- 36 new map-designated cells totalling 1,940 hectares (19.4
km2) staked, increasing the size of McKenzie Break
property to 169 mineral claims covering 7,070 hectares (70.7
km2)
- Recent staking aimed at covering extension of favourable
geology and magnetic signature typical of gold mineralization on
the property.
- New property includes priority targets to be added to the
ongoing 14,500-metre drilling program.
MONTRÉAL, March 8, 2021 /CNW
Telbec/ - MONARCH MINING CORPORATION ("Monarch"
or the "Corporation") (TSX: GBAR) (OTCMKTS:
GBARF) is pleased to announce it has increased the size of its
McKenzie Break property by map-staking 36 new mining cells
totalling 1,940 hectares (19.4 km2), extending the
property southward. The wholly-owned McKenzie Break project is
located 25 kilometres north of Val-d'Or, Québec.
"We are very pleased to have put together a promising gold
property of such significant size, in one of the most prolific
mining camps," said Jean-Marc
Lacoste, President and Chief Executive Officer of Monarch.
"We are continuing to follow the mineralization southwards within
the diorite unit on McKenzie Break with our 2021 14,500-metre
drilling program, for which some results are already pending. These
new claims will allow us to test the southern extension of the
favourable geology in an area with relatively little past
exploration."
Monarch acquired the original 386.6-hectare McKenzie Break
property from Agnico Eagle Mines Limited in 2017 and expanded the
property in 2020 through additional purchase agreements with local
prospectors and map-based staking. The February 2021 staking expands the property to 169
claims covering 7,070 hectares (70.7 km2). Located 20
kilometres north of the Beacon mill and 10 kilometres south of the
municipality of Barraute, Québec,
the property is accessible year-round via Route 397 and a
gravel road and includes a portal and a 700-metre ramp driven in
2009.
Figure 1: McKenzie Break property with expanded property
limits.
Geologically, the property straddles the Manneville Tectonic
Zone, interpreted as the eastern extension of the Destor-Porcupine
Break. Gold mineralization occurs in an elongated diorite unit or
lens within a shallow embayment of the Pascalis Batholith. The
recently staked claims cover a favourable gold-bearing diorite unit
characterized by a magnetic high signature. The unit is
geologically and geophysically similar to the area where Monarch
has had recent drilling success leading to a recent resource update
(Geologica and GoldMinds, February
2021) (see table 1).
Table 1: 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:
- 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.
- The database used for this mineral estimate includes drill
results obtained from historical records and up to the recent
2018-2020 drill program.
- 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.
- These cut-offs were calculated at a gold price of C$1,980 ounce.
- 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.
- 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.
- The geological interpretation of the deposits was based on
lithologies and the typical mineralized interval mainly composed by
diorite hosted shear zones.
- The mineral resource presented here was estimated with a
block size of 5m X 5m X 5m for the
pit-constrained and for underground.
- 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.
- 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.
- 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.
- Estimates use metric units (metres, tonnes and g/t). Metal
contents are presented in troy ounces (metric tonne x grade /
31.10348).
- 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.
- 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. 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.
www.monarchmining.com
Table 2 - 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