- Corporation intersects multiple high-grade gold intersections
from underground and surface exploration drilling.
- Best high-grade results include 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m and 147.5 g/t Au over 0.3 m.
- Monarch has initiated Phase 2
of the surface drilling program to follow up on the recent
near-surface results.
- The 42,500-metre drilling program is ongoing, with four drills
underground and one on surface.
MONTREAL, April 29, 2021 /CNW Telbec/ - MONARCH
MINING CORPORATION ("Monarch" or
the "Corporation") (TSX: GBAR) (OTCMKTS:
GBARF) is pleased to announce additional results from its
2020-2021 42,500-metre exploration diamond drilling program on its
wholly-owned Beaufor Mine gold project, located 20 kilometres east
of Val-d'Or, Québec. The results
include several high-grade assays, including 187.0 g/t Au over
0.5 m, 151.5 g/t Au over 0.5 m
and 147.5 g/t Au over 0.3 m, as
Monarch continues to test for
potential resources in proximity to the historical mine.
The Beaufor Mine initially began commercial production in the
early 1930's and over the years has produced over 1.1 million
ounces of gold. The mine is currently on care and maintenance,
which has given Monarch an
opportunity to drill-test targets throughout the mine area. 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. Currently, 275 holes are planned or are already being
drilled at 25-metre centres. If positive results are received,
additional holes will be drilled to allow the zones in question to
be converted into reserves and included in a future mine plan.
Assay results have been received for the first 121 holes
(14,465 m), representing roughly 34%
of the planned metres of drilling. High-grade results previously
reported from the program included 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated October 1, 2020) and 35.87 g/t Au over
9.8 m (see press release dated
January 19, 2021). Since the last
reported results, the Corporation has drilled 83 additional holes
(9,092 m), consisting of 79
exploration holes drilled from underground and 4 holes drilled from
the surface. The best results are shown in Table 2 below and
illustrated on the attached figures. Several of the holes have
multiple intersections due to the stacked nature of the
mineralization. The intersection widths reported are core lengths
and high-grade intersections have not been capped, as the vein
interpretation and statistics have not been finalized for the
zones.
Figure 1: Beaufor property recent assay results (longitudinal
view looking N)
Figure 2: Beaufor property
recent assay results (sectional view looking NW)
"We are thrilled with the results received to date. Our
near-mine exploration drilling program continues to yield
high-grade results as we intersect new mineralized zones and
extensions of known zones outside the previously defined resource
envelope. Monarch's goal is to
significantly increase the near-mine resource so that a minimal
amount of new development and capital will be required to put the
mine back into production in the short term," said Jean-Marc Lacoste, President and Chief Executive
Officer of Monarch.
Near-mine exploration drilling is ongoing, with four drill rigs
underground and one on surface. The focus remains on high-grade
composites that are open along strike and existing resource blocks
that contain sufficient room for expansion.
In April, Monarch initiated a
Phase 2 surface drill program to follow up on recent positive
near-surface results, including 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021). This Phase 2 program consists
of approximately 40 short holes totalling 4,000 m with the aim of defining additional
resources and subsequent reserves.
Sampling consists of sawing the drill core into equal halves
along its main axis and shipping one of the halves to ALS Canada in
Val-d'Or and AGAT Laboratories in
Mississauga, Ontario, for
assaying. The samples are crushed, pulverized and assayed by fire
assay, with atomic absorption finish. Samples exceeding 10.0 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 Pluton 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 dioritic 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 in December
2020 by Carl Pelletier, P.
Geo., InnovExplo Inc., and John
Langton, P. Geo., JPL GeoServices Inc. The mineral resource
estimate is listed in the table below.
Table 1: 2020 mineral resource estimate for the Beaufor
Mine
Category
|
Tonnes
|
Grade (g/t
Au)
|
Gold
(ounces)
|
Measured
|
121,000
|
5.62
|
21,900
|
Indicated
|
310,100
|
7.10
|
70,800
|
Total
M+I
|
431,100
|
6.68
|
92,700
|
Inferred
|
134,600
|
6.96
|
30,100
|
Mineral Resource Estimate notes:
- The independent and qualified person for the 2020 MRE, as
defined by NI 43-101, is Carl
Pelletier, P.Geo. (InnovExplo Inc.), and the effective date
is December 18, 2020.
