Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Monarch Mining (TSX: GBAR) has awarded the contract for a new resource estimate at the Beaufor gold mine to BBA. The mine, located 20 km north of Val d’Or, Quebec, produced over 1.1 million oz. of gold and Monarch says it still has strong exploration potential.
Monarch suspended production at Beaufor in June 2019, and the following May, the company sold a 3% net smelter return on production to raise C$5 million and start a 42,500-metre drilling program. The program tested underground high grade intervals and isolated resource blocks, near-surface targets, targets below the current mine workings, and regional exploration targets.
This will be the first block model type resource estimate for the property. BBA will use a polygonal method on cross sections to produce it. It will incorporate both historical information and data from the current 2020-21 drilling program. Completion of the report is expected in the third quarter 2021.
An estimate released last year had measured and indicated resources of 431,100 tonnes grading 6.68 g/t gold and containing 92,700 oz. The inferred resource was 134,600 tonnes at 6.96 g/t containing 30,100 oz.
The Beaufor gold mine first entered commercial production in the 1930s. Monarch acquired the property in 2017 when it bought assets formerly belonging to Richmont Mines.
