- Monarch (GBAR) has unveiled its mineral resource estimate for its Croinor Gold Deposit in Quebec
- Measured and indicated resources come to 903,600 tonnes averaging 6.47 g/t gold for 187,900 ounces, while inferred resources total 200,100 tonnes averaging 6.19 g/t gold for 39,800 ounces
- The company will now turn its attention to securing a partner to develop the project to its full potential
- Monarch Mining is a fully integrated mining company focused on four advanced projects
- Monarch (GBAR) is unchanged trading at $0.43 per share
Monarch (GBAR) has unveiled its mineral resource estimate (MRE) for its Croinor Gold Deposit in Quebec.
The mineral resource assumes solely potential underground mining at a gold price of US$1,600 per ounce and an exchange rate of $1.30 US/C.
As a result of the new estimate, Monarch has increased its combined measured and indicated resources by 39 per cent to 666,882 ounces gold and its inferred resources by 10 per cent to 423,193 ounces gold.
All resources lie within a 60 km radius of Monarch’s wholly-owned Beacon Mill and other milling facilities in the area.
Croinor Gold Deposit mineral resource estimate:
“This is excellent news for Monarch as it enables us to reach another milestone in terms of resources backed by NI 43-101 reports for each of our four gold projects,” said Jean-Marc Lacoste, Monarch’s President and CEO. “Now that we have confirmed Croinor’s mineral resources more rigorously and with a higher degree of certainty, we will focus on finding the right partner to develop this promising project, which covers over 150 km2 of land and remains open laterally and at depth.”
Monarch Mining is a fully integrated mining company focused on four advanced projects.
Monarch (GBAR) is unchanged trading at $0.43 per share as of 10:48 am EST.
