Monarch Mining Corp. [GBAR-TSX] announced an updated mineral resource estimate for its Swanson Project, 65 km northeast of Val d’Or, Quebec.
Monarch owns a 100% interest in the Swanson property, acquired from Agnico Eagle Mines Ltd. [AEM-TSX, NYSE]. The property, which consists of one mineral lease and 127 claims covering a total area of 51.26 km2, hosts a known gold deposit. Located 65 km from the Beacon mill and 12 km northeast of Barraute, Quebec, the property is accessible year-round via Route 367 and a gravel road. The property has a 500-metre ramp down to 80 metres and is crossed by a railway track and a transmission line.
Monarch mandated InnovExplo Inc. of Val d’Or to update the June 20, 2018, resource estimate prepared for Monarch Gold Corp. The current resource estimate for Monarch Mining indicates that geological and grade continuity are demonstrated for the four gold-bearing zones. The estimated resources are reported for combined constrained pit and underground scenarios.
The total indicated resource stands at 113,800 ounces of gold, corresponding to 1,945,000 tonnesat 1.82 g/t gold. Total inferred resources stand at 10,300 ounces of gold, corresponding to 116,000 tonnes at 2.76 g/t gold.
It is likely that additional diamond drilling at depth would increase the inferred tonnage and allow some of the inferred resources to be upgraded to the indicated category.
The resource area within the deposit measures 500 m along strike, 400 m wide and 500 m deep. The estimate is based on a database of 209 drill holes (146 surface holes and 63 underground holes) and 10,000 assays.
This updated mineral resource results in 9% more gold in the indicated category and 4% more gold in the inferred category compared with the 2018 resource estimate. This increase in the resource is primarily due to the higher gold price and the resulting lower calculated cut-off grade.
“With our new company, Monarch Mining, we will continue to define and develop our gold assets in one of the most prolific greenstone belts in the world,” said Jean-Marc Lacoste, President and CEO. “Our near-surface deposits have the potential to expand into significant economic deposits.”