- Numerous new discoveries made during the regional exploration
program surrounding the past-producing Monique Mine, five
kilometres east of the New Beliveau Resource.
- Near surface discovery grading 24.8 g/t Au over 2.2 metres
within a larger zone of 5.9 g/t over 10.5 metres, located 400
metres northwest of the Former Monique Open Pit.
- Near-surface discovery grading 20.5 g/t Au over 2.0 metres,
located 200 metres north of the Former Monique Open Pit
- A 350-metre-long gold structure intersected in five holes 50 to
200 metres southwest of the historic A and B gold zones (450-650
metres south of Monique Open Pit), includes near-surface intercepts
grading 3.8 g/t Au over 7.0 metres, 1.1 g/t Au over 41.2 metres and
2.4 g/t Au over 12.8 metres
- Winter drilling program planned to follow-up on new zones.
MONTREAL, Oct. 23, 2018 /CNW/ - MONARQUES GOLD
CORPORATION ("Monarques" or the "Corporation") (TSXV: MQR)
(OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to provide new results
from Probe Metals Inc. ("Probe") 2018 drill program on the Monique
property (the "Property") located near Val-d'Or, Quebec. Probe may earn a 60%
interest in the Property by spending an aggregate of
$2 million on exploration before January 2021. Results from 14 drill holes,
totaling 4,783 metres, were received and showed significant new
discoveries northwest of the Former Monique open-pit gold mine and
southwest of the A and B gold zones (see figure 1). Probe is now
preparing for the 2019 winter drill program to follow up on the
recent discoveries. Significant drill results are presented
below.
![Emerging gold mining company in Abitibi. (CNW Group/Monarques Gold Corporation) Emerging gold mining company in Abitibi. (CNW Group/Monarques Gold Corporation)](https://mma.prnewswire.com/media/772953/Monarques_Gold_Corporation_Monarques_Gold_Partner_Probe_Metals_I.jpg)
"These initial results from drilling by Probe on the Monique
gold project demonstrates the value of working with solid partners
to develop our non-core projects," said Jean-Marc Lacoste, President and Chief Executive
Officer of Monarques. "While these are still early-stage results,
we believe that Probe's technical team has the capacity to make the
most of Monique's strong exploration potential."
Of the fourteen holes, seven were designed to test a large
under-explored area North, West and northwest of the Former Monique
Open Pit along the mineralized trend. Best assay results were from
hole MO-18-03 at 159 metres depth (down hole), which returned 24.8
g/t Au over 2.2 metres in a larger interval grading 5.9 g/t Au over
10.5 metres. This hole is located 400 metres northwest of the
Monique pit and proximal to our 100%-owned property. Hole
MO-18-09 was drilled 200 metres North of the Monique pit and
also returned encouraging results with two gold zones intersected
at 175 and 373 metres depth (down hole) grading respectively 20.5
g/t Au over 2.0 metres and 2.1 g/t Au over 7.6 metres. The deepest
intercept corresponds to the extension of the in-pit gold
mineralization 50 metres to the North and the other intercept is
possibly the lateral extension of the new gold structure
intersected in hole MO-18-03.
Five holes were drilled to test a weak IP anomaly located 50 to
200 metres southwest of the historic A and B gold zones, with all
returning significant results between the surface and 130 metres
depth. Gold mineralization is associated mainly with felsic dykes
cross-cutting mafic volcanics. Holes MO-10-14, 11 and 10 returned
the best intercepts grading respectively: 3.8 g/t Au over 7.0
metres, 1.1 g/t Au over 41.2 metres and 2.4 g/t Au over 12.8
metres.
The remaining two holes were drilled 1 kilometre northeast of
the Monique pit and tested a lone IP anomaly. Neither hole
returned significant gold values.
Mineralization intersected along the Monique Gold Trend is
characterized mainly by sulphide-bearing
quartz-carbonate-tourmaline veins and veinlets in mafic to
ultramafic rocks or associated with mineralized dioritic or felsic
dykes. Gold is generally associated with 1% to 5% finely
disseminated pyrite, and visible gold is common. Rock units are
generally altered with variable amounts of chlorite, carbonate,
sericite and/or silica. Albite and fuschite alteration are locally
observed. The orientation of the quartz vein systems is roughly
parallel to the stratigraphy and to the deformation zones.
