MONARCH MINING CORPORATION
(“
Monarch” or
the “
Corporation”) (TSX: GBAR) (OTCQB:
GBARF) is pleased to provide an update on its exploration
activities on its wholly owned McKenzie Break and Swanson gold
projects.
McKenzie Break update
The drilling portion of the 2022 drilling
program on McKenzie Break, totalling 16,146 metres in 53 holes, was
completed in August 2022. The program was aimed at expanding the
size of the 2021 MRE pit shell in the up-dip direction to the west,
increasing the underground resource to the east and north and
testing additional exploration targets along the volcanic-intrusive
contact to the south. Earlier drill results for the program, which
included 5.69 g/t Au over 9.69 m and 35.9 g/t Au over 0.5 m, were
reported in press releases dated September 13, 2022 and December 1,
2022. Approximately 2,759 drill core samples will be assayed in the
coming weeks, to be followed by an additional 5,100 metres of drill
core logging (or approximately 4,000 samples), from the final 22
holes.
Since the publication of the 2021 MRE by
Geologica and GoldMinds, Monarch has drilled a total of 41,465 m in
121 drill holes. The holes are relatively shallow and were
primarily drilled at the outer edge of the proposed pit shell
limits and in the area of the underground mineral resource blocks.
This drilling has confirmed that the pit shell and underground
mineral resource can be expanded beyond the limits defined in the
2021 MRE.
Swanson update
The drilling portion of the 2021-2022 program on
Swanson, totalling 11,194 metres in 31 holes, was completed on
August 29, 2022. Earlier drill results for the program, which
included 27.79 g/t Au over 10.18 m, 0.92 g/t Au over 225 m,
18.18 g/t Au over 13.5 m, 7.83 g/t Au over 8.82 m and 11.07
g/t Au over 7.40 m, were reported in press releases dated March 30,
2022, July 19, 2022, August 30, 2022, September 8, 2022 and October
18, 2022. These positive results have encouraged Monarch to
continue testing the extensions of the gold mineralization along
strike and at depth. Approximately 1,132 drill core samples from
the final 6 holes will be assayed in the coming weeks.
“The remaining drill results from our latest
programs on McKenzie Break and Swanson will provide us with
information we need to plan the next stage of exploration on those
properties,” said Jean-Marc Lacoste, President and Chief Executive
Officer of Monarch.
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 or AGAT Laboratories in Val-d’Or, Québec, 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
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.
Further information regarding the Corporation is
available in the SEDAR database (www.sedar.com) and on the
Corporation’s website at: www.monarchmining.com
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
Table 1: Monarch combined gold
resources
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. |
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