.00

17.00

0.92

including

9.00

11.00

2.00

2.55

including

14.00

15.00

1.00

2.87

including

19.00

20.00

1.00

2.53

including

22.00

23.00

1.00

1.44

34.50

46.00

11.5

0.98

including

36.50

37.50

1.00

2.07

including

39.50

40.50

1.00

3.10

including

44.50

46.00

1.50

1.54

67.20

68.40

1.20

1.37

72.50

73.70

1.20

1.27

MK-21-308

229.00

230.00

1.00

0.96

MK-21-310

49.50

50.80

1.30

1.84

145.50

147.30

1.80

1.03

MK-21-311

120.20

121.70

1.50

0.45

MK-21-312

22.40

23.40

1.00

15.70

83.00

86.00

3.00

4.65

including

84.50

86.00

1.50

5.70

101.50

103.00

1.50

1.22

MK-21-315

431.00

432.00

1.00

0.60

* True width is 90% of indicated core length.

Table 2: Collar coordinates

Hole

Azimuth

Dip

Length

UTM E

UTM N

Elevation

number

(°)

(°)

(m)

(m)

MK-18-197ext

230

-88

336

310199

5358605

304

MK-21-264

230

-88

444

310225

5359049

311

MK-21-268

230

-88

552

310163.4

5358875

313

MK-21-269

230

-88

516

310155.9

5358799

310

MK-21-270

230

-88

507

310146.6

5358719

309

MK-21-271

230

-88

513

310127.2

5358660

308

MK-21-272

230

-88

479

310177

5358660

307

MK-21-273

230

-88

510

310305

5358594

307

MK-21-274

230

-88

501

310347

5358553

306

MK-21-275

230

-88

432

310200

5358549

306

MK-21-286

230

-50

249

309513

5358374

310

MK-21-288

270

-50

201

309860

5356393

311

MK-21-289

270

-50

249

309895

5355325

309

MK-21-290

230

-88

461.5

310250

5359170

313

MK-21-292

270

-50

255

309208

5359890

314

MK-21-294

230

-88

420

310200

5359171

310

MK-21-295

230

-88

474

310150

5358549

310

MK-21-296

230

-88

493.5

310103

5358608

311

MK-21-297

230

-88

396

310003

5358608

310

MK-21-299

230

-88

227

309936

5358850

311

MK-21-300

230

-88

252

310043

5358927

311

MK-21-302

230

-88

342

310213

5358875

310

MK-21-303

230

-88

345

310188

5358935

309

MK-21-304

230

-88

357

310050

5359082

308

MK-21-305

230

-50

213

309500

5358425

307

MK-21-306

230

-50

162

309500

5358325

307

MK-21-308

230

-88

444

310106

5358302

309

MK-21-310

230

-88

174

309718

5358405

310

MK-21-311

230

-88

150

309668

5358355

311

MK-21-312

230

-88

156

309668

5358405

311

MK-21-315

230

-88

546

310401

5358498

309

About McKenzie Break
Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. Monarch continues to have drilling success beyond the limits of the recent resource update provided by Geologica and GoldMinds (see Table 3 and press release dated February 8, 2021). The mineralized envelope currently measures 1,100 metres by 600 metres and has been tested down to a vertical depth of 430 metres. The Corporation will continue testing the limits of the defined mineralized envelope as well as other priority targets on the property with its drilling program, of which approximately 17,000 metres have been drilled to date, in 50 holes. Drilling has been ongoing since April 2021, with one or two drill rigs.

Table 3: Combined resources (in-pit and underground) by category for the McKenzie Break deposit at the selected cut-off grades (GoldMinds Geoservices Inc.)

Area (cut-off grade)

Indicated resource

Inferred resource

Tonnes
(t)

Grade
(g/t)

Ounces
(Au)

Tonnes
(t)

Grade
(g/t)

Ounces
(Au)

Pit-constrained (0.50 g/t Au)

1,441,377

1.80

83,305

2,243,562

1.44

104,038

Underground (2.38 g/t Au)

387,720

5.03

62,677

1,083,503

4.21

146,555

TOTAL

1,829,097

145,982

3,327,065

250,593

Notes:

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported inferred resources are uncertain in nature and there has not been sufficient work to define these inferred resources as indicated or measured resources.

  2. The database used for this mineral estimate includes drill results obtained from historical records and up to the recent 2018-2020 drill program.

  3. Mineral resources are reported at a cut-off grade of 0.50 g/t Au for the pit-constrained and underground mineral resources are reported at a cut-off grade of 2.38 g/t Au within reasonably mineable volumes.

  4. These cut-offs were calculated at a gold price of C$1,980 ounce.

  5. The pit-constrained resources were based on the following parameters: mining cost $3.5/t, processing, transportation + G&A costs $27/t, Au recovery 95%, pit slopes 15 degrees for overburden and 50 degrees for rock.

  6. The underground reasonably mineable volumes were based on the following parameters: mining cost $98/t, processing, transportation + G&A costs $27/t, Au recovery 95%, dilution of 15% at 0 g/t Au with a minimum stope dimension of 10m x 10m x 5m.

  7. The geological interpretation of the deposits was based on lithologies and the typical mineralized interval mainly composed by diorite hosted shear zones.

  8. The mineral resource presented here was estimated with a block size of 5m x 5m x 5m for the pit-constrained and for underground.

  9. The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high-grade gold assays were capped to 60 g/t Au applied on 0.6-metre composites.

  10. The mineral estimation was completed using the inverse distance squared methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used.

  11. Tonnage estimates are based on rock specific gravity of 2.77 tonnes per cubic metre for all the zones. Results are presented undiluted and in situ.

  12. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).

  13. This mineral resource estimate is dated February 1, 2021, and the effective date for the drillhole database used to produce this updated mineral resource estimate is September 28, 2020.

  14. No economic evaluation of the resources has been produced.

The resource estimate was prepared by Merouane Rachidi, P.Geo., Ph.D., and Claude Duplessis, P.Eng., of GoldMinds Geoservices Inc., both qualified persons under National Instrument 43-101.

Sampling consists of sawing the NQ-size core into equal halves along its main axis and shipping one of the halves to AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards and blanks.

The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., 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 28,702 hectares (287 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:

Jean-Marc Lacoste

1-888-994-4465

President and Chief Executive Officer

jm.lacoste@monarchmining.com

Mathieu Séguin

1-888-994-4465

Vice President, Corporate Development

m.seguin@monarchmining.com

Elisabeth Tremblay

1-888-994-4465

Senior Geologist – Communications Specialist

e.tremblay@monarchmining.com

www.monarchmining.com

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

478,982

Inferred Resources

383,393

1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo., and Dario Evangelista, P. Eng., BBA Inc.

2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., 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.