- These mineral resources are not mineral reserves as they do not
have demonstrated economic viability. The mineral resource
estimates follow CIM Definition Standards and Guidelines.
- A capping of 68.5 g/t Au on assays was applied for
zones 8, B, M, M1 and Q, and 34.25 g/t for all other zones. The DDH
intercepts (min. 2.4 m) were capped
at 16.5 g/t.
- The estimate method was polygonal on cross-sections with a
minimum width of 2.4 m using a
density of 2.75 t/m3 for the 63 mineralized zones.
- Measured resource polygons extend 8 m above and below
development and up to 10 m laterally. Indicated resource
polygons extend up to 20 m from DDH intercepts, along dip and
along strike and a minimum of 2 polygons need to be in contact.
Inferred resource polygons extend up to 40 m from DDH
intercepts, along dip and along strike where a drill spacing ranges
from 20 m to 40 m and/or in areas of isolated drill holes
where mineralization is known.
- The reasonable prospect for an eventual economical extraction
is met by having a reasonable minimum width for the polygons, a
cut-off grade of 3.20 g/t Au, application of constraining
volumes on the blocks (potential underground scenario) below a
30 m crown pillar. The cut-off grades
inputs are: a gold price of USD1,612/oz, a CAD:USD exchange rate of 1.34; a
mining cost of $100/t for the long
hole method and $145/t for the room
and pillar method; a processing cost of $50/t; and G&A and environment of
$13/t and includes the royalty of
1.0% and a refinery charge of $5/t.
The cut-off grades should be re-evaluated in light of future
prevailing market conditions (metal prices, exchange rate, mining
cost, etc.).
- Results are presented in situ. Ounce (troy) = metric tons x
grade / 31.10348. The number of tonnes and ounces was rounded to
the nearest hundred. Any discrepancies in the totals are due to
rounding effects; rounding followed the recommendations as per NI
43-101.
- InnovExplo Inc. is not aware of any known environmental,
permitting, legal, title-related, taxation, socio-political,
marketing or other relevant issue that could materially affect the
mineral resource estimate.
About Monarch
Monarch
Mining Corporation (TSX: GBAR) is a fully integrated mining company
that owns four advanced projects, including the fully permitted
past-producing Beaufor Mine, which has produced more than 1 million
ounces of gold over the last 30 years. Other advanced assets
include the Croinor Gold, McKenzie Break and Swanson properties, all located near
Monarch's wholly owned and fully
permitted Beacon 750 tpd mill. Monarch owns 28,725 hectares
(287 km2) of mining assets in the prolific Abitibi
mining camp that host 588,482 ounces of combined measured and
indicated gold resources and 329,393 ounces of combined inferred
resources.
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.
Table 2: Beaufor Mine significant assay results
Hole
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Au
(g/t)
|
20-106-158
|
0.00
|
1.30
|
1.30
|
7.94
|
20-106-158
|
14.05
|
15.05
|
1.00
|
8.89
|
20-115-105
|
6.50
|
7.70
|
1.20
|
8.79
|
20-116-123
|
98.50
|
99.05
|
0.55
|
14.00
|
20-123-92
|
57.30
|
57.80
|
0.50
|
67.20
|
20-126-80
|
18.20
|
18.90
|
0.70
|
7.55
|
20-132-56
|
73.35
|
75.50
|
2.15
|
3.88
|
20-132-57
|
49.05
|
51.50
|
2.45
|
2.10
|
20-132-57
|
60.00
|
63.20
|
3.20
|
1.80
|
20-132-58
|
46.15
|
48.50
|
2.35
|
20.21
|
Incl.
|
46.15
|
46.45
|
0.30
|
147.50
|
20-133-61
|
45.00
|
45.50
|
0.50
|
22.80
|
20-133-63
|
41.80
|
42.30
|
0.50
|
11.60
|
20-133-63
|
93.50
|
97.50
|
4.00
|
7.04
|
Incl.
