Monarch Mining Corp. [GBAR-TSX; GBARF-OTCQX] reported additional results from the 2021/2022 drilling program on its wholly owned Swanson gold project, including more high-grade assays and wider mineralized zones.
Comprising a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8 hectares, the Swanson property lies 65 km northeast of Val-d’Or, Quebec, and just 50 km north of Monarch’s wholly owned 750 tonne-per-day Beacon mill.
Highlights: Monarch reports both high-grade and widespread gold assays in a fifth set of results from its 2021-2022 Swanson drilling program. Hole SW-22-025 intersected an impressive 11.07 g/t gold over 7.40 metres within a much wider zone of 1.76 g/t gold over 101.85 metres.
Other notable results include 27.8 g/t gold over 0.60 metres, 14.75 g/t gold over 0.5 metres and 3.47 g/t gold over 7.3 metres, all within a wider intersection of 0.63 g/t gold over 151.7 metres in hole SW-22-024.
The Swanson deposit is currently tested to a vertical depth of 430 m and remains open at depth. The Swanson drilling program was completed on August 29, 2022; additional results are pending.
The most recently received assay results are for three holes, including those farthest to the northeast (SW-22-024) and north (SW-22-025), which were drilled to test the down-plunge extension to the northeast.
Holes SW-22-024 and SW-22-025, located 100 metres apart on the surface, intersected multiple gold-bearing zones within a very wide mineralized corridor that has been traced to a vertical depth of 430 metres. The highest-grade interval returned by the reported holes within the corridor included a segment grading 11.07 g/t gold over 7.40 metres. The mineralized corridor has been defined by diamond drilling and extends down plunge to the northeast.
“We continue to establish the continuity of the mineralized corridor at depth,” said Jean-Marc Lacoste, President and CEO. “These drill results push the limits of the mineralization even further out from the currently defined mineral resource envelope and the proposed pit shell.”
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 gold for underground were defined based on a gold price of CA$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 measures approximately 350 metres along strike by 150 metres wide and has currently been tested to a depth of 430 metres.
Monarch Mining is a fully integrated mining company that owns four projects, including the Beaufor Mine, which 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 750 tpd Beacon Mill. 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.