Monarch Mining Corp. [MQR-TSX; MRQRF-OTCQX; MR7-FSE] reported significant new assays from drilling on the McKenzie Break deposit 25 km north of its 100%-owned 750 tonne-per-day Beacon mill in the Abitibi region of Quebec.
Drill results are part of Monarchâ€™s 2021 McKenzie Break exploration program of 56 holes for approximately 19,000 metres. Earlier results were reported October 20 (3.93 g/t gold over 5.45 m), June 22 (70.8 g/t gold over 0.4 m) and March 22 (8.46 g/t gold over 13.8 m). Results for the remaining 18 holes are pending.
The current exploration program is focused on expanding the size of the McKenzie Break gold deposit and supplementing the recently updated Mineral Resource Estimate (MRE). Based on recent results outside the 2021 MRE envelope, the current program has indeed succeeded in expanding the deposit to the southwest and northeast.
The new assay results presented below are among a total of 91 intersections from 31 drill holes. Most of those intersections lie outside the 2021 MRE blocks and wireframes. Monarch is testing the outer limits of the deposit.
Highlights of near-surface results intersected approximately 200 metres southwest of the 2021 MRE include hole MK-21-286 that intersected 73.5 g/t gold over 1.35 metres, followed by a deeper zone of 1.38 g/t gold over 4.95 metres. Hole MK-21-306, 50 metres south of hole MK-21-286, intersected widespread low-grade mineralization, including 0.92 g/t gold over 17.0 metres and a deeper zone grading 0.98 g/t gold over 11.5 metres.
Hole MK-21-305, 50 metres north of hole MK-21-286, returned 2.39 g/t gold over 2.0 metres, followed by a deeper zone grading 4.5 g/t gold over 0.7 metres.
Highlights of grades intersected more than 100 metres northeast of the 2021 MRE include hole MK-21-290 that returned 4.0 g/t gold over 1.0 metre, followed by a deeper zone grading 8.0 g/t gold over 1.0 metres. MK-21-294, 50 metres west of hole MK-21-290, returned 4.5 g/t gold over 1.0 metre followed by a lower zone of 5.5 g/t gold over 1.0 metre.
Highlights east of the resource and including those intersected more than 50 metres from the 2021 MRE include MK-21-268 that returned 12.75 g/t gold over 1.7 metrres. MK-21-295 returned 12.0 g/t gold over 0.8 metres and 4.29 g/t gold over 2.6 metres. MK-21-297 returned 10.9 g/t gold over 0.6 metres. MK-21-299 returned 12.3 g/t gold over 0.75 metres. MK-21-300 returned 10.2 g/t gold over 1.1 metres.
Monarch has now extended the mineralized envelope an additional 200 metres southwest (updip) and 100 metres east and northeast (downdip). The current mineralized envelope now measures 1,100 by 600 metres and has been tested from surface to a maximum vertical depth of 430 metres. The McKenzie Break deposit is open for expansion.
â€œMcKenzie Break continues to show great high-grade gold potential,â€ said Jean-Marc Lacoste, President and COE. â€œOngoing drilling continues to push the outer limits of the resource envelope and is generating input for a mineral resource estimate update expected to begin in 2022.â€
Monarch will continue exploration drilling on the McKenzie Break property to the end of 2021, on the current drilling pattern, with holes every 50 metres. A 2022 drilling program will include testing of the outer limits of the resource estimate, drilling of a large target area between the resource pit shell and the recent intercepts 1 km south of the pit shell, and drilling of regional exploration targets about 9 km south of the deposit.