Gold steadies as traders focus on uncertain 2025 rate path
Gold has hit successive records this year and is set to close 2024 more than 25% higher.
Monarch Gold (TSX: MQR) announced that it will be undertaking a vast, detailed compilation and 3D modelling program on its Camflo property in Quebec, Canada.
Camflo is known for being Barrick Gold’s original asset. The property, located 15 kilometres northwest of Val-d’Or and 6 kilometres northeast of Malartic, includes the old Camflo mine and fully permitted mill and consists of 38 mining claims and one mining concession covering a total area of 948 hectares.
Camflo Mines discovered the deposit in 1962 while drilling distinct magnetic features. In 1984, Barrick Resources (later renamed American Barrick) merged with Camflo Mines and the deposit became Barrick’s first substantial asset.
The Camflo mine was in production for 27 years, from 1965 to 1992, and yielded a total of 1.65 million ounces of gold from 8,862,240 tonnes of ore grading 5.78 g/t Au
The mine was in production for 27 years, from 1965 to 1992, and yielded a total of 1.65 million ounces of gold from 8,862,240 tonnes of ore grading 5.78 g/t Au. Barrick Gold closed the Camflo mine in 1992 and Richmont Mines acquired it the following year. Monarch obtained the Camflo property in October 2017 when it acquired all the Quebec mining assets of Richmont Mines.
The 2020 program that Monarch wants to undertake includes detailed compilation and 3D modelling that will cover the entire property.
In a press release, the company said the plan is to review all historical work, including the surface and underground holes drilled from 1939 to 2007, as well as historical plans and sections that detail the underground mine workings, mining and geology.
A high-resolution helicopter-borne magnetic survey will also be flown by Novatem, covering the Camflo property with a 25-metre line spacing.
“The Monarch team consistently applies best practices when evaluating its portfolio of gold projects and moving them through the de-risking stage,” Jean-Marc Lacoste, Monarch’s president and CEO, said in the media brief.
“The Camflo mine was an important milestone in the development of Barrick Gold, but the property has not been investigated using the currently available, more modern 3D modelling and exploration techniques developed over the last three decades. We feel the timing is right to advance the Camflo mine project through the targeting stage and once again into the development stage, which is our ultimate goal.”