Assay results from selected drill holes are reported in the
following table:
Selected drill results from the Monique drilling
program1,2
Hole
Number
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Area/Host
Rock
|
MO-18-01
|
125.0
|
131.0
|
6.0
|
2.4
|
SW of AB / Felsic
Dyke
|
MO-18-02
|
54.0
|
62.0
|
8.0
|
0.7
|
NW of OP / UM
Rocks
|
MO-18-03
|
158.5
|
169.0
|
10.5
|
5.9
|
NW of OP / UM
Rocks
|
including
|
162.8
|
165.0
|
2.2
|
24.8
|
NW of OP / UM
Rocks
|
MO-18-04
|
360.5
|
371.0
|
10.5
|
2.4
|
NW of OP / UM
Rocks
|
including
|
363.0
|
367.0
|
4.0
|
5.0
|
NW of OP / UM
Rocks
|
MO-18-09
|
175.0
|
177.0
|
2.0
|
20.5
|
N of OP / UM
Rocks
|
|
373.4
|
381.0
|
7.6
|
2.1
|
N of OP / UM
Rocks
|
MO-18-10
|
108.0
|
120.8
|
12.8
|
2.4
|
SW of AB / Felsic
Dyke
|
including
|
117.2
|
119.0
|
1.8
|
12.3
|
SW of AB / Felsic
Dyke
|
MO-18-11
|
86.0
|
127.2
|
41.2
|
1.1
|
SW of AB / Felsic
Dyke
|
including
|
91.0
|
92.0
|
1.0
|
22.1
|
SW of AB / Felsic
Dyke
|
MO-18-12
|
123.5
|
130.7
|
7.2
|
1.9
|
SW of AB / Felsic
Dyke
|
MO-18-14
|
94.0
|
101.0
|
7.0
|
3.8
|
SW of AB / Felsic
Dyke
|
|
136.0
|
145.0
|
9.0
|
1.0
|
SW of AB / Felsic
Dyke
|
(1) All the new
analytical results reported in this release and in this table, are
presented in core length and uncut. Additional drilling is planned
for the immediate area which will enable the true width
determination.
|
|
(2) Definitions:
SW of AB =southwest of the AB zones, NW of OP = Northwest of
the Former Monique Open Pit, N of OP = Northwest of the Former
Monique Open Pit
|
About the Monique Property:
The Monique property is located 25 km east of Val-d'Or, in Quebec, and consists of 17 claims and one
mining lease covering a total area of 546 hectares in the
Louvicourt township. The property
hosts a current inferred mineral resource of 107,500 tonnes at a
grade of 4.88 g/t for 16,850 ounces of gold. From 2013 to 2015, the
Monique open pit mine was in operation and a total of 0.58 Mt of
ore was extracted at a grade of 2.5 g/t Au, from the surface to 100
metres depth for a total of 45,694 ounces of gold.
Gold mineralization on the Monique property has been identified
in 12 zones, which are generally hosted by one of three deformation
zones that cross the property from east to west. Gold
mineralization is defined by a network of
quartz/tourmaline/carbonate veins and veinlets, with associated
disseminated sulphides, in the altered wall rocks. Gold is
frequently observed in the quartz-tourmaline veins.
Qualified Persons
The scientific and technical content of this press release has
been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President of
Probe, who is a "Qualified Person" as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Quality Control
During the last drilling program, assay samples were taken from
the NQ core by sawing the drill core in half, with one-half sent to
a certified commercial laboratory and the other half retained for
future reference. A strict QA/QC program was applied to all
samples; which includes insertion of mineralized standards and
blank samples for each batch of 20 samples. The gold analyses were
completed by fire-assayed with an atomic absorption finish on 50
grams of materials. Repeats were carried out by fire-assay followed
by gravimetric testing on each sample containing 3.0 g/t gold or
more. Total gold analyses (Metallic Sieve) were carried out on the
samples which presented a great variation of their gold contents or
the presence of visible gold.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corporation (TSXV: MQR) is an emerging gold
mining company focused on pursuing growth through its large
portfolio of high-quality projects in the Abitibi mining camp in
Quebec, Canada. The Corporation
currently owns close to 300 kmĀ² of gold properties (see map),
including the Wasamac deposit (measured and indicated resource of
2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold
(see video), McKenzie Break and Swanson advanced projects and the Camflo and
Beacon mills, as well as five promising exploration projects. It
also offers custom milling services out of its 1,600 tonne-per-day
Camflo mill.
Forward-Looking Statements
The forward-looking statements in this press release involve
known and unknown risks, uncertainties and other factors that may
cause Monarques' actual results, performance and achievements to be
materially different from the results, performance or achievements
expressed or implied therein. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
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SOURCE Monarques Gold Corporation