- Hole MK-20-259 intersects 8.46 g/t Au over 13.8 metres,
including 132 g/t Au over 0.8 metres.
- Recent intersection shows continuity, located 50 metres south
of the previous intersection of 13.95 g/t Au over 14.35 metres
(MK-20-255).
- Mineralized envelope continues to expand, with new
intersections outside of the limits of the current resource
estimate.
- Results are pending for six drill holes of the Phase 1 12-hole
drilling program totalling 5,912 metres. Phase 2 program of 8,700
metres to start in April or May, following spring break-up.
MONTRÉAL, March 22, 2021 /CNW
Telbec/ - MONARCH MINING CORPORATION ("Monarch" or
the "Corporation") (TSX: GBAR) (OTCMKTS:
GBARF) is pleased to announce the first set of results from
its 2020-2021 exploration diamond drilling program on its
wholly-owned McKenzie Break project, located 25 kilometres north of
Val-d'Or, Québec. The results
include several significant intersections as Monarch continues to expand the high-grade
section of the recently estimated resource towards the south, east
and west.
"We are very pleased that we have been able to expand the
mineralized envelope beyond the limits of the
previous resource estimate with wide intersections from
holes like MK-20-259, and that there is continuity between drill
holes, even with 50-metre step-outs," said Jean-Marc Lacoste, President and Chief Executive
Officer of Monarch. "We are
continuing to follow and expand this high-grade section of the
resource estimate by drilling, and will also be testing similar
features elsewhere on the newly-expanded property."
Phase 1 diamond drilling was carried out on 50-metre step-out
holes, with 5,912 metres drilled. Assay results are available for 6
of the 12 holes drilled. The most significant result includes 8.46
g/t Au over 13.8 metres from hole MK-20-259, drilled 50 metres
south of hole MK-20-255, which had returned an assay of 13.95 g/t
Au over 14.35 metres (see press release dated July 23, 2020). Strong results were also obtained
50 metres west of hole MK-20-255, with 19.5 g/t Au over 1.0 metre
and 7.83 g/t Au over 1.0 metre in hole MK-20-257. Other significant
results are shown on figure 1 and in table 1, below.
Figure 1: McKenzie Break property with recent assay
results.
Table 1: Significant assay results
Hole
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Au
(g/t)
|
MK-20-256
|
287.0
|
289.0
|
2.0
|
2.89
|
MK-20-257
|
251.0
|
252.0
|
1.0
|
7.83
|
MK-20-257
|
270.0
|
271.0
|
1.0
|
19.50
|
MK-20-258
|
262.5
|
274.5
|
12.0
|
1.29
|
Including
|
268.5
|
270.0
|
1.5
|
5.41
|
MK-20-258
|
336.0
|
338.0
|
2.0
|
6.35
|
MK-20-259
|
290.0
|
303.8
|
13.8
|
8.46
|
Including
|
290.0
|
292.0
|
2.0
|
4.57
|
Including
|
303.0
|
303.8
|
0.8
|
132.00
|
MK-20-260
|
319.0
|
320.0
|
1.0
|
1.70
|
MK-20-263
|
207.0
|
208.0
|
1.0
|
1.47
|
*The width shown is
the core length. True width is estimated at 80-85% of core
length.
|
Table 2: Drill hole location
Hole
|
Easting
(UTM)
|
Northing
(UTM)
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
MK-20-256
|
310135
|
5358497
|
230
|
-88
|
420
|
MK-20-257
|
310106
|
5358452
|
230
|
-88
|
420
|
MK-20-258
|
310106
|
5358402
|
230
|
-88
|
420
|
MK-20-259
|
310156
|
5358402
|
230
|
-88
|
420
|
MK-20-260
|
310253
|
5358399
|
230
|
-88
|
453
|
MK-20-263
|
310206
|
5358352
|
230
|
-88
|
467
|
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 Corporation
will continue drill testing the limits of the mineralized envelope
as well as other priority targets on the property, including
targets on the newly-staked claims to the south (see press release
dated March 8, 2021), with its
8,700-metre Phase 2 drilling program. Drilling is expected to
resume in April or May following the spring break-up.
Table 3: Combined resources (in-pit and underground) by
category for the McKenzie Break 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)
|
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 in accordance
with National Instrument 43-101 standards.
Sampling consists of sawing the NQ-size core into equal halves
along its main axis and shipping one of the halves to the 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, 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 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 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
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.
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 due to
rounding.
|
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SOURCE Monarch Mining Corporation