- Updated mineral resource estimate for the Swanson property
dated January 22, 2021
- Indicated resource of 1,945,000 t at 1.82 g/t Au for 113,800
ounces of gold
- Inferred resource of 116,000 t at 2.76 g/t Au for 10,300 ounces
of gold
- Represents 9% more gold in the Indicated category and 45% more
gold in the Inferred category
MONTRÉAL, Feb. 1, 2021
/PRNewswire/ - MONARCH MINING CORPORATION
("Monarch" or the "Corporation") (TSX:
GBAR) is pleased to announce an updated mineral resource estimate
for its wholly-owned Swanson project, 65 kilometres northeast of
Val-d'Or, Québec.
Monarch owns a 100% interest in the Swanson property, acquired
from Agnico Eagle Mines Limited. The property, which consists of
one mineral lease and 127 claims covering a total area of 51.26
km², hosts a known gold deposit. Located 65 kilometres from the
Beacon mill and 12 kilometres northeast of Barraute, Québec, the
property is accessible year-round via Route 367 and a gravel road.
The property has a 500-metre ramp down to 80 metres and is crossed
by a railway track and a transmission line.
Monarch mandated InnovExplo Inc. of Val-d'Or to update the
June 20, 2018, resource estimate
prepared for Monarch Gold Corp. The current resource estimate
for Monarch Mining indicates that:
- Geological and grade continuity are demonstrated for the four
gold-bearing zones;
- The estimated resources are reported for combined constrained
pit and underground scenarios;
- The total Indicated resource stands at 113,800 ounces of gold,
corresponding to 1,945,000 t at 1.82 g/t Au;
- The total Inferred resource stands at 10,300 ounces of gold,
corresponding to 116,000 t at 2.76 g/t Au;
- It is likely that additional diamond drilling at depth would
increase the Inferred tonnage and allow some of the Inferred
resources to be upgraded to the Indicated category.
The resource area within the deposit measures 500 m along strike, 400
m wide and 500 m deep. The
estimate is based on a database of 209 drill holes (146 surface
holes and 63 underground holes) and 10,000 assays. Grades were
capped at 15 g/t Au for the mineralized zones and 4 g/t Au for the
dilution envelope. Capping was applied to raw assays before
compositing. The mineral resource was estimated using a minimum
cut-off grade for two combined potential extraction scenarios:
constrained pit and underground. Cut-off grades of 0.75 g/t Au for
constrained pit and 2.40 g/t Au for underground were defined based
on a gold price of CA$2,160 and an exchange rate of 1.34 USD/CAD. The independent and qualified
persons for the mineral resource estimate, as defined by
NI 43–101, are Christine
Beausoleil, P.Geo., and Alain
Carrier, P.Geo., of InnovExplo.
Table 1 presents the combined resources (in-pit and underground)
by category for the Swanson deposit at the selected cut-off
grades.
Area (cut-off grade)
|
Indicated
resource
|
Inferred
resource
|
Tonnes
(t)
|
Grade
(g/t)
|
Ounces
(au)
|
Tonnes
(t)
|
Grade
(g/t)
|
Ounces
(au)
|
In-pit (0.75 g/t
Au)
|
1,864,000
|
1.76
|
105,400
|
29,000
|
2.46
|
2,300
|
Underground (2.40 g/t
Au)
|
91,000
|
2.86
|
8,400
|
87,000
|
2.87
|
8,000
|
TOTAL
|
1,945,000
|
1.82
|
113,800
|
116,000
|
2.76
|
10,300
|
This updated mineral resource results in 9% more gold in the
Indicated category and 45% more gold in the Inferred category
compared to the 2018 resource estimate. This increase in the
resource is primarily due to the higher gold price and the
resulting lower calculated cut-off grade.
"With our new company, Monarch Mining, we will continue to
define and develop our gold assets in one of the most prolific
greenstone belts in the world," said Jean-Marc Lacoste, President and Chief Executive
Officer of Monarch. "Our near-surface deposits have the potential
to expand into significant economic deposits."
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)
is a gold mining, development, and exploration company, focused in
the prolific Abitibi mining camp in Canada. The Corporation owns four advanced
gold properties including the fully permitted past producing
Beaufor Mine, which has produced over 1 million ounces of gold over
the last 30 years. Other advanced assets include the Croinor Gold,
McKenzie Break and Swanson properties, all located in the vicinity
of its wholly owned and fully permitted 750 tpd Beacon Mill.
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.
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SOURCE Monarch Mining Corporation