Monarch Gold Files a Technical Report for its Fayolle Gold Project
- The technical report shows a pit-constrained Indicated resource of 405,600 tonnes at an average grade of 5.42 g/t Au for a total of 70,630 ounces of gold, and an underground Indicated resource of 300,800 tonnes at an average grade of 4.17 g/t Au for a total of 40,380 ounces.
- The resource was calculated at a US$1,300 gold price with an exchange rate of 1.33 US$/CA$ per troy ounce.
- Monarch has a combined Measured and Indicated resource of 3.3 million ounces of gold and an Inferred resource of 1.1 million ounces (see table at the end of the press release).
MONTREAL, Oct. 22, 2019 - Monarch Gold Corp. ("Monarch" or the "Corporation") (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) announces that it has filed on SEDAR a National Instrument 43-101 technical report for its Fayolle gold project. Monarch published a press release on September 10, 2019 (see press release), which summarized the assumptions and key results contained in the technical report. There are no material differences between the assumptions and estimates contained in Monarch's press release dated September 10, 2019, pertaining to this property, from those contained in the technical report that was filed today, and which is available on Monarch's website (see technical report).
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, Eng., the Corporation's qualified person under National Instrument 43-101.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corp. (TSX: 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 over 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor mine, Croinor Gold (see video), Fayolle, McKenzie Break and Swanson advanced projects and the Camflo and Beacon mills, as well as other 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 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 1 - Monarch combined gold resources | ||||
| Tonnes (metric) | Grade | Ounces | ||
| Wasamac property1 | ||||
| Measured Resources | 3.99 M | 2.52 | 323,300 | |
| Indicated Resources | 25.87 M | 2.72 | 2,264,500 | |
| Total Measured and Indicated | 29.86 M | 2.70 | 2,587,900 | |
| Total Inferred | 4.16 M | 2.20 | 293,900 | |
| Croinor Gold mine2 | ||||
| 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 | |
| Fayolle property3 | ||||
| Indicated Resources (pit constrained) | 405,600 | 5.42 | 70,630 | |
| Indicated Resources (underground) | 300,800 | 4.17 | 40,380 | |
| Total Indicated | 706,400 | 4.89 | 111,010 | |
| McKenzie Break property4 | ||||
| Indicated Resources (pit constrained) | 939,860 | 1.59 | 48,133 | |
| Indicated Resources (underground) | 281,739 | 5.90 | 53,448 | |
| Total Indicated | 1,221,599 | 2.58 | 101,581 | |
| Total Inferred | 574,780 | 3.46 | 64,027 | |
| Swanson property5 | ||||
| Indicated Resources (pit constrained) | 1,694,000 | 1.80 | 98,100 | |
| Indicated Resources (underground) | 58,100 | 3.17 | 5,900 | |
| Total Indicated | 1,752,100 | 1.85 | 104,100 | |
| Total Inferred | 74,000 | 2.96 | 7,100 | |
| Beaufor Mine6 | ||||
| Measured Resources | 74,400 | 6.71 | 16,100 | |
| Indicated Resources | 271,700 | 7.93 | 69,300 | |
| Total Measured and Indicated | 346,200 | 7.67 | 85,400 | |
| Total Inferred | 46,100 | 8.34 | 12,400 | |
| Simkar Gold property7 | ||||
| Measured Resources | 33,570 | 4.71 | 5,079 | |
| Indicated Resources | 208,470 | 5.66 | 37,905 | |
| Total Measured and Indicated | 242,040 | 5.52 | 42,984 | |
| Total Inferred | 98,320 | 6.36 | 20,103 | |
| Monique property8,9 | ||||
| Total Inferred | 9,126,500 | 2.25 | 661,400 | |
| TOTAL COMBINED10 Measured and Indicated Resources Inferred Resources | 3,268,975 1,097,330 | |||
| 1 Source: Technical Report on the Wasamac Project, Rouyn-Noranda, Québec, Canada, Tudorel Ciuculescu, M.Sc., P.Geo., October 25, 2017, Roscoe Postle Associates Inc. | ||||
| 2 Source: Monarques prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016) 3 Source: NI 43-101 Mineral Resource estimate of the Fayolle Project, August 30, 2019, Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc. 4 Source: NI 43?101 Technical Report on the McKenzie Break Project, April 17, 2018, Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., of Geologica Groupe-Conseil Inc. and Christian D'Amours, P.Geo., of GeoPointCom Inc. 5 Source: NI 43?101 Technical Report on the Swanson Project, June 20, 2018, Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc. 6 Source: NI 43-101 Technical Report on the Mineral Resource and Mineral Reserve Estimates of the Beaufor Mine as at September 30, 2017, Val-d'Or, Québec, Canada, Carl Pelletier, P. Geo. and Laurent Roy, Eng. 7 Source: MRB et Associés (January 2015) 8 Source: NI 43-101 Mineral Resource estimate of the Monique Project as at August 28, 2019, Merouane Rachidi, Ph.D., P.Geo., and Claude Duplessis, Eng. of GoldMinds Geoservices. 9 Probe Metals Inc. may earn a 60% interest in the Monique property by spending an aggregate of $2,000,000 on exploration before January 2021. 10 Numbers may not add due to rounding. |
www.monarquesgold.com
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SOURCE Monarch Gold Corp.
Contact
Jean-Marc Lacoste, President and Chief Executive Officer, 1-888-994-4465, jm.lacoste@monarquesgold.com; Mathieu Séguin, Vice President, Corporate Development, 1-888-994-4465, m.seguin@monarquesgold.com; Elisabeth Tremblay, Senior Geologist - Communications Specialist, 1-888-994-4465, e.tremblay@monarquesgold.com