|
94.30
|
95.00
|
0.70
|
26.10
|
20-133-63
|
116.60
|
120.10
|
3.50
|
7.90
|
Incl.
|
116.60
|
117.20
|
0.60
|
29.00
|
20-133-64
|
107.00
|
108.40
|
1.40
|
5.69
|
20-133-66
|
68.80
|
71.25
|
2.45
|
3.98
|
Incl.
|
68.80
|
69.30
|
0.50
|
17.90
|
20-133-66
|
100.80
|
104.55
|
3.75
|
4.08
|
Incl.
|
100.80
|
101.65
|
0.85
|
16.00
|
20-133-67
|
63.50
|
66.05
|
2.55
|
2.61
|
20-133-67
|
79.50
|
85.50
|
6.00
|
2.66
|
20-133-68
|
84.30
|
87.25
|
2.95
|
3.48
|
20-133-68
|
94.30
|
97.40
|
3.10
|
3.20
|
Incl.
|
94.30
|
94.80
|
0.50
|
17.00
|
20-133-73
|
82.25
|
87.50
|
5.25
|
1.41
|
20-133-73
|
90.00
|
92.00
|
2.00
|
2.98
|
20-133-73
|
117.75
|
120.00
|
2.25
|
3.58
|
20-146-42
|
23.60
|
24.10
|
0.50
|
65.30
|
20-152-19
|
8.58
|
9.58
|
1.00
|
94.42
|
Incl.
|
9.08
|
9.58
|
0.50
|
187.00
|
20-152-19
|
36.80
|
37.80
|
1.00
|
32.92
|
Incl.
|
37.30
|
37.80
|
0.50
|
65.10
|
20-152-19
|
89.05
|
90.70
|
1.65
|
8.91
|
Incl.
|
89.05
|
89.55
|
0.50
|
26.50
|
20-97-68
|
3.85
|
5.20
|
1.35
|
57.40
|
Incl.
|
3.85
|
4.35
|
0.50
|
151.50
|
20-97-69
|
4.05
|
5.70
|
1.65
|
10.07
|
Incl.
|
4.05
|
4.55
|
0.50
|
26.70
|
20-97-70
|
7.70
|
8.20
|
0.50
|
97.90
|
BES-20-010
|
24.80
|
25.30
|
0.50
|
40.90
|
BES-20-010
|
59.40
|
60.80
|
1.40
|
5.81
|
BES-20-010
|
76.30
|
80.00
|
3.70
|
3.64
|
BEU-20-10-001
|
80.50
|
83.20
|
2.70
|
10.81
|
Incl.
|
82.50
|
83.20
|
0.70
|
23.90
|
BEU-20-15-001A
|
143.65
|
144.65
|
1.00
|
7.17
|
BEU-20-15-006
|
46.10
|
48.40
|
2.30
|
6.59
|
BEU-20-15-008
|
48.60
|
51.00
|
2.40
|
5.29
|
BEU-20-15-008
|
89.40
|
93.30
|
3.90
|
2.35
|
BEU-20-17-001B
|
100.90
|
101.90
|
1.00
|
58.14
|
Incl.
|
100.90
|
101.40
|
0.50
|
116.00
|
BEU-20-17-001B
|
136.30
|
141.05
|
4.75
|
7.11
|
Incl.
|
137.75
|
138.50
|
0.75
|
37.80
|
BEU-20-17-001B
|
148.35
|
152.15
|
3.80
|
2.67
|
BEU-20-17-002
|
12.55
|
13.15
|
0.60
|
66.90
|
BEU-20-17-002
|
94.25
|
96.05
|
1.80
|
21.89
|
Incl.
|
94.25
|
94.95
|
0.70
|
55.70
|
BEU-20-17-005
|
13.00
|
16.50
|
3.50
|
1.69
|
BEU-20-20-006
|
41.30
|
41.80
|
0.50
|
11.50
|
BEU-20-20-007
|
19.75
|
23.15
|
3.40
|
1.53
|
BEU-20-20-008
|
22.80
|
23.30
|
0.50
|
10.65
|
BEU-21-10-005
|
100.95
|
103.80
|
2.85
|
5.57
|
BEU-21-30-004
|
75.80
|
77.70
|
1.90
|
12.47
|
Incl.
