Montréal, Québec, Canada, March 8, 2021 – MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCMKTS: GBARF) is pleased to announce it has increased the size of its McKenzie Break property by map-staking 36 new mining cells totalling 1,940 hectares (19.4 km2), extending the property southward. The wholly-owned McKenzie Break project is located 25 kilometres north of Val-d’Or, Québec.
“We are very pleased to have put together a promising gold property of such significant size, in one of the most prolific mining camps,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “We are continuing to follow the mineralization southwards within the diorite unit on McKenzie Break with our 2021 14,500-metre drilling program, for which some results are already pending. These new claims will allow us to test the southern extension of the favourable geology in an area with relatively little past exploration.”
Monarch acquired the original 386.6-hectare McKenzie Break property from Agnico Eagle Mines Limited in 2017 and expanded the property in 2020 through additional purchase agreements with local prospectors and map-based staking. The February 2021 staking expands the property to 169 claims covering 7,070 hectares (70.7 km2). Located 20 kilometres north of the Beacon mill and 10 kilometres south of the municipality of Barraute, Québec, the property is accessible year-round via Route 397 and a gravel road and includes a portal and a 700-metre ramp driven in 2009.
Geologically, the property straddles the Manneville Tectonic Zone, interpreted as the eastern extension of the Destor-Porcupine Break. Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. The recently staked claims cover a favourable gold-bearing diorite unit characterized by a magnetic high signature. The unit is geologically and geophysically similar to the area where Monarch has had recent drilling success leading to a recent resource update (Geologica and GoldMinds, February 2021) (see table 1).
Table 1: Combined resources (in-pit and underground) by category for the McKenzie Break deposit at the selected cut-off grades
The resource estimate was prepared by Merouane Rachidi, P.Geo., Ph.D., and Claude Duplessis, P.Eng., of GoldMinds Geoservices Inc., both qualified persons in accordance with National Instrument 43-101 standards. The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation’s qualified person under National Instrument 43-101.
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 28,725 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 588,482 ounces of combined measured and indicated gold resources and 329,393 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: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource was completed 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.
2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine, December 18, 2020, Val-d’Or, Québec, Canada, Carl Pelletier, P. Geo., InnovExplo Inc. and John Langton, P. Geo., JPL GeoServices Inc.
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 due to rounding.