Monarch Mining Corp. [GBAR-TSX; GBARF-OTCQB] reported results of the last six holes from the 2021 to 2022 drilling program, which totalled 11,194 metres in 31 holes, on its wholly owned Swanson gold project, located 50 km north of the corporation’s 100%-owned Beacon mill, Quebec.
The drilling program was aimed at expanding the 2021 mineral resource estimate (MRE). The mineralized envelope currently measures 300 metres by 150 metres and has been tested down to a vertical depth of 430 metres and remains open to the east and at depth.
The most significant intersection was in hole SW-22-029, with 0.65 g/t gold over an impressive 193.4 metres, including several higher-grade sections of 4.8 g/t gold over 1.55 metres, 7.55 g/t gold over 4.05 metres, 2.17 g/t gold over 4.9 metres, 3.11 g/t gold over 4.7 metres and 2.8 g/t gold over 2.05 metres. This wide corridor of mineralization was intersected within and below the proposed pit shell, and extends to a vertical depth of 230 metres below surface.
Drill hole SW-22-030 identified a near-surface exposure of the footwall zone with an intersection of 1.19 g/t gold over six metres. This intersection is located outside and to the southeast of the proposed pit shell.
Hole SW-22-031, located 75 metres northeast of the deposit and current wireframes, intersected 4.26 g/t gold over 0.55 metres, confirming that the mineralization is still open to the east.
Additional anomalous intersections below the pit shell were also encountered in hole SW-22-005ext, which returned assays of 2.23 g/t gold over 1.1 metres and 9.85 g/t gold over 1.3 metres.
Since the publication of the 2021 MRE by InnovExplo, Monarch has drilled a total of 11,194 metres in 31 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits, and at depth in the area of the underground mineral resource blocks. The results from this drilling program has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.
“The results from the remaining holes of the 2021-22 drill program continue to demonstrate the surprisingly widespread nature of the gold mineralization, extending below the proposed pit shell,” said Jean-Marc Lacoste, President and CEO. “Other anomalous intersections from these latest results continue to show that the mineralized system is open and more work is required on this project.”
Monarch holds a 100% interest in the Swanson property, which consists of one mining lease and 127 claims covering over 51.26 km2. A NI 43-101 mineral resource estimate for the Swanson property was prepared for Monarch by InnovExplo in January 2021. The estimate is based on a database of 209 drill holes (146 surface holes and 63 underground holes) and approximately 10,000 assays. The mineral resource was estimated using a minimum cut-off grade for two combined potential extraction scenarios: constrained pit and underground. Cut-off grades of 0.75 g/t gold for constrained pit and 2.40 g/t Au for underground were defined based on a gold price of C$2,160/oz and an exchange rate of 1.34 USD/CAD.
The Swanson deposit is interpreted as an intrusive-associated disseminated gold deposit located along a major regional structure. The gold mineralization is typical of other structurally controlled gold deposits associated with felsic intrusions. The deposit currently measures approximately 300 metres along strike by 150 metres wide and has been tested to a depth of 430 metres.
Monarch Mining owns four projects, including the Beaufor Mine, 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.