|
75.80
|
76.30
|
0.50
|
47.20
|
*The width shown is
the core length. True width is unknown at this time.
|
Table 3: Beaufor Mine drill hole location
Hole
|
Easting
(Mine
Grid)
|
Northing
(Mine
Grid)
|
Elevation
(m)
|
Az
(deg.)
|
Dip
(deg.)
|
Length
(m)
|
20-103-62
|
1849.08
|
3158.36
|
2358.75
|
183.0
|
-5.0
|
41.1
|
20-103-63
|
1849.05
|
3158.25
|
2360.66
|
179.0
|
47.0
|
31.0
|
20-106-158
|
1956.82
|
3306.93
|
2517.98
|
309.0
|
-41.0
|
85.2
|
20-106-159
|
1958.23
|
3306.36
|
2518.03
|
19.0
|
-76.0
|
51.3
|
20-114-167
|
2023.42
|
3258.38
|
2331.61
|
39.0
|
-5.0
|
192.9
|
20-114-168
|
2023.48
|
3258.08
|
2331.70
|
45.0
|
-2.0
|
162.0
|
20-114-168A
|
2023.48
|
3258.13
|
2331.77
|
44.0
|
0.0
|
224.2
|
20-115-105
|
2029.77
|
3245.89
|
2331.88
|
188.0
|
4.0
|
93.7
|
20-116-122
|
2047.59
|
3260.40
|
2327.98
|
22.0
|
-29.0
|
145.7
|
20-116-123
|
2047.23
|
3260.22
|
2327.74
|
15.0
|
-39.0
|
131.3
|
20-116-124
|
2048.04
|
3260.35
|
2327.57
|
31.0
|
-35.0
|
102.8
|
20-116-125
|
2047.41
|
3253.41
|
2256.06
|
29.0
|
-16.0
|
28.0
|
20-120-190
|
2081.72
|
3237.95
|
2260.30
|
24.0
|
-31.0
|
70.8
|
20-123-92
|
2144.41
|
3305.41
|
2319.39
|
97.0
|
69.0
|
63.0
|
20-126-79
|
2152.55
|
3247.65
|
2275.90
|
71.0
|
-18.0
|
184.0
|
20-126-80
|
2152.78
|
3247.44
|
2275.70
|
76.0
|
-22.0
|
178.6
|
20-132-56
|
2142.51
|
3083.75
|
2739.84
|
331.0
|
-85.0
|
82.2
|
20-132-57
|
2142.78
|
3085.13
|
2739.78
|
12.0
|
-44.0
|
65.5
|
20-132-58
|
2143.42
|
3085.69
|
2740.47
|
27.0
|
-14.0
|
77.0
|
20-133-61
|
2189.00
|
3164.00
|
2741.00
|
77.0
|
-4.0
|
90.2
|
20-133-62
|
2189.87
|
3163.79
|
2742.02
|
94.0
|
56.0
|
113.4
|
20-133-63
|
2190.06
|
3163.64
|
2741.64
|
100.0
|
42.0
|
124.0
|
20-133-64
|
2189.80
|
3163.57
|
2742.14
|
107.0
|
58.0
|
127.7
|
20-133-65
|
2190.13
|
3163.19
|
2741.44
|
117.0
|
37.0
|
108.0
|
20-133-66
|
2189.69
|
3162.93
|
2741.82
|
138.0
|
51.0
|
192.3
|
20-133-67
|
2188.69
|
3163.21
|
2742.25
|
171.0
|
60.0
|
157.7
|
20-133-68
|
2190.03
|
3163.49
|
2741.76
|
108.0
|
47.0
|
144.7
|
20-133-71
|
2184.47
|
3166.66
|
2739.16
|
70.0
|
-72.0
|
148.0
|
20-133-73
|
2185.91
|
3166.42
|
2739.26
|
78.0
|
-21.0
|
150.6
|
20-133-74
|
2185.23
|
3166.58
|
2739.20
|
90.0
|
-50.0
|
131.7
|
20-133-75
|
2185.00
|
3168.00
|
2742.00
|
94.0
|
-25.0
|
155.8
|
20-133-76
|
2185.00
|
3168.00
|
2742.00
|
96.0
|
