MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQB:
GBARF) is pleased to report the results of the last six holes
from the 2021-22 drilling program, which totalled 11,194 metres in
31 holes, on its wholly-owned Swanson gold project, located
50 kilometres north of the Corporation’s wholly owned Beacon
mill (see Figure 1, Table 1 and 2).
The drilling program was aimed at expanding the
2021 mineral resource estimate (“2021 MRE”). The mineralized
envelope currently measures 300 metres by 150 metres and has been
tested down to a vertical depth of 430 metres and remains open to
the east and at depth.
The most significant intersection was in hole
SW-22-029, with 0.65 g/t Au over an impressive 193.4
m, including several higher grade sections of 4.80
g/t Au over 1.55 m, 7.55 g/t Au over 4.05 m, 2.17
g/t Au over 4.90 m, 3.11 g/t Au over 4.7 m and
2.80 g/t Au over 2.05 m. This wide corridor of
mineralization was intersected within and below the proposed pit
shell and extends to a vertical depth of 230 m below surface (see
Figure 2).
Drill hole SW-22-030 identified a near-surface
exposure of the footwall zone with an intersection of 1.19
g/t Au over 6.0 m. This intersection is located outside
and to the southeast of the proposed pit shell.
Hole SW-22-031, located 75 m to the northeast of
the deposit and current wireframes, intersected 4.26 g/t Au
over 0.55 m, confirming that the mineralization is still
open to the east.
Additional anomalous intersections below the pit
shell were also encountered in hole SW-22-005ext, which returned
assays of 2.23 g/t Au over 1.1 m and 9.85
g/t Au over 1.3 m (see Figure 3).
Since the publication of the 2021 MRE by
InnovExplo (see Table 3), Monarch has drilled a total of
11,194 m in 31 drill holes. The holes are relatively
shallow and were primarily drilled at the outer edge of the
proposed pit shell limits and at depth in the area of the
underground mineral resource blocks. The results from this drilling
program has confirmed that the pit shell and underground mineral
resource can be expanded beyond the limits defined in the 2021
MRE.
“The results from the remaining holes of the
2021-22 drill program continue to demonstrate the surprisingly
widespread nature of the gold mineralization, extending below the
proposed pit shell,” said Jean-Marc Lacoste, President and Chief
Executive Officer of Monarch. “Other anomalous intersections from
these latest results continue to show that the mineralized system
is open and more work is required on this project.”
Drilling and Quality Control
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, for assaying. The samples are crushed,
pulverized and assayed by fire assay, with an atomic absorption
finish. Samples exceeding 3 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 Louis Martin,
P.Geo., the Corporation’s qualified person under National
Instrument 43-101.
About the Swanson
propertyMonarch holds a 100% interest in the Swanson
property, which consists of one mining lease and 127 claims
covering over 51.26 km2. A NI 43-101 mineral resource estimate for
the Swanson property was prepared for Monarch by InnovExplo in
January 2021. The estimate is based on a database of 209 drill
holes (146 surface holes and 63 underground holes) and
approximately 10,000 assays. 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 C$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. The
technical report summarizing the results of the mineral resource
estimate can be viewed on Monarch’s website.
The Swanson deposit is interpreted as an
intrusive-associated disseminated gold deposit located along a
major regional structure. The gold mineralization is typical of
other structurally controlled gold deposits associated with felsic
intrusions. The deposit currently measures approximately 300 m
along strike by 150 m wide and has been tested to a depth of 430
m.
About
MonarchMonarch Mining Corporation (TSX: GBAR)
(OTCQB: GBARF) is a gold mining company that owns four projects,
including the Beaufor Mine, which is currently on care and
maintenance and 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 Beacon Mill with a design capacity of 750 tpd. 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 All
statements, other than statements of historical fact, contained in
this press release including, but not limited to those describing
the timeline of the initiatives described in this press release,
those relating to the intended use of proceeds of the Offering, the
final approval of the Toronto Stock Exchange in connection with the
Offering, the entering into or more sale agreements, debt
settlement agreements, merger or other combination business
agreements, the Corporation’s commitments and initiatives outlined
in the press release, the intended results of the initiatives
described in this press release, the positive impact of the
foregoing on project economics, and generally those statements
which are discussed under the “About Monarch” paragraph and
elsewhere in the press release which essentially describe the
Corporation’s outlook and objectives, constitute “forward-looking
information” or “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of Canadian, and
are based on expectations, estimates and projections as of the time
of this press release. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by the Corporation as of the time of such
statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
estimates and assumptions may prove to be incorrect.
