Monarch Mining Corp. [MQR-TSX; MRQRF-OTCQX; MR7-FSE] has announced plans to reopen its 100%-owned Beaufor mine and Beacon mill by June, 2022. The mine and mill are located some 20 km east of Val-d’Or, Que.
The Beaufor mine has produced over 1.1 million ounces of gold averaging 7.50 g/t gold since the early 1930s. The mine is currently on care and maintenance, which enabled Monarch to undertake a huge diamond drilling program of 42,500 metres in June, 2020, aimed at expanding and better defining the resource at the mine.
The corporation has reported the results for 14,465 metres of drilling, about 34% of the program, including the following high-grade intersections: 783 g/t gold over 0.2 metres and 293 g/t gold over 0.5 metres, 35.87 g/t gold over 9.8 metres, and 187 g/t gold over 0.5 metres, 151.5 g/t gold over 0.5 metres and 147.5 g/t gold over 0.3 metres. In addition, BBA Inc. is scheduled to prepare a new resource estimate in the summer of 2021.
Current Measured and Indicated resources total 431,000 tonnes grading 6.68 g/t gold, or 92,700 ounces.
The 750-tonne-per-day Beacon mill, just 7 km from the Beaufor mine, has also been on care and maintenance since being acquired in 2016. The mill is fully permitted to process up to 1.8 million tonnes of tailings, representing some nine years of ore processing at full capacity.
“We are at the stage where we are ready to proceed with the decision to restart the Beaufor mine and the Beacon mill,” said Jean-Marc Lacoste, president and chief executive officer of Monarch. “Following the release of our drill results last April, our technical team did their own internal compilation of the historical data and the drill results obtained to date, and they have given us the green light to proceed with the restart process. The next steps will mainly be to continue exploration, definition and development work, recruit the required personnel, and purchase the equipment needed for production.
“Our new production strategy will focus on operating the Beaufor mine through two accesses, the production ramp and the shaft, whereas historical production was always from the shaft. Ever since the mine was temporarily closed in 2019, our goal has been to restart the mine with a view to creating long-term value and good-quality jobs in the Abitibi region. We still believe that the Beaufor mine has excellent gold potential in the vicinity of the existing mineralized envelope and at depth, and we are confident of realizing its full potential,” added Mr. Lacoste.