-35.0
|
152.4
|
20-146-42
|
2330.57
|
3172.41
|
2598.69
|
314.0
|
60.0
|
75.0
|
20-152-19
|
2384.25
|
3135.53
|
2598.82
|
160.0
|
28.0
|
126.8
|
20-152-20
|
2384.96
|
3136.25
|
2566.02
|
135.0
|
38.0
|
9.9
|
20-152-20A
|
2384.90
|
3136.15
|
2599.04
|
135.0
|
38.0
|
159.1
|
20-97-68
|
1786.33
|
3158.47
|
2365.93
|
316.0
|
-62.0
|
167.1
|
20-97-69
|
1785.84
|
3158.66
|
2365.85
|
322.0
|
-49.0
|
175.5
|
20-97-70
|
1785.44
|
3159.39
|
2366.57
|
324.0
|
-14.0
|
30.9
|
20-97-71
|
1786.17
|
3158.82
|
2365.96
|
338.0
|
-48.0
|
149.4
|
20-97-72
|
1786.46
|
3158.63
|
2365.82
|
344.0
|
-62.0
|
145.8
|
20-97-73
|
1787.42
|
3159.10
|
2366.54
|
31.0
|
-20.0
|
25.8
|
BES-20-007
|
1849.74
|
3782.25
|
3047.78
|
45.0
|
-75.0
|
95.0
|
BES-20-010
|
2480.84
|
3420.56
|
3065.03
|
302.0
|
-60.0
|
108.0
|
BES-20-011
|
2480.84
|
3420.56
|
3065.03
|
44.0
|
-78.0
|
105.0
|
BES-20-022
|
1545.00
|
3105.00
|
3049.00
|
51.0
|
-75.0
|
432.0
|
BEU-20-10-001
|
2117.65
|
3201.87
|
2739.63
|
198.0
|
-9.0
|
168.5
|
BEU-20-15-001
|
2472.06
|
2993.14
|
2598.41
|
193.0
|
7.0
|
106.1
|
BEU-20-15-002
|
2472.55
|
2996.74
|
2598.85
|
10.0
|
19.0
|
94.6
|
BEU-20-15-003
|
2472.71
|
2996.86
|
2597.60
|
13.0
|
-17.0
|
58.5
|
BEU-20-15-004
|
2471.58
|
2996.80
|
2598.28
|
22.0
|
12.0
|
65.6
|
BEU-20-15-005
|
2422.89
|
3021.29
|
2596.57
|
3.0
|
-64.0
|
116.6
|
BEU-20-15-006
|
2362.64
|
3051.81
|
2596.23
|
160.0
|
-80.0
|
171.0
|
BEU-20-15-008
|
2361.00
|
3052.00
|
2599.00
|
256.0
|
-74.0
|
191.8
|
BEU-20-17-001A
|
1673.77
|
3402.22
|
2518.96
|
267.0
|
-36.0
|
152.7
|
BEU-20-17-001B
|
1669.54
|
3401.86
|
2518.93
|
267.0
|
-36.0
|
162.2
|
BEU-20-17-002
|
1673.17
|
3402.63
|
2518.85
|
278.0
|
-31.0
|
142.7
|
BEU-20-17-003
|
1679.97
|
3407.77
|
2519.59
|
36.0
|
-21.0
|
64.6
|
BEU-20-17-004
|
1748.28
|
3352.39
|
2518.50
|
229.0
|
-85.0
|
35.5
|
BEU-20-17-005
|
1741.83
|
3357.73
|
2518.58
|
307.0
|
-33.0
|
39.7
|
BEU-20-17-006
|
1750.22
|
3352.74
|
2518.57
|
90.0
|
-36.0
|
39.5
|
BEU-20-17-008
|
1811.97
|
3474.32
|
2519.25
|
268.0
|
14.0
|
196.5
|
BEU-20-20-001
|
1872.19
|
3318.87
|
2441.98
|
324.0
|
-30.0
|
26.0
|
BEU-20-20-002
|
1842.53
|
3362.22
|
2443.95
|
218.0
|
16.0
|
22.0
|
BEU-20-20-003
|
1866.10
|
3378.74
|
2444.45
|
266.0
|
79.0
|
22.5
|
BEU-20-20-004
|
1841.93
|
3362.02
|
2442.81
|
200.0
|
-6.0
|
26.0
|
BEU-20-20-005