Forward-looking statements are subject to known
or unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated or implied in the
forward-looking statements. Risk factors that could cause actual
results or events to differ materially from current expectations
include, among others, the Corporation's ability to continue as a
going concern, the Corporation being a going concern able to
realize its assets and discharge its liabilities in the normal
course of business as they come due into the foreseeable future,
the generation of interest for its review of a range of
alternatives, in either the sale of part or all of the Company or
its assets, a merger or other business combination with another
party, a potential investment in Monarch, a debt restructuring, or
other strategic initiatives with the goal of maximizing return in
respect of the Company’s assets, the ability of the Corporation to
successfully implement its strategic initiatives and whether such
strategic initiatives will yield the expected benefits, the
availability of financing or financing on favorable terms for the
Corporation, the business conditions of the Corporation will not
change In a materially adverse manner, expectations that the
business of the Corporation will continue in the ordinary course,
litigation as well as cash flow and capital structure risks and
general business risks. A further description of risks and
uncertainties can be found in Monarch's Annual Information Form
dated September 28, 2022, including in the section thereof
captioned “Risk Factors”, which is available on SEDAR at
www.sedar.com. Unpredictable or unknown factors not discussed in
this Cautionary Note could also have material adverse effects on
forward-looking statements.
Many of these uncertainties and contingencies
can directly or indirectly affect, and could cause, actual results
to differ materially from those expressed or implied in any
forward-looking statements. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about
management’s expectations and plans relating to the future. The
Corporation disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material
difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
Neither the Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
manuals of the Toronto Stock Exchange) accepts responsibility for
the adequacy or accuracy of this
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 |
www.monarchmining.com
Figure 1: Swanson – Significant
Intervals on Plan View
Figure 2: Swanson - Cross Section
Showing Hole SW-22-029
Figure 3: Swanson - Cross Section
Showing Hole SW-22-005ext
Table 1: Swanson Assay Results and
Significant Intervals
Hole |
From (m) |
To (m) |
Width (m)* |
Au (g/t) |
SW-22-005_EXT |
186.00 |
187.10 |
1.10 |
2.33 |
SW-22-005_EXT |
309.00 |
310.30 |
1.30 |
9.85 |
SW-22-027 |
|
|
|
NSA |
SW-22-028 |
120.00 |
129.00 |
9.00 |
0.80 |
Incl. |
127.00 |
129.00 |
2.00 |
1.49 |
SW-22-028 |
249.00 |
250.50 |
1.50 |
1.45 |
SW-22-029 |
73.95 |
267.35 |
193.40 |
0.65 |
Incl. |
73.95 |
75.50 |
1.55 |
4.38 |
And |
123.30 |
124.35 |
1.05 |
4.63 |
And |
139.85 |
141.35 |
1.50 |
2.46 |
And |
147.70 |
148.70 |
1.00 |
2.80 |
And |
158.85 |
162.90 |
4.05 |
7.55 |
And |
173.30 |
178.20 |
4.90 |
2.17 |
And |
182.20 |
186.90 |
4.70 |
3.11 |
And |
211.55 |
212.55 |
1.00 |
3.59 |
And |
265.30 |
267.35 |
2.05 |
2.80 |
SW-22-030 |
46.00 |
52.00 |
6.00 |
1.19 |
SW-22-031 |
300.65 |
301.20 |
0.55 |
4.26 |
*The width shown is
the core length. True width is estimated to be between 60% and 70%
of core length.
NSA = No Significant
Assays
Table 2: Swanson Drill Hole
Location
Hole |
UTM_E (m) |
UTM_N (m) |
Azimut (°) |
Dip (°) |
Length (m) |
SW-22-005_EXT |
310693 |
5381256 |
177 |
-60 |
249 |
SW-22-027 |
310660 |
5381310 |
178 |
-60 |
505 |
SW-22-028 |
310680 |
5381270 |
177 |
-60 |
381 |
SW-22-029 |
310794 |
5381210 |
178 |
-60 |
351 |
SW-22-030 |
310825 |
5380987 |
178 |
-60 |
102 |
SW-22-031 |
310900 |
5381295 |
178 |
-60 |
552 |
Table 3: 2021 MRE for
Swanson
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 |
Table 4: Monarch Combined Mineral
Resource Estimates
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
COMBINED5Measured and Indicated
ResourcesInferred Resources |
|
|
666,882423,193 |
|
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. |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67272133-e979-4f75-8c62-d7fa8b364f4b
https://www.globenewswire.com/NewsRoom/AttachmentNg/cd790ad9-d617-40d8-bb6e-671e2894874b
https://www.globenewswire.com/NewsRoom/AttachmentNg/630e0e54-00ad-4c48-b6cc-cc3181240caf
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