Monarch Mining drills 1.77 g/t gold over 31 metres at McKenzie Break, Quebec
Monarch Mining Corp. [GBAR-TSX; GBARF-OTCQX] reported additional results from the 2022 drilling program on its wholly owned McKenzie Break gold project, Quebec, located 25 km north of the corporation’s wholly owned Beacon mill.
The 2022 drilling program on the McKenzie Break property totaled 16,104 metres in 53 holes. Today, Monarch is reporting the results from an additional 13 holes totalling 4,523 metres. Assays are pending for the remaining 17 holes of this drill program.
The drilling program was aimed at expanding the size of the 2021 mineral resource estimate (2021 MRE), including the current pit shell in the up-dip direction (to the west and south), and the underground resource to the east and north. The mineralized envelope currently measures 1,100 metres by 600 metres and has been tested down to a vertical depth of 400 metres.
The most significant intersection was found in hole MK-22-348, which returned 1.77 g/t gold over 31.0 metres, including higher grade sections of 2.83 g/t gold over 15.6 metres and 8.42 g/t gold over 3.0 metres along the southeast limit of the current proposed pit shell.
Drill hole MK-22-363, located at the northeast limit of the deposit, intersected 1.54 g/t gold over 14.91 metres, including a high grade intercept of 9.09 g/t gold over 1.48 metres. This hole confirms that gold mineralization remains open to the northeast.
Drill hole MK-22-342 intersected 1.33 g/t gold over 9.35 metres from 8.0 m to 17.35 metres down the hole, confirming the near-surface gold mineralization continuing to the south. The drill hole is located 70 metres south of the pit shell limit and demonstrates the potential to extend the pit shell to the south and southwest.
Drill hole MK-22-367 intersected 8.54 g/t gold over 1.40 metres and 8.99 g/t gold over 1.0 metres.
Since the publication of the 2021 MRE by Geologica and GoldMinds, Monarch drilled a total of 41,465 metres 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.
“The known limits of the McKenzie Break mineralization continue to be extended near-surface and at depth as per our geological model, confirming that the proposed pit limits can be expanded,” said Jean-Marc Lacoste, President and CEOfficer. “We expect the remaining drill assays will continue to give positive results and further expand the known mineralization.”
Monarch Mining 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.