|
1805.64
|
3383.19
|
2445.12
|
162.0
|
42.0
|
30.0
|
BEU-20-20-006
|
1804.63
|
3385.41
|
2444.74
|
29.0
|
-44.0
|
55.0
|
BEU-20-20-007
|
1804.70
|
3384.16
|
2444.85
|
201.0
|
60.0
|
35.0
|
BEU-20-20-008
|
1804.26
|
3383.11
|
2444.62
|
201.0
|
35.0
|
35.0
|
BEU-20-20-009
|
1777.96
|
3385.63
|
2442.92
|
213.0
|
-13.0
|
50.0
|
BEU-20-20-013
|
1918.16
|
3234.47
|
2443.58
|
30.0
|
-6.0
|
126.0
|
BEU-20-30-001
|
2031.49
|
3230.02
|
2251.52
|
305.0
|
-36.0
|
233.3
|
BEU-21-10-003
|
2117.14
|
3202.46
|
2739.74
|
212.0
|
-10.0
|
196.5
|
BEU-21-10-005
|
2116.98
|
3202.79
|
2739.54
|
223.0
|
-17.0
|
144.6
|
BEU-21-15-010
|
2027.92
|
3255.32
|
2595.31
|
4.0
|
-24.0
|
139.8
|
BEU-21-17-007
|
1812.85
|
3473.84
|
2520.05
|
230.0
|
31.0
|
130.8
|
BEU-21-20-010
|
1957.53
|
3311.32
|
2442.66
|
200.0
|
-22.0
|
38.0
|
BEU-21-20-012
|
2004.42
|
3310.28
|
2444.76
|
314.0
|
77.0
|
35.0
|
BEU-21-30-004
|
2051.01
|
3223.47
|
2248.44
|
25.0
|
-24.0
|
78.1
|
BEU-21-30-007
|
2118.32
|
3234.05
|
2240.10
|
66.0
|
-53.0
|
174.0
|
BEU-21-30-008
|
2120.06
|
3266.04
|
2235.36
|
40.0
|
-53.0
|
30.5
|
BEU-21-30-011
|
2156.50
|
3382.65
|
2221.59
|
156.0
|
42.0
|
46.6
|
Table 4: Monarch combined
gold resources
|
Tonnes
(metric)
|
Grade
(g/t Au)
|
Ounces
|
Croinor
Gold1
|
|
|
|
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
|
Beaufor
Mine2
|
|
|
|
Measured
Resources
|
121,000
|
5.62
|
21,900
|
Indicated
Resources
|
310,100
|
7.10
|
70,800
|
Total Measured and
Indicated
|
431,100
|
6.68
|
92,700
|
Total
Inferred
|
134,600
|
6.96
|
30,100
|
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
COMBINED5
Measured and
Indicated Resources
Inferred
Resources
|
|
|
588,482
329,393
|
|
1 Source:
Monarch Gold prefeasibility study (January 19, 2018) and resource
estimate (January 8, 2016). This resource
estimate was prepared 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.
2 Source: NI 43-101 Technical Report
and Mineral Resource Estimate for the Beaufor Mine, December 18,
2020, Val-d'Or,
Québec, Canada, Carl Pelletier, P. Geo., InnovExplo Inc. and John
Langton, P. Geo., JPL GeoServices Inc.
3 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.
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 up due to
rounding.
|
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SOURCE Monarch Mining Corporation