Montreal, Québec, Canada, July 28, 2021 – MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce a new mineral resource estimate (MRE) for its advanced, wholly-owned Beaufor Mine gold project, 20 kilometres northeast of Val-d’Or. The new MRE was developed by engineering consulting group BBA Inc. and has an effective date of July 23, 2021.
The current MRE represents the first block-model-type resource estimate for the property, whereas previous MREs used the polygon method. It includes much of the historical information, as well as results from the 2020‒2021 drilling program up to May 18, 2021. This work is in line with Monarch’s vision and its approach of using new, more advanced technologies to treat vast amounts of historical data that had previously been worked with and viewed in a predominantly 2D format.
The 2020‒2021 drill results included in the updated MRE are for 153 holes (~17,800 metres of drilling). Significant results include 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated October 1, 2020); 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021); and 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m and 147.5 g/t Au over 0.3 m (see press release dated April 29, 2021).
Table 1: 2021 mineral resource estimate for the Beaufor Mine
Mineral resource estimate notes:
“This significant increase in the mineral resource at the Beaufor Mine, which is the outcome of excellent drilling program planning by our technical team, vindicates our decision to restart production at Beaufor,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Increasing our resource continues to be the focus of our current 42,500-metre drilling program, which is still under way, with four drills underground.”
The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., the Corporation’s qualified person under National Instrument 43-101.
The Beaufor Mine began commercial production in the early 1930s and over the years has produced over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch an opportunity to complete a 3D compilation and targeting program to identify, define and drill exploration targets throughout the mine area. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. These “near-mine” exploration targets can be tested from the existing underground workings or by shallow holes drilled from the surface. Currently, 275 exploration holes are in the process of being drilled or are planned, and if they produce positive results, additional holes will be drilled to allow the zones in question to be converted into resources and ultimately reserves, for inclusion in a future mine plan. On June 3, 2021, the Corporation announced its decision to reopen the Beaufor Mine and Beacon Mill by June 2022.
About BBA Inc.
BBA Inc. has been providing a wide range of consulting engineering services for over 40 years. Today, its engineering, environmental and commissioning experts team up to quickly and accurately pinpoint the needs of industrial and institutional clients. The firm’s expertise is recognized in the fields of energy, mining and metals, biofuels and oil and gas. With 14 offices across Canada to provide clients with local support and field presence, BBA Inc. is recognized for providing some of the industry’s most innovative, sustainable and reliable solutions. www.bba.ca
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
Table 2: Monarch combined gold resources
1 Source: Mineral Resource Estimate of the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., BBA Inc.
2 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.
4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
5 Numbers may not add up due